Peregrine Announces Maiden Inferred Mineral Resource of 4.23 Million Carats

Peregrine Diamonds (TSX:PGD) has announced a maiden Inferred Mineral Resource estimate for the CH-7 kimberlite pipe at its Chidliak Diamond Project in Nunavut.
As quoted in the press release:

Key elements of the announcement are:

• An Inferred Mineral Resource of 4.23 million carats of diamonds in 4.99 million tonnes of CH-7 kimberlite, to a depth of 240 metres
• Overall average grade of 0.85 carats per tonne
• A base model average diamond price of US$114 per carat with a modelled price range between US$94 and US$155 per carat as determined by WWW International Diamond Consultants (“WWW”) in February 2016

Tom Peregoodoff, president and CEO said:

The resource we are announcing today is the culmination of the 2015 Diamond Resource Development Program at Chidliak. This program has successfully defined a significant Inferred Mineral Resource of over 15 million carats at Chidliak contained within the CH-6 and CH-7 kimberlites in the top 260 metres and 240 metres respectively and both which, importantly, remain open vertically at depth. This resource provides a firm foundation upon which the Preliminary Economic Assessment of a Phase 1 Diamond Mine will be developed. The Peregrine team have once again demonstrated the tremendous value of the Chidliak project and we all look forward to publishing the outcomes from this economic assessment when they become available next month.

Click here for the full press release.