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Peregrine Reports Resource Increase at CH-6 Kimberlite Pipe
Feb. 15, 2018 08:12AM PST
Gem Investing
Peregrine Diamonds Ltd. reported that their successful 2017 resource development program resulted in a substantial increase in the inferred mineral resource at the CH-6 kimberlite pipe.
Peregrine Diamonds Ltd. (TSX:PGD) reported that their successful 2017 resource development program resulted in a substantial increase in the inferred mineral resource at the high-grade CH-6 kimberlite pipe at Peregrine’s Chidliak diamond project in Nunavut, Canada.
Highlights are as follows:
- CH-6 updated Inferred Mineral Resource of 17.96 million carats in 7.46 million tonnes to 525 mbs;
- Inferred Mineral Resource tonnage increased by 61% from 4.64 million to 7.46 million tonnes;
- CH-6 contained carats increased by 58% from 11.39 million to 17.96 million carats;
- High-grade KIM-L domain with a grade of 4.49 carats per tonne (“cpt”) comprises 17% by volume of the updated CH-6 resource; and
- Total Phase One Diamond Development resource now exceeds 22 million carats.
- Additional tonnage, considered a Target for Further Exploration (“TFFE”) of 1.09 to 2.35 million tonnes, has also been identified for a portion of the CH-6 kimberlite pipe at depths between 300 and 590 mbs. The CH-6 kimberlite pipe remains open for expansion to depth.
Tom Peregoodoff, president and CEO, commented:
Since we announced our maiden inferred resource at CH-6 in May 2014, we have grown this resource by an incredible 140%, from an initial 7.5 million carats to the 18 million carats we are proud to announce today. The growth of the CH-6 resource is remarkable and together with the CH-7 kimberlite resource, brings the Phase One Diamond Development resource at Chidliak to an impressive 22 million carats. Simply put, there is no other Canadian development-stage diamond project that compares with Peregrine’s flagship project in terms of resource value or upside potential. This Phase One resource is based on only two of the 74 currently known kimberlites at Chidliak providing significant resource expansion possibilities which the Company intends to pursue in 2018
Click here to read the full Peregrine Diamonds Ltd. (TSX:PGD) press release.