Nunavut diamond project seeks new investors

Peregrine Diamonds’ Chidliak Property is 120 km from Iqaluit, and reachable overland via a 170-km winter road. (FILE PHOTO)

Peregrine Diamonds Ltd. shared some potentially positive financial news Dec. 22 — the company, which is developing the Chidliak diamond project, 120 kilometres directly east and north of Iqaluit, is offering up $2 million-worth of shares.

Peregrine has made 10,441,189 common shares available as non-brokered private placement for $0.21 per share, worth a total of $2,192,649.

Money from the sales of share offerings, which is subject to regulatory approval, will be used to underwrite Peregrine’s mineral exploration projects.

These include the Chidliak property’s 748,000 hectares of land, with its eight diamond-bearing deposits, known as kimberlites.

These contain diamonds in concentrations potentially high enough to start a diamond mine.

Peregrine’s bulk-sampling operation this winter and spring will draw samples from three kimberlite deposits, using a large-diameter drill rig.

Chidliak also plans to groom a winter trail to the mine site site over top 80 km of the traditional Iqaluit-Pangnirtung trail, often used by hunters or travellers between the two communities.

The remaining 90 or more kilometres of the trail leads eastward to the Chidliak site.