Peregrine shares pop on 7.5M-carat maiden resource for Chidliak

Peregrine Diamonds (TSX: PGD) has unveiled a maiden resource for the CH-6 kimberlite at its Chidliak diamond project in Nunavut.

CH-6 contains an inferred resource of 7.47 million ct in 2.89 million tonnes of kimberlite grading 2.58 ct/t. The resource extends to 250 metres depth and CH-6 is open at depth.

A valuation of CH-6 diamonds conducted in February revealed an average diamond price of US$213 per carat.

Beneath the CH-6 resource, the company has defined a target for further exploration of 2.6 to 3.5 million additional tonnes. The junior is planning a core drilling program to convert the target to inferred resources.

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