Large diamonds found at Chidliak
Peregrine 'excited' by most recent sample results
Meagan Leonard
Northern News Services
Monday, January 18, 2016
BAFFIN ISLAND
Nunavut's Chidliak project wrapped up its 2015 program on a high note with the announcement it had recovered a flawless 5.33-carat diamond.
In a report released Jan. 12, the company stated the results of an 810-dry-tonne bulk sample taken from its CH-7 kimberlite pipe in April and May at its wholly-owned Chidliak diamond project located on Baffin Island. The exploration site is 120 km from Iqaluit.
The large diamond had no inclusions, which increases its value. Inclusions or "birthmarks" are created during a diamond's formation and can appear inside the stone or on its surface. Diamonds with a larger number of these blemishes have less brilliance because the flaws inhibit light's path through the gem.
It is suspected another gem quality stone, larger than six carats, may have also been present in the recovered sample but it was reduced due to significant breakage during recovery and sorting.
The report stated the amount of breakage occurring in this particular sample was unusually high and better quality is expected during mining.
A substantial portion of the parcel was gem quality diamonds with a number of coloured stones also present.
Peregrine president and CEO Tom Peregoodoff said valuations of the parcel are expected later this quarter with a revised resource statement to be completed by late March.
"Once again the Peregrine team has delivered an excellent outcome. We are very excited with the results of the 2015 bulk sample from CH-7," he stated in a Jan. 12 news release. "These results continue to confirm the outstanding diamond resource potential of the Chidliak project."
Other diamonds of note from the sample include a 5.02-carat off-white octahedral and a 4.40-carat off-white macle with minor flaws, along with a 2.01-carat white-colourless gem with no inclusions and two yellow diamonds, each approximately 0.5 carats in size.
This demonstrates a range of value in the kimberlite.
"A mix of diamonds are seen in the current CH-7 diamond assortment, from pristine gems to industrial qualities," said Peregrine's spokesperson Howard Coopersmith. "White/colourless to off-white clean octahedra are common, often somewhat distorted or modified ... a small population of clean gem yellow octahedra may prove important."
Yellow diamonds have continually grown in popularity and are often valued at higher prices than their white or colourless counterparts.
Processing of the bulk sample was completed in Saskatchewan but an independent diamond valuation of the 717.65 carat parcel will be completed over the next couple months in Antwerp, Belgium.
