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Peregrine Finds 1.15 Carat Diamond at Chidliak
Posted by David
Peregrine Diamonds Ltd. added to their exceptional track record last week when they found a 1.15 c macrodiamond. It was in an 840 kg total microdiamond sample from the CH-31 kimberlite in the Chidliak project, Baffin Island, Nunavut. CH-31 is the largest kimberlite in terms of surface area (5 ha) in the Chidliak project that is a JV between PGD (49%) and BHP Billiton (51%).
CH-31 is just the latest of many kimberlite pipes found at Chidliak since 2008 in what has been a textbook study of how to prospect for diamonds.
Kimberlite Pipe Characteristics
Being more specific, the 1.15 c stone is an off-white tetrahexahedroid recovered from the CH-31D sample that comprised 201 kg of the total sample (see above table). This find is impressive as PGD found CH-31 last August when prospecting an anomalously low zone on an aeromagnetic survey. Samples A and B are surface samples collected from the margins of the kimberlite. Samples C and D are from drill core collected from the same angled drill core at depth ranges of 6-328 m and 328-416 m, respectively. This kimberlite is being considered for the next step: a mini-bulk sample (usually >100 t), in 2011.
The kimberlite itself is volcaniclastic facies, the type typical of the upper regions within kimberlite pipes. Both crustal (e.g., carbonate rocks, gneisses, etc.) and mantle (e.g., peridotite and eclogite; the parent rocks for diamond formation) xenoliths were found in some abundance in the kimberlite. At first glance, the kimberlite appears to consist of only one eruptive phase, although these are only preliminary observations.
Future Prospects
This find has possibly buoyed management’s confidence in the project and they have increased their earlier private placement of 2 million shares by 800,000 at $2.50/share. This will bring in about $12 million (not including warrants).
PGD’s management is well-versed in diamond exploration. The company’s early days were focused on the DO-27 kimberlite in the Lac de Gras region. Before that, many of the geologists had experience with other projects. Brooke Clements, President, was part of the Ashton Mining Canada team that found the Renard kimberlite cluster that is now being developed into Quebec’s first diamond mine by Stornoway and SOQUEM. The VP Exploration, Peter Holmes, was previously with De Beers and participated in evaluating the Lomonosov diamond deposit (now a mine as of 2005) in northwest Russia (close to the massive V. Grib deposit and subject to legal strife between LUKOIL, De Beers, and the now defunct Archangel Diamond Corporation).
This past month seems to have been a very good one for PGD as it began with their October 3rd press release of their confirmation of diamondiferous kimberlites in the Qilaq property. This property surrounds Chidliak and is 100% owned by Peregrine (see above map). The challenge now is to keep the project’s momentum going by following investors’ expectations after this spate of successes.
Disclaimer: The author holds shares of SWY. Relevant comments are welcome and encouraged. Spam comments will be deleted. This article is based on the opinions and experience of the author. Please conduct due diligence when investing. ©KIM Report 2010 www.kimreport.com