Chidliak sample valuation on par with Canadian production

by eyetee | February 27, 2014 9:01 pm

SB_H8 — Selection of eight diamonds from CH-6 bulk sample, Batch C. The largest stone weighs 8.87 carats, the smallest is .22 carats.

Valuation of a bulk sample taken from the Chidliak Project’s CH-6 kimberlite pipe shows it to be comparable to current Canadian production.

Independent diamond valuation conducted by Antwerp-based WWW International Diamond Consultants indicate the 1013.50-carat parcel of commercial-size diamonds have an average price of $213 per carat, while the entire parcel was valued at $215,605. (All prices U.S. dollars.)

The grade of the 404.2-tonne bulk sample was 2.58 carats per tonne for diamonds larger than the 1.18-mm square mesh sieve size. Within the parcel, the four largest diamonds weighing 8.87, 5.83, 4.62, and 4.11 carats had per-carat market values of $4076, $3455, $2900, and $2633, respectively.

“The results of the first diamond valuation from Chidliak are spectacular,” said Eric Friedland, Peregrine’s chief executive officer (CEO).

“The average price per carat and grade of this bulk sample clearly show CH-6 could have rock value that is comparable with the richest kimberlites currently being mined. These results establish Chidliak as a world-class diamond district. We are more confident than ever that planned bulk sampling beginning in 2015 of other known pipes at Chidliak with economic potential could lead to the development of Baffin Island’s first diamond mine.”

Chidliak is located in Nunavut.

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