🕐04.12.09 - 00:50 Uhr
Peregrine Announces Microdiamond Results For CH-13 Through CH-16 Kimberlites And
Commencement Of 50 Tonne CH-1 Mini-Bulk Sample Processing For Diamonds
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Peregrine Announces Microdiamond Results For CH-13 Through CH-16
Kimberlites And Commencement Of 50 Tonne CH-1 Mini-Bulk Sample
Processing For Diamonds
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Peregrine Diamonds Ltd.
("Peregrine" or "the Company") announces that
the microdiamond results for the last four kimberlites, CH-13 through
CH-16, discovered in 2009 on the 980,000 hectare Chidliak Project
("Chidliak" or "the Project") on Baffin Island, Nunavut, have now been
received and three of the four kimberlites were found to be
diamondiferous.
In addition, processing to recover commercial-sized
diamonds from the 50 tonne mini-bulk sample collected from the CH-1
kimberlite has commenced.
The mini-bulk sample is being processed at
the Saskatchewan Research Council Geoanalytical Laboratories ("the
SRC") and final results are expected in January, 2010.
A 358.7 kilogram sample of drill core from CH-16 returned 66 diamonds,
the two largest sitting on the +0.150 mm sieve.
A 170.5 kilogram
sample of drill core from CH-15 returned four diamonds, the largest
sitting on the +0.300 mm sieve.
A 129.5 kilogram sample of drill core
from CH-13 returned six diamonds, the largest also sitting on the
+0.300 mm sieve.
A 174.2 kilogram surface sample of CH-14 contained no
diamonds.
Fifteen of the 16 kimberlites discovered at Chidliak to date are
diamondiferous and diamond counts in seven kimberlites indicate further
work is required to assess their size, geology and diamond grade
potential.
Three of these kimberlites, CH-1, CH-6, and CH-7, already
have diamond size frequency characteristics that are consistent with
economic potential in arctic settings.
The kimberlite and diamond
discovery statistics for Chidliak compare favourably with those of the
Ekati(tm) and Diavik(tm) diamond properties in the Northwest
Territories of Canada when they were at a similar stage of exploration.
2009 PROGRAMME WRAP UP
Peregrine management is very encouraged by the results that have been
generated thus far at Chidliak and the stage is now set for an
ambitious 2010 exploration programme that will be focused on new
discoveries and further drilling and sampling of kimberlites
demonstrating economic potential.
It is still early in the exploration
cycle at Chidliak.
The first kimberlite discovery was made on July 20,
2008 and, after just two months of drilling and prospecting in the
summer of 2009, the Project already hosts 16 kimberlites, with more
work required on seven of these.
Some facts from the Ekati(tm) and
Diavik(tm) properties in the Northwest Territories are a useful
reference for evaluating Chidliaks potential to host an economic
diamond deposit.
The A-154 kimberlite was the first pipe in the
Diavik(tm) mine plan yet it was the 27th kimberlite discovered on the
property, the first 26 pipes being un-economic or barren of diamonds.
There are currently approximately 70 kimberlites known on the
Diavik(tm) property with just three of these in the current mine plan.
There are 156 kimberlites known on the Ekati(tm) property and only
eight are currently in the mine plan.
These statistics illustrate the
outstanding rate of discovery of pipes with economic potential at
Chidliak and that much more exploration is required to realize the full
potential of this new Canadian diamond district.
Results still pending from the 2009 Chidliak exploration programme
include the CH-1 mini-bulk sample and kimberlite indicator mineral
results for 1,273 till samples collected during the summer of 2009.
CH-1 KIMBERLITE MINI-BULK SAMPLE
As reported on November 18, 2008, a 2.28 tonne mini-bulk sample
collected from the CH-1 kimberlite returned a diamond content of 1.56
carats per tonne for diamonds larger than the 0.85 mm sieve size with
the largest diamond being a 2.01 carat gem.
As reported on September
14 and October 21, 2009, a mini-bulk sample weighing approximately 50
tonnes of kimberlite was collected from an outcrop exposure at CH-1
which was then shipped by air to Iqaluit under strict chain of custody
protocols.
The sample was loaded onto two different ships bound for
Quebec in locked and sealed seacans.
Due to mechanical problems with
one of the ships, approximately 85 percent of the mini-bulk sample
arrived in Quebec City six weeks behind schedule.
The entire sample
arrived at the SRC on November 10, and processing of the sample has now
commenced.
Final results are expected in January, 2010.
The sample will be processed through the SRC dense media separation
("DMS") plant.
Commercial-size diamonds (+0.85 mm or +1 DTC sieve
sizes) will be recovered from the DMS concentrates using a dual-pass
X-ray flow-sort with a grease table finish.
Dr.
Jennifer Pell,
Peregrines Chief Geoscientist, is the Companys Qualified Person under
NI 43-101 for the processing and diamond recovery.
Howard Coopersmith,
a consultant to the diamond industry, is Peregrines external Qualified
Person for the processing of the sample and subsequent diamond
recovery.
PREPARATION FOR 2010 EXPLORATION PROGRAMME
Peregrine has been appointed as operator of the 2010 exploration
programme at Chidliak and the Company is currently working with BHP
Billiton to finalize the details and budget.
A more comprehensive
description of the programme will be released in the near future.
The SRC is an independent laboratory that is accredited by the
Standards Council of Canada to the ISO/IEC Guide 25 standard for
diamond recovery by caustic fusion.
The kimberlite samples were
collected, sealed in secure containers and shipped to the SRC under
strict chain of custody protocols supervised by senior Peregrine
personnel.
Peregrine is the operator of the 2009 Chidliak exploration programme
which is being fully funded by BHP Billiton.
As announced on November
24, 2008, BHP Billiton has elected to exercise its earn-in rights for
Chidliak and, under the terms of the earn-in agreement, must incur a
total of $22.3 million dollars in exploration expenditures in order to
earn a 51% interest in Chidliak.
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 on the Chidliak
property.
Mr.
Holmes has reviewed this release and approves of its
contents.
For further information, please contact Mr.
Eric Friedland, CEO, Mr.
Brooke Clements, President, 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.
Associated File:
http://www.pdiam.com/i/pdf/2009-12-03_NR.pdf
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(PDL) All rights reserved.
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