Peregrine touts good diamond find at Chidliak project

Peregrine Diamonds says it has found a lot of gem diamonds in a bulk sample from the Chidliak project near Iqaluit.

The sample collected last spring contains more than 600carats of commercial-size diamonds.

Dozens of diamonds weigh more than onecarat and the largest is more than 3.5carats.

The company says the results show the CH-6 kimberlite is one of the highest grade kimberlite pipes in the world.

Peregrine will now continue studying its results, to determine the viability of a diamond mine at Chidliak.

It says plans are already underway to continue exploration in 2014 and 2015 despite De Beers pulling out of the project earlier this year.