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PEREGRINE ANNOUNCES MAIDEN INFERRED MINERAL RESOURCE OF 4.23 MILLION CARATS IN 5 MILLION TONNES FOR THE TOP 240 METRES OF THE CH-7 KIMBERLITE 15.62 MILLION CARATS NOW CLASSIFIED AS INFERRED MINERAL RESOURCE AT CHIDLIAK Peregrine Diamonds Ltd. recently announced a maiden Inferred Mineral Resource estimate for the CH-7 kimberlite pipe at the Company’s 100 percent owned Chidliak Diamond Project, Nunavut, Canada. Key elements of the announcement are:
Mr. Tom Peregoodoff, Peregrine’s President and CEO said “The resource we are announcing today is the culmination of the 2015 Diamond Resource Development Program at Chidliak. This program has successfully defined a significant Inferred Mineral Resource of over 15 million carats at Chidliak contained within the CH-6 and CH-7 kimberlites in the top 260 metres and 240 metres respectively and both which, importantly, remain open vertically at depth. This resource provides a firm foundation upon which the Preliminary Economic Assessment of a Phase 1 Diamond Mine will be developed. The Peregrine team have once again demonstrated the tremendous value of the Chidliak project and we all look forward to publishing the outcomes from this economic assessment when they become available next month.” CH-7 INFERRED MINERAL RESOURCE AND TFFE ESTIMATE Mineral Services Canada Inc. (“Mineral Services”), who provided guidance on the 2015 resource development work at CH-7, recently completed a comprehensive review of all geological, microdiamond and bulk sampling results and have estimated a maiden Inferred Mineral Resource for the CH-7 kimberlite as provided in the following table.
NI 43-101 standards and Canadian Institute of Mining and Metallurgy guidelines stipulate that a Mineral Resource needs to have a “reasonable prospect of economic extraction”. JDS Energy and Mining Inc. (“JDS”) have created first-order Whittle open pits to 240 metre depth based on the CH-7 Inferred Resource and have integrated appropriate revenue models for the CH-7 kimberlite. JDS concludes that the CH-7 Inferred Mineral Resource satisfies the “reasonable prospect of economic extraction” criterion. The Company announced an initial Target For Further Exploration (“TFFE”) of 2.75 to 3.97 million tonnes for the CH-7 kimberlite on May 7th, 2014 that was updated to a TFFE range of 3.72 to 6.01 million tonnes on January 26th, 2015. The resource at CH-7 has converted a substantial portion of this TFFE to Inferred Mineral Resource. The TFFE now estimated for the CH-7 pipe between 240 and 320 metres depth below surface is tabulated below. The potential quantity of the TFFE is conceptual in nature. Insufficient exploration has been completed to delineate any portion of the CH-7 TFFE as a mineral resource and it is uncertain if further exploration will result in conversion of the TFFE to a mineral resource.
PRELIMINARY ECONOMIC ASSESSMENT JDS is a specialized, private mineral engineering, consulting and construction company focused on adding value to mineral projects with fit-for-purpose designs and exceptional execution. The JDS team has a long history of northern Canadian and diamond experience including the current construction of the Gahcho Kue diamond mine and the Silvertip silver and base-metals mine. The PEA is well advanced, and results are expected in late June, 2016 as previously announced. |