Peregrine Diamonds Ltd. is a diamond exploration and development company focused on Canada's North. At its 100 percent-owned Chidliak project, located 120 kilometres from Iqaluit, the capital of Nunavut, 71 kimberlites have been discovered to date. The average price determined in an independent diamond valuation of a 1013.5 carat diamond parcel collected from the CH-6 kimberlite in 2013 was US $213 per carat. The modelled price ranged from a minimum of US $162 per carat to a high of US $236 per carat. In January 2015 Peregrine announced a revised independent Inferred Mineral Resource for CH-6 of 8.57 million carats of diamonds in 3.32 million tonnes of kimberlite to a depth of 250 metres at a grade of 2.58 carats per tonne. Current 2015 work program planned for Chidliak is designed to confirm diamond resources in the CH-7 and CH-44 kimberlites and increase the size of the CH-6 diamond resource. As part of this program, a 558.5 wet tonne bulk sample, collected through large diameter reverse circulation drilling, was completed at CH-7 in May 2015. This program was designed to collect data necessary to establish the grade of the different geologic units at CH-7 with the resulting representative diamond parcels being the subject of an independent diamond valuation. If results warrant, Peregrine will use this information, combined with previously acquired geologic and diamond data, to prepare a maiden resource statement for CH-7 which will be included, along with the declared resource at CH-6, in the Preliminary Economic Assessment (PEA) scheduled for the first half of 2016.
The nine hectare DO-27 kimberlite located on Peregrine's 72.1 percent-owned WO property on its Lac de Gras project in the Northwest Territories, 27 kilometres from the Diavik Diamond Mine, hosts an Indicated Mineral Resource of 18.2 million carats of diamonds in 19.5 million tonnes of kimberlite at a grade of 0.94 carats per tonne. This resource, which is open at depth, was confirmed in 2008.
Peregrine also continues to evaluate earlier stage diamond exploration projects it controls in Nunavut and the Northwest Territories, and through comprehensive evaluation of its extensive and proprietary diamond exploration databases, is working towards discovering new diamond districts in North America. A key asset being utilized in Peregrine's search for a new Canadian diamond district is a proprietary database acquired from BHP Billiton that contains data from approximately 38,000 kimberlite indicator mineral samples covering an area of Canada approximately three million square kilometres in size.