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Chidliak delivers three new kimberlite discoveries De Beers has until Dec. 31 to enter joint venture agreement with Peregrine
Daron Letts
Northern News Services
Published Friday, September 13, 2013
BAFFIN ISLAND
Three new kimberlites have been discovered at Peregrine Diamonds Ltd.'s Chidliak project, 120 kilometres northeast of Iqaluit on Baffin Island.
Amie Nashalik prepares a sample bag from the CH-6 kimberlite bulk sample as part of the Chidliak project this past April. Three new kimberlites have been found at the exploration site, located on Baffin Island 120 kilometres northeast of Iqaluit. - photo courtesy of Peregrine Diamonds Ltd.
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During the Chidliak summer exploration program, operated by De Beers Canada Inc., De Beers geologists discovered two new kimberlites. Geologists from the Canada-Nunavut Geoscience Office also discovered a new kimberlite dyke while conducting a bedrock and superficial mapping program over a portion of the Hall Peninsula on Baffin Island.
The project is subject to an option agreement between Peregrine and De Beers, according to which De Beers has the exclusive right until Dec. 31 to enter into an earn-in and joint venture agreement for Chidliak on a 50.1 per cent De Beers/49.9 per cent Peregrine, basis.
The site's summer exploration program was completed on Aug. 19.
Material from a 508-wet-tonne bulk sample collected earlier this year from the CH-6 kimberlite through surface trenching is now being analyzed by De Beers, which may lead to more discoveries, according to Tom Peregroodoff, executive vice-president of new business development for Peregrine.
"We're confident that there will be more than three (kimberlites discovered from the sample)," Peregroodoff said.
Approximately 470 wet tonnes from the sample were transported from Iqaluit to the De Beers' dense media separation facility in Sudbury, Ont., and 10 wet tonnes of kimberlite were processed at the Saskatchewan Research Council in July. The approximately 28 wet tonnes of kimberlite material that remain in Iqaluit will be shipped to Sudbury this month, according to Peregroodoff.
To date, 64 kimberlites have been discovered at the site.
"After five years of some real rigorous exploration, this property continues to deliver new discoveries," he said.
Processing of approximately 250 wet tonnes of the bulk sample is scheduled to commence in late September at De Beers' Sudbury facility. The analysis is expected to yield a heavy mineral concentrate weighing approximately 1.8 dry tonnes, Peregroodoff said.
Peregrine will manage the final diamond recovery from this concentrate, which will be undertaken in Saskatchewan and will oversee diamond recovery after De Beers decides whether to enter into the earn-in and joint venture agreement for Chidliak.
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