🕐02.06.11 - 15:00 Uhr
PEREGRINE DISCOVERS FOUR NEW KIMBERLITES AND COMPLETES 11,000 LINE-KILOMETRE AIR
BORNE GEOPHYSICAL SURVEY AT CHIDLIAK
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Re: Press Release - Thursday, June 02, 2011
Peregrine Discovers Four New Kimberlites and Completes 11,000
Line-Kilometre Airborne Geophysical Survey at Chidliak
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Peregrine Diamonds Ltd.
("Peregrine" or "the Company") (TSX:PGD) is
pleased to report the discovery by drilling of four new kimberlites,
CH-52 to CH-55, on the Chidliak project ("Chidliak").
Chidliak is
located on southern Baffin Island approximately 100 kilometres
northeast of Iqaluit, the capital of Nunavut, Canada.
The company has
discovered five kimberlites since April of this year, bringing to 55
the total number of kimberlites discovered at Chidliak since August,
2008.
Seven of the 35 kimberlites tested for diamonds to date have
characteristics consistent with economic diamond mining potential in
Arctic settings.
In addition to the new discoveries, core holes were
drilled into the CH-17 and CH-28 kimberlites that were discovered in
2010 and an 11,000 line-kilometre heli-borne magnetic/electromagnetic
geophysical survey was completed.
Two core rigs and a reverse
circulation ("RC") rig are currently drilling at Chidliak.
Drill core obtained this year from the CH-51, CH-53, CH-54, CH-55,
CH-17 and CH-28 kimberlites and RC drill cuttings from the CH-52
kimberlite will be analyzed for diamonds by caustic fusion at the
Saskatchewan Research Council Geoanalytical Laboratories.
Results of
the analyses are expected in the third quarter.
Mr.
Brooke Clements, President of Peregrine, said "We continue to
discover kimberlites at a very fast pace at Chidliak, and we believe
that many more will be found in this rapidly growing new Canadian
diamond district.
We are particularly pleased to have already
identified seven kimberlites with economic diamond mining potential in
Arctic settings and we are confident that we will add to this group
with additional discoveries this season."
The CH-52 kimberlite is located approximately 200 metres east of
Sunrise camp and has an estimated surface expression of one hectare
based on the interpretation of ground geophysics.
It was discovered by
the drilling of one vertical RC hole that intersected 25 metres of
overburden and 21 metres of gneiss before intersecting 19 metres of
kimberlite.
The hole was terminated in kimberlite at 65 metres.
As is
the plan with all kimberlites discovered by RC drilling, CH-52 will be
evaluated by core drilling if the initial diamond results are
favourable.
The CH-53 kimberlite was discovered by drilling one core hole at an
inclination of -50 degrees into a magnetic high anomaly located
approximately five kilometres northeast of CH-28.
The hole intersected
8 metres of ice and water, followed by 40 metres of overburden and 32
metres of gneiss.
Kimberlite was intersected from 80 to 170 metres,
and the hole was terminated at 215 metres.
Based on interpretation of
the ground geophysical and drill data, CH-53 has an estimated surface
expression of one hectare.
The CH-54 kimberlite is located approximately 11 kilometres northeast
of Sunrise camp and is associated with a kimberlite indicator mineral
train.
One vertical core hole drilled into CH-54 intersected
kimberlite breccia at a depth of 43 metres after passing through 25
metres of ice and water and 18 metres of overburden.
Kimberlite with
variable amounts of gneiss and country rock breccia was intersected
from 43 to 114 metres, followed by country rock with minor kimberlite
to 143 metres, and then kimberlite with approximately 15 percent
country rock to a depth of 160 metres.
The hole was terminated at 195
metres after passing through 35 metres of gneiss.
CH-54 has an
estimated surface expression of one hectare, based on the
interpretation of ground geophysical data.
The CH-55 kimberlite is located approximately 16.5 kilometres south of
the CH-17 and CH-51 kimberlites.
One core hole inclined at -45 degrees
intersected kimberlite breccia at 51 metres after passing through nine
metres of overburden followed by 42 metres of gneiss.
The hole was
terminated at 183 metres after intersecting 108 metres of kimberlite,
followed by 24 metres of gneiss.
A second hole, inclined at -60
degrees is currently being drilled from the same setup.
CH-55 has an
estimated surface expression of one hectare, based on the
interpretation of ground geophysical and drill data.
A heli-borne electromagnetic/magnetic geophysical survey totalling
approximately 11,000 line-kilometres and flown at 100 metre line
spacing has just been completed.
The data is being analyzed and
priority targets are being selected for prospecting, ground geophysics
and drilling this year.
