Mining Explorers 2015: Peregrine Diamonds Ltd.
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Last updated 11/1/2015 at Noon
PGD: TSX
Executive Chairman: Eric Friedland
President and CEO: Tom Peregoodoff
President and CEO, Peregrine Exploration: Brooke Clements
Peregrine Diamonds Ltd. focused its 2015 exploration on expanding and upgrading the resources for the CH-6 and CH-7 kimberlites at its Chidliak diamond project located roughly 120 kilometers north of Since 2008, 71 kimberlites have been identified on the 748,000-hectare (1.85 million acres) Chidliak property, eight of which are considered to be potentially economic.
Peregrine started off 2015 by announcing a 15 percent expansion of the inferred resource for the CH-6 kimberlite to 3.3 million metric tons averaging 2.58 carats per metric ton, for 8.57 million carats of diamonds in the top 250 meters of the kimberlite.
The company believes the integration of recent work could add 2.5 million carats of diamonds to this upper kimberlite resource.
CH-6 lies within the southern priority area, which hosts seven potentially economic kimberlite pipes.
Tonnage estimates have been completed for CH-7 and CH-44, two of the promising kimberlites in the priority area.
CH-7 is estimated to contain 3.7 and 6.0 million metric tons from surface to a depth of 290 meters and CH-44 is projected to host 1.3 and 3.2 million metric tons from surface to a depth of 250 meters.
Caustic fusion analyses completed on drill core identified a new geologic domain within CH-7 that contains some of the highest total diamond counts defined to date at Chidliak.
A 558.5 metric ton bulk sample was collected from CH-7 during the summer 2015 program and Peregrine hopes to be able to publish a maiden resource for this kimberlite early in 2016.
The CH-6 and CH-7 resources are expected to anchor a preliminary economic assessment scheduled to be completed for Chidliak by mid-2016.
The 2015 budget for exploration and bulk sampling was C$3.75 million.
Peregine's portfolio of projects also includes: Qilaq, a diamond and metals project adjacent to Chidliak; Nanuq and Nanuq North, diamond projects located north of Rankin Inlet, Nunavut; and the Lac de Gras project, a group of three diamond properties in Northwest Territories. No exploration activities occurred on those properties in 2015. The company is continually seeking new diamond prospects in North America. A proprietary database acquired from BHP Billiton that contains data from about 38,000 kimberlite indicator mineral samples covering some 3 million square kilometers (1.16 million square miles) of Canada, is a key tool in this search.
Cash and short-term deposits: C$10.3 million (June 30, 2015)
Working capital: C$7.8 million (June 30, 2015)
Market capitalization: C$49.5 million (Sept. 23, 2015)
201-1250 Homer Street, Vancouver, B.C. Canada, V6B 1C6
Tel: 604-408-8880 Fax: 604-408-8881
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