Peregrine Diamonds busy in March
Three big announcements about Nunavut projects
this month
Karen K. Ho
Northern News Services
Monday, March 30, 2015
NUNAVUT
The month of March has been a busy one for Peregrine Diamonds Ltd. (TSX:PGD) and its projects in Nunavut, with announcements about high diamond counts, an update on diamond resource development and transfer of assets.
Exploration equipment is on site at Peregrine's Chidliak project on Baffin Island. The company recently identified a new zone with high diamond counts and issued an update on its diamond resource development program. - photo courtesy of Peregrine Diamonds Ltd. |
On March 10, the company announced the results from analyzing drill core samples from four kimberlite pipes from its Chidliak diamond project located 120 kilometres northeast of Iqaluit. Kimberlite, a carrot-shaped, igneous rock formation which sometimes contains diamonds, often requires extensive exploration and bulk-sample processing in order to determine whether an area has commercially viable stones. Peregrine said results from one of its kimberlite pipes "contains some of the highest total diamond counts defined to date at Chidliak."
Analysis of another pipe's samples revealed coarse diamond distribution extended to a vertical depth of 210 metres.
Peregrine's President and CEO, Tom Peregoodoff, said results from last year's diamond resource development program showed there was tremendous potential to add "significant carats" to Chidliak. "Our work in 2014 added over one million carats to our inferred resource at (kimberlite pipe) CH-6, an increase of 15 per cent," he said in a news release. "The new results from CH-7 define a previously unknown geological domain that has the potential to exceed the resource grade of 2.58 carats per tonne established at CH-6."
On March 24, Peregrine also announced it had transferred the Nanuq and Nanuq North properties in Nunavut to its wholly-owned subsidiary Peregrine Exploration Ltd. In a news release, Peregrine stated the projects had excellent exploration potential.
"With diamond prices projected to rise due to strong demand, it is a great time for Peregrine Exploration to advance its diamond properties and focus on finding the next diamond district," said Brooke Clements, president and CEO of the new subsidiary.
At press time, shares of Peregrine Diamonds closed at 21.5 cents, down one cent or 4.44 per cent.
