🕐19.11.13 - 16:54 Uhr
PEREGRINE COMPLETES PROCESSING OF CH-6 BULK SAMPLE AND ANNOUNCES THREE NEW KIMBE
RLITE DISCOVERIES AT CHIDLIAK
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Re: Press Release - Tuesday, November 19, 2013
Peregrine Completes Processing Of CH-6 Bulk Sample and Announces
Three New Kimberlite Discoveries at Chidliak
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Peregrine Diamonds Ltd.
("Peregrine" or "the Company") (TSX:PGD) is
pleased to provide an update on activities at its 100 percent-owned
Chidliak project ("Chidliak" or "the Project"), located on Baffin
Island, 120 kilometres from Iqaluit, the capital of Nunavut, Canada.
As reported on April 23 and June 3, 2013, a kimberlite sample weighing
approximately 508 wet tonnes was collected from the CH-6 kimberlite by
Peregrine in April.
The entire sample has now been processed to a
heavy mineral concentrate by dense media separation ("DMS").
Diamond
recovery from approximately 1.1 tonnes of concentrate recovered from
approximately 262 wet tonnes of kimberlite is underway at the
Saskatchewan Research Council ("SRC") facility in Saskatoon.
The
diamond grade results from this portion of the bulk sample are expected
by mid-December.
An independent valuation of the resulting diamond
parcel will be completed in early 2014.
The DMS concentrate, weighing
approximately 850 kilograms, from the remainder of the original 508 wet
tonnes bulk sample is now in secure storage at the SRC and diamond
recovery from this concentrate is scheduled to commence in the first
quarter of 2014.
In addition, the Company is pleased to announce the discovery of three
new kimberlite bodies during the summer exploration program.
These
three kimberlites together with the three announced on September 9,
2013, bring the number of kimberlites discovered at Chidliak in 2013 to
six and the total on the Project to 67.
In addition to the six new
kimberlite bodies discovered in 2013, the sources of seven new
occurrences of kimberlite float identified this year are yet to be
confirmed.
The three new kimberlite discoveries announced today are CH-65 through
CH-67.
At CH-65, abundant kimberlite float was found associated with a
linear geophysical anomaly that represents a kimberlite dyke.
At
CH-66, abundant kimberlite float was found associated with a circular
magnetic high anomaly with an estimated surface expression of 0.5
hectares as determined by ground geophysics.
At CH-67, abundant
kimberlite float was found associated with a circular magnetic high
anomaly with an estimated surface expression of one hectare as
determined by ground and airborne geophysics.
In addition to these six
new kimberlite discoveries, prospecting crews discovered kimberlite
dykes associated with four known kimberlite pipes: CH-2, CH-5, CH-9 and
CH-21.
During the summer program, prospecting crews discovered seven new
occurrences of kimberlite float (pebbles, cobbles and boulders) for
which a definite kimberlite pipe or dyke source has yet to be
confirmed.
In previous programs, Peregrine discovered 12 localities
with unexplained kimberlite float.
At each kimberlite float locality,
pieces of kimberlite were found by field crews that were evaluating
priority kimberlite-type geophysical anomalies and/or unexplained
kimberlite indicator mineral ("KIM") anomalies.
At one float locality
named Area B, located approximately 15 kilometres east of the CH-6
kimberlite, kimberlite boulders and cobbles with abundant kimberlite
indicator minerals were found over an area measuring approximately
1,000 by 600 metres.
Finding a source or sources for the Area B
kimberlite float and other important unexplained float occurrences on
the Project will be a high priority in future exploration programs.
Ground gravity and ground electromagnetic (Max-Min) orientation surveys
completed over select kimberlites proved effective at defining the
kimberlite bodies.
Peregrine plans to use these two geophysical
methods in tandem to complement ground magnetic surveys that have been
completed in priority areas with unexplained kimberlite float and KIM
anomalies, such as Area B.
Peregrine will also consider conducting an
airborne gravity survey if modelling of the existing gravity data
suggests it could be successful in identifying new kimberlites in
priority areas.
Future Work
Detailed information regarding plans for the 2014 field season at
Chidliak will be provided in the first quarter of 2014, after receipt
of all the CH-6 diamond valuations and a thorough evaluation of all
exploration data generated on the Project in 2013 together with
information from pre-2013 programs.
Mr.
Alan OConnor, Professional Geologist, Peregrines Chidliak Project
Manager, is a Qualified Person under National Instrument 43-101 and is
responsible for the design and conduct of the programs carried out by
the Company at Chidliak, including the collection of the CH-6 bulk
sample.
Mr.
Howard Coopersmith, an independent consultant to the
diamond industry, is Peregrines external Qualified Person for sample
processing and diamond recovery.
Messrs.
OConnor and Coopersmith have reviewed this release and approve
of its contents.
ABOUT PEREGRINE DIAMONDS
Peregrine is a diamond exploration and development company focused on
Canadas North.
The Company has discovered two new diamond districts
in Nunavut, Nanuq in 2007 and Chidliak in 2008.
At its 100
percent-owned Chidliak project, located 120 kilometres from Iqaluit,
the capital of Nunavut, 67 kimberlites have been discovered to date,
and Peregrine collected a bulk sample weighing 508 wet tonnes from the
CH-6 kimberlite in 2013.
Initial results and diamond valuations from
this sample are expected in December 2013 and early 2014.
A 14.11
tonne sample of drill core acquired from CH-6 in 2010 returned a grade
of 2.84 carats per tonne.
At its 72 percent-owned, nine hectare DO-27
kimberlite in the Northwest Territories, located 27 kilometres from the
Diavik Diamond Mine, a NI 43-101 compliant mineral resource of 18.2
million carats of diamonds in 19.5 million tonnes of kimberlite at a
grade of 0.94 carats per tonne, which is open at depth, was confirmed
in 2008.
Peregrine also continues to evaluate earlier stage diamond
exploration projects it controls in Nunavut and the Northwest
Territories and through comprehensive evaluation of its extensive and
proprietary diamond exploration databases, is working towards
discovering additional new diamond districts in North America.
A key
asset being utilized in Peregrines search for a new Canadian diamond
district is a proprietary database acquired from BHP Billiton that
contains data from approximately 38,000 kimberlite indicator mineral
samples covering approximately three million square kilometres of
Canada.
For further information on Peregrine Diamonds, please visit
www.pdiam.com or contact Mr.
Eric Friedland, CEO, Mr.
Brooke Clements,
President, Mr.
Tom Peregoodoff, Executive VP, Business Development, 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 decision by
DeBeers not to exercise the option to joint venture, 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 decision of DeBeers not to
exercise the option to joint venture, 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,
operational and infrastructure risk 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/2013-11-19_NR.pdf
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Copyright (c) 2013 PEREGRINE DIAMONDS LTD.
(PDL) All rights reserved.
For more information visit our website at http://www.pdiam.com/ or send
mailto:
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