by eyetee | February 8, 2013 7:47 pm
Bulk sampling at Peregrine Diamonds’ CH-6 kimberlite at its Chidliak project is underway, the company announced.
Weighing about 200 tonnes and collected by surface trenching, the sample is being taken to confirm its grade of commercial-size diamonds. A mini-bulk sample collected from CH-6 in December 2010 returned a grade of 2.84 carats per tonne. If the grade is confirmed, Peregrine says CH-6 could be one of the world’s highest-grade pipes.
The Chidliak project is located on Baffin Island, about 120 km from Iqaluit, the capital of Nunavut. The sampling is part of the project’s $5-million work plan.
“With the preparatory work we completed in 2012, we are well positioned to efficiently collect and transport this important 200-tonne bulk sample,” said Peregrine chief executive officer (CEO) Eric Friedland. “I am confident the resulting parcel of commercial-size diamonds will help us establish an initial average diamond value, revenue model, and inferred resource for CH-6.”
Chidliak is subject to an option agreement with De Beers Canada. The company has the exclusive right until Dec. 31, 2013 to enter into an earn-in and joint venture agreement for Chidliak on a 50.1 per cent De Beers/49.9 per cent Peregrine basis.
The $3-million bulk sampling is expected to be completed by mid-April, with independent diamond valuation to begin toward the end of the year.
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