From Will P stockwatch Eric Friedland and Tom Peregoodoff's Peregrine Diamonds Ltd. (PGD), up one-half cent to 19 cents on 31,000 shares, says the grade results of its 500-tonne mini-bulk test of CH-7, a key pipe at its Chidliak project on Baffin Island, will not be available until early January, two weeks later than expected, while the subsequent diamond valuation is now promised before the end of March. Mr. Friedland, chairman, and Mr. Peregoodoff, CEO, say the delay is the result of "adverse sea ice conditions." (Prevailing northwesterly winds usually sweep Frobisher Bay of ice by the start of July, but this year it was impassible until the end of the month.)
Meanwhile, Peregrine has continued to drill CH-7 and also CH-6. At CH-7, the company is trying to delineate the KIM-5 phase of rock, which earlier testing showed to be a small but high-grade part of the pipe. The drilling has produced over three tonnes of Chidliak kimberlite and Peregrine will be receiving diamond counts through the fall, but the real benefit will show up when the company produces a revised resource estimate late this winter. The inferred resource at Chidliak will grow considerably, allowing the company to roll out a promotable dream sheet next year.