Peregrine Reports Diamond Grade of 2.87 Carats per tonne from the final CH-6 Bulk Sample Batch and Four Diamonds over Four Carats, Including an 8.87 Carat White/Colourless Octahedron

January 16, 2014 PDF version
Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) (TSX:PGD) is pleased to report that bulk sample Batch C, from the CH-6 kimberlite pipe on Peregrine’s 100 percent owned Chidliak Diamond Project (“Chidliak” or “the Project”) in Nunavut, Canada, which weighed 182.1 dry tonnes, returned a diamond grade of 2.87 carats per tonne (“cpt”). A total of 523.5 carats of commercial-size (+0.85 mm) diamonds was recovered, including 42 diamonds one carat or larger and 133 diamonds over 0.50 carat in size. The largest diamond is an 8.87 carat white/colourless octahedron. A significant portion of the parcel is gem diamonds and a population of yellow stones is present. Sample Batch C represents the final portion of a bulk sample weighing 404.2 dry tonnes that was collected by trenching the CH-6 kimberlite in 2013. As reported on December 3, 2013, the first 222.1 tonne portion of the bulk sample returned a grade of 2.70 cpt. The combined grade of the 404.2 tonne sample is 2.78 cpt and 1,124 carats of commercial-size (+0.85 mm) diamonds were recovered. An independent diamond valuation of the 1,124 carat parcel will be completed this quarter in Antwerp, Belgium. At a grade of 2.78 cpt, CH-6 is one of the highest grade kimberlite pipes in the world*.

Diamonds of special note described by the Saskatchewan Research Council (“the SRC”) include the following:
  • 8.87 carat white/colourless, transparent octahedron with minor inclusions
  • 5.83 carat white/colourless transparent octahedron with inclusions
  • 4.62 carat off-white, transparent octahedron
  • 4.11 carat white/colourless, transparent octahedron with minor inclusions
  • 3.02 carat white/colourless distorted octahedron with minor inclusions
Photos of diamonds from bulk sample Batch C available here.

Mr. Howard Coopersmith, Peregrine’s Independent Qualified Person for dense media separation (“DMS”) processing and diamond recovery stated, “These latest bulk sample results from the CH-6 kimberlite, along with the results from the first 222 tonne portion of the sample, confirm a trend towards high quality diamonds in the larger size classes and an overall consistency in the diamond population, size distribution and grade. The independent market valuation of the 1,124 carat parcel, and the modelling of the valuation results, should allow for preparation of a resource statement for this high grade kimberlite pipe.”

Mr. Eric Friedland, Peregrine’s CEO said, “We are pleased that the results of the 2013 bulk sample have confirmed that CH-6 is one of the highest grade kimberlite pipes in the world. We look forward to the results of the diamond valuations expected later this quarter given the quality of the entire diamond parcel, especially the stones a half carat and larger.”

The size distribution, shape and colour of the 90 diamonds one carat in size or larger from the combined 1,124 carat parcel are described by the SRC in the following three tables.

Size Class (Carats) Number of Stones Octahedra 51% White/Colourless