After taking a drubbing in October, Peregrine Diamonds TSX:PGD stock jumped 52.4% to 64 cents as investors took kindly to bulk sample results from the company’s Chidliak project in Nunavut.
The results returned a diamond grade of 2.7 carats per tonne.
“The resulting diamond parcel consisted of 600.5 carats of commercial-size (+0.85 mm) stones, including 48 diamonds over one carat in size and 137 diamonds over 0.5 carat in size, with the largest diamond weighing 3.54 carats,” Stockhouse reports.
“This first batch of diamond results from our 2013 bulk sample establishes CH-6 as one of the highest-grade kimberlites in the world,” said CEO Eric Friedland.
“The quality of the diamonds is excellent and we are looking forward to obtaining the first independent diamond value for CH-6 in early 2014, and to establish a resource later that year.”
Reprinted by permission of MINING.com