Peregrine's Microdiamond Results Confirm Potential to Expand Chidliak Resource

Peregrine Diamonds Ltd. (TSX:PGD) reported new microdiamond results from the CH-7 and CH-6 kimberlites at its Nunavut-based Chidliak diamond project.
As quoted in the press release:

Interpretation of the CH-7 results supports an improved diamond content for the entire kimberlite pipe and confirms the exceptional diamond counts for the near-surface KIM-5 unit. The CH-6 results support continuity of the 2.58 carat per tonne (“cpt”) grade in the dominant KIM-L unit and the potential to add an additional 1 million to 1.2 million tonnes, or an additional 2.5 million to 3.1 million carats to the existing 8.57 million carat Inferred Resource at CH-6 that occurs shallower than 250 metres of depth. This tonnage is currently considered as a Target for Further Exploration (“TFFE”). The TFFE is conceptual in nature and it is uncertain whether the 2015 Diamond Resource Development Program will result in this being delineated as a Mineral Resource.
The integration of these microdiamond results with the forthcoming CH-7 bulk sample results will enable the Company to maximize the Inferred Resource statements for the CH-6 and CH-7 kimberlites.The updated Inferred Resource will be included in a planned Preliminary Economic Assessment (“PEA”), scheduled for the second quarter of 2016.

Tom Peregoodoff, president and CEO of Peregrine, commented:

These new results confirm the potential to add significant carats to the Chidliak resource base. In 2014 we added over one million carats to the CH-6 Inferred Resource by core drilling, an increase of 15%. We believe that the results from our 2015 Diamond Resource Development Program have the potential to add significantly more to the known diamond content at the CH-6 and CH-7 kimberlites and will position us well for the upcoming PEA.

Click here to read the full Peregrine Diamonds Ltd. (TSX:PGD) press release.