Peregrine Receives First Diamond Valuation for Chidliak

Peregrine Diamonds Ltd. (TSX:PGD) announced yesterday that an independent valuation for a 1,013.5-carat parcel of commercial-size diamonds from the CH-6 kimberlite pipe at its Nunavut-based Chidliak project places the parcel’s value at US$215,605, or $213 per carat.

As quoted in the press release:

The modelled price ranged from a minimum of US$162 per carat to a high of US$236 per carat with a base case modelled price of US$188 per carat. The grade of the 404.2 tonne bulk sample that yielded the 1,013.5 carat parcel was 2.58 carats per tonne (‘CPT’) 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 US$4,076, US$3,455, US$2,900 and US$2,633 respectively.

Eric Friedland, CEO of Peregrine, commented:

The results of the first diamond valuation from Chidliak are spectacular. The average price per carat and grade of this bulk sample clearly show that 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.

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

Click here to read Diamond Investing News’ recent interview with Peregrine.