Peregrine Diamonds Ltd.: 1.15 Carat Diamond Recovered

Peregrine Diamonds Ltd.(TSX:PGD ) announced that they have recovered a 1.15 Carat Diamond out of the Chidliak project,  on southern  Baffin Island.

The press release is quoted as saying:

Peregrine Diamonds Ltd reports the recovery of a 1.15 carat diamond from an 840 kilogram microdiamond sample collected from the estimated five hectare CH-31 kimberlite on the 9,800 square kilometre Chidliak project .Chidliak is located on south Baffin Island, approximately 120 kilometres from Iqaluit, the capital of Nunavut, Canada. The 840 kilogram sample yielded a total of 233 diamonds larger than the 0.106 mm sieve size, including five diamonds larger than the 0.850 mm sieve size which weigh a total of 1.39 carats. The CH-31 kimberlite is located approximately four kilometres southeast of the CH-7 kimberlite and approximately five kilometres southeast of the CH-1 kimberlite.

Mr. Eric, CEO of the company is quoted as saying:

“These diamond results are very significant because CH-31, at five hectares, is the largest kimberlite discovered at Chidliak to date and the fifth kimberlite with economic potential in arctic settings. CH-31 is located less than 5 kilometres from CH-1 and CH-7, two of the other kimberlites with economic potential at Chidliak. More exploration work at CH-31, which could include a mini-bulk sample, is being considered for next year.”

Click here to access the entire news release.

Click here to access Peregrine’s company website.