Peregrine Diamonds outcome of the 2015 Chidliak Resource Development Program for the CH-6 kimberlite pipe at the Company’s 100 percent owned Chidliak Diamond Project, Nunavut, Canada. The Inferred Mineral Resource estimated for the upper 260 metres of the CH-6 kimberlite pipe has increased substantively:
1: Tonnage increased by 40 percent from 3.32 million to 4.64 million tonnes, and
2: Contained carats increased by 33 percent from 8.57 million to 11.39 million carats.
The revised resource includes a newly identified zone which currently is estimated to contain 3.15 million carats in 0.76 million tonnes, for an estimated grade of 4.16 carats per tonne. Additional tonnage classified as a Target for Further Exploration of 2.34 to 3.75 million tonnes has also been identified to a depth of 380 metres below surface at CH-6.
Mr. Tom Peregoodoff, Peregrine’s President and CEO said “When we planned the 2015 Resource Development Program for the CH-6 kimberlite, the challenge was to design a cost effective program that would make a material difference to the Chidliak project.”
“With a simple two hole program and additional microdiamond sampling of existing core, we have exceeded the targeted resource expansions we initially envisaged. The 33 per cent uplift in the CH-6 diamond resource announced today should have a positive material impact on the outcome of the Preliminary Economic Assessment. Work continues on the maiden Inferred Mineral Resource for the CH-7 kimberlite and I look forward to its completion in early May and its incorporation into the PEA.”