As an example, the anomaly associated with the
CH-55 kimberlite discovery was selected from this years airborne
geophysical survey data.
The next new target to be drilled, anomaly
557, has a similar geophysical signature as CH-55 and is located 300
metres south of the kimberlite.
One core hole drilled at an inclination of -45 degrees into the CH-28
kimberlite intersected 180 metres of kimberlite from 11 to 191 metres
and the hole was terminated in gneiss at a depth of 213 metres.
This
was the first hole drilled into CH-28, a kimberlite that was discovered
by prospecting in 2010.
CH-28 has an estimated surface expression of
two hectares based on interpretation of drill and geophysical data.
As
announced on September 23, 2010, a 239 kilogram kimberlite sample
collected at surface from CH-28 yielded 0.196 carats of commercial-size
(+0.85 mm) diamonds.
CH-17 was discovered in 2010 by core drilling, but sufficient material
for diamond testing was not recovered.
During the 2011 winter program,
one vertical core hole was drilled from lake ice into CH-17.
Kimberlite was intersected over an interval of 118 metres from a depth
of 47 to 165 metres underneath 41 metres of water and ice and six
metres of overburden.
The hole was terminated in gneiss at a depth of
195 metres.
Based on interpretation of ground geophysical and drill
data, CH-17 has an estimated surface expression of one hectare and is
located approximately 200 metres north of CH-51.
In addition to the five new kimberlite discoveries this year, four
targets have been tested without intersecting kimberlite, three by the
RC rig and one by a core rig.
The core rigs are scheduled to drill two more new kimberlite targets
prior to commencing drilling on the diamondiferous CH-31 and CH-33
kimberlites.
The RC rig will continue testing new targets.
As
reported on October 29, 2010, the CH-31 kimberlite has an estimated
surface expression of approximately five hectares and an 840 kilogram
sample yielded 1.39 carats of commercial-size diamonds including a gem
quality 1.15 carat stone.
Up to seven core holes will be drilled at
CH-31 in an effort to recover approximately five tonnes of kimberlite
for an initial grade determination.
Up to three core holes will be
drilled into CH-33 in an effort to confirm its size and assess the
diamond content of the different phases.
Based on interpretation of
ground geophysical data, CH-33 has an estimated surface expression of
greater than seven hectares.
Initial diamond results for CH-33 were
reported on January 13, 2011.
A location map and photographs of the new kimberlite discoveries are
available at
http://www.pdiam.com/i/pdf/Chidliak768.pdf.
Chidliak is a joint venture between Peregrine (49%) and BHP Billiton
(51%).
Peregrine is the operator of the 2011 program.
Mr.
Peter Holmes, P.
Geo., Peregrines Vice President, Exploration, is
a Qualified Person under NI 43-101 and is responsible for the design
and conduct of the programs carried out by the Company at Chidliak.
Mr.
Holmes has reviewed this release and approves of its contents.
For further information, please contact Mr.
Eric Friedland, CEO, Mr.
Brooke Clements, President, Mr.
Mike Westerlund, Vice President,
Investor Relations and Corporate Communications or Peregrine Diamonds
Investor Relations, at 604-408-8880 or at .
Forward-Looking Statements: This news release contains forward-looking
statements.
All statements, other than statements of historical fact,
that address activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future
(including, without limitation, statements relating to the proposed
exploration program, funding availability, anticipated exploration
results, resource estimates, and future exploration and operating
plans) are forward-looking statements.
These forward-looking
statements reflect the current expectations or beliefs of the Company
based on information currently available to the Company.
Forward-looking statements are subject to a number of risks and
uncertainties that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking
statements and, even if such actual results are realized or
substantially realized, there can be no assurance that they will have
the expected consequences to, or effects on, the Company.
Factors that
could cause actual results or events to differ materially from current
expectations include, among other things, uncertainties relating to the
availability and cost of funds, timing and content of work programs,
results of exploration activities, interpretation of drilling results
and other geological data, world diamond markets, future diamond
prices, reliability of mineral property titles, changes to regulations
affecting the Companys activities, delays in obtaining or failure to
obtain required project approvals, any changing budget priorities of
BHP Billiton, operational and infrastructure risks, and other risks
involved in the diamond exploration business.
Any forward-looking
statement speaks only as of the date on which it is made and, except as
may be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise.
Although the Company believes that the assumptions inherent
in the forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and accordingly
undue reliance should not be put on such statements due to their
inherent uncertainty.
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Copyright (c) 2011 PEREGRINE DIAMONDS LTD.
(PDL) All rights reserved.
For more information visit our website at http://www.pdiam.com/ or send
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