Peregrine Diamonds (PGD-V)
The peregrine falcon is known for its high-speed dive, which can reach speeds of more than 300 km-h (186 miles-h) as it descends on an unwitting target.
Peregrine Diamonds’ stock has undergone more of a low-speed dive since April highs of the high-.30s – it’s been trading near 52-week lows of 14 cents. But the latest results show a continued focus on Peregrine’s “prey” – the 100%-owned Chidliak diamond deposit on Baffin Island, Nunavut.
Peregrine’s latest results are microdiamond results from the CH-7 and CH-6 kimberlites, the focus of Peregrine’s growing resource. The diamond content in CH-7 – including the near-surface KIM-5 unit – was firmed up, while CH-6 results confirm the 2.58 carat/tonne grade in the dominant KIM-L unit as well as add a potential 2.5 million to 3.1 million carats to the existing 8.57 carats in the inferred resource for CH-6 kimberlite pipe. That resource occurs above 250 metres.
Peregrine shares dropped 2.8% to 17.5 cents on the news. The Friedland-backed company is working on an updated Inferred resource that will be included in a PEA due in the second quarter of 2016.
Canterra Minerals (CTM-V)
Randy Turner’s diamond play, Canterra Minerals, announced a new director and the completion of a till sampling program at the South Slave properties in the Northwest Territories.
A total of 204 till samples were collected and are being evaluated. Groundwork at the Hilltop property was also undertaken to support a 70 line kilometre electrical survey that will further define targets identified earlier.
Canterra’s new director is Andrew Farncomb, a founding partner of Cairn Merchant Partners LP, an independent merchant bank that advises natural resource companies on M&A and financings.
The diamond explorer’s land package is between De Beers’ Snap Lake diamond mine, which was discovered by Turner’s Winspear Diamonds, and the Gahcho Kue diamond mine project, being built by a De Beers/Mountain Province joint venture.
In Saskatchewan’s Pikoo diamond district, Ryan Kalt’s Strike Diamond released disappointing results from an airborne geophysical survey done in the fall. The survey identified 97 geophysical anomalies but it’s likely that none of them are kimberlites, according to a report by Campbell and Walker Geophysics Ltd.
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Disclosure: I own Peregrine and Canterra shares and Canterra is a sponsor of CEO.CA, which makes us biased. All investors should do their own due diligence. This article is presented for information purposes and should not be considered investment advice.