🕐04.02.10 - 16:01 Uhr
Peregrine Discovers Kimberlite Indicator And Precious Metal Anomalies At Qilaq;
1.5 Million Hectares Of New Prospecting Permits Acquired On Baffin Island
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Re: Press Release - Thursday, February 04, 2010
Peregrine Discovers Kimberlite Indicator And Precious Metal
Anomalies At Qilaq; 1.5 Million Hectares Of New Prospecting
Permits Acquired On Baffin Island
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Peregrine Diamonds Ltd.
("Peregrine" or "the Company") is pleased to
announce the discovery of kimberlite indicator mineral ("KIM") and
precious metal anomalies at its Qilaq Project ("Qilaq") on Baffin
Island, Nunavut, Canada.
Seven of the samples collected in 2009 at
Qilaq returned probe-confirmed KIMs, including one sample that returned
405 KIMs, all of which were angular, which is an indication of a
proximal kimberlite source.
In addition, eight samples returned at
least 10 gold grains, and one sample returned 350 gold grains.
On February 1, 2010, the Company was granted 119 prospecting permits
covering approximately 1.5 million hectares (15,000 square kilometres)
on the Cumberland Peninsula, also on Baffin Island.
The new permit
group was named the Cumberland Project ("Cumberland"), and its geologic
characteristics are considered by Peregrine to be similar to those at
Qilaq and Peregrines 9,800 square kilometre Chidliak Project
("Chidliak"), making it an ideal diamond exploration target.
Peregrine
has discovered 16 kimberlites at Chidliak since 2008, with three of
these having diamond size distribution characteristics that are
consistent with economic potential in arctic settings.
Both Qilaq and
Cumberland are 100%-owned by Peregrine.
Brooke Clements, Peregrines President, stated "The discovery of new,
high-priority KIM and precious metals anomalies at Qilaq and the
substantial diamond exploration successes we have had at our Chidliak
and Nanuq projects since 2007 illustrate that Nunavut has tremendous
mineral exploration potential and that it is under-explored relative to
other regions of Canada.
Both Chidliak and Qilaq started as
grass-roots exploration programmes and we plan to apply the same
methodology to efficiently evaluate the potential of Cumberland.
We
have made a strong commitment to working in Nunavut and we look forward
to advancing all our exploration projects there in 2010."
QILAQ
In February, 2009, 86 prospecting permits covering 12,500 square
kilometres were acquired bordering Chidliak to the north, east and
south.
In the summer of 2009, 516 samples were collected to evaluate
the Qilaq permit area for its diamond potential.
Till and stream
sediment samples were collected on a five by five kilometre grid.
After analysing the results from the 516 samples, Peregrine chose to
acquire four new prospecting permits and relinquish 29 permits, making
the new area of Qilaq approximately 854,000 hectares (8,540 square
kilometres) in 61 prospecting permits.
Seven of the 516 samples collected at Qilaq returned at least one
probe-confirmed KIM.
Of particular note was one sample that returned
405 KIMs as follows: 370 ilmenites, 16 p-type pyrope garnets, four
e-type garnets and 15 chrome diopsides.
All of the 405 KIMs were
angular in shape and 20 of the ilmenites and one chrome diopside were
greater than one millimetre in size.
Angular KIM grains larger than one
millimetre are not common in till samples, and are a strong indication
of a proximal source.
The 16 p-type garnets were analysed by electron
microprobe and one of the grains was classified as a high-chrome,
low-calcium G10 garnet.
G10 garnets are commonly associated with
diamond mines throughout the world.
One sample, collected 50
kilometres south-southeast of the sample with 405 grains, contained two
p-type pyrope garnets, one ilmenite and two chromites.
The remaining
five samples containing KIMs returned one garnet each.
The early
exploration history at Chidliak, where Peregrine has discovered an
important new diamond district, illustrates the potential significance
of the Qilaq results.
Five till samples taken in the Chidliak area in
2005 on a 15 by 15 kilometre grid returned one or more probe-confirmed
KIMs, with the most positive sample containing 12 p-type garnets, 11
e-type garnets, three picroilmenites and five chrome diopsides.
None
of the p-type garnets from these samples were classified as G10
garnets.
In 2006, 28 samples collected at Chidliak contained 265
probe-confirmed garnets, with 22, or eight percent, of them being
classified as G10 garnets.
In 2010, Peregrine plans to complete more
detailed till sampling and prospecting programmes at Qilaq around the
seven distinct and separate sites where KIMs were discovered.
The 516 Qilaq samples were also examined for the presence of minerals
that may be indicative of base or precious metals mineralization with
213 of the samples containing at least one gold grain and 31 samples
containing one or more grains of sperrylite.
Sperrylite is a
platinum-bearing mineral (PtAs2) that is often associated with rocks
that contain significant amounts of platinum, palladium and nickel.
Anomalous concentrations of gold grains were found in five areas, with
eight samples in these five areas each returning over 10 grains of
gold.
A sample in one of the anomalous areas returned 350 gold grains,
with 80 percent of the grains described by the laboratory as being
pristine, a possible indication of a local source.
A repeat sample at
the same site returned 146 gold grains.
Geochemical analyses on soil
from the site where the 350 gold grains were recovered returned 909 ppb
gold, 2,757 ppb silver and 1,283 ppm copper.
Several gossans were also
noted in this area.
A gossan consists of iron-bearing weathered
material that can overlie a sulphide-associated deposit.
A sample from
another of the anomalous areas returned 40 sperrylite grains and 45
gold grains.
All of the samples collected at Qilaq were sent to Overburden Drilling
Management in Nepean, Ontario for KIM and metamorphic or magmatic
massive sulphide indicator mineral analyses.
Electron microprobe
analyses of the KIMs were performed by CF Minerals Research Ltd.
in
Kelowna, British Columbia.
Geochemical analyses of the sediment
samples were completed by ACME Analytical Laboratories Ltd.
in
Vancouver, British Columbia.
2010 follow-up work related to the metals anomalies identified at Qilaq
will consist of detailed sampling, prospecting and mapping.
CUMBERLAND
The centre of Cumberland is located approximately 200 kilometres north
of Chidliak and east of the community of Pangnirtung.
The Cumberland
project area is thought to be underlain by ancient Archean bedrock,
like Chidliak and Qilaq.
Most of the worlds major diamond deposits
are hosted in similar geologic environments.
During July and August of 2010, Peregrine plans to evaluate
Cumberlands diamond potential by conducting a reconnaissance till
sampling programme using Pangnirtung as a base.
Pangnirtung, a hamlet
with a population of 1,325 on the coast of Pangnirtung Fjord, is a
modern community that continues to harvest the resources of the lands
and waters of Cumberland Peninsula.
Peregrine will continue to work
closely with the community to minimize the impact of its operations on
the environment.
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 exploration programmes carried out by the Company at
Qilaq.
Mr.
Holmes has reviewed this news release and approves of its
contents.
An updated map showing the location of the Companys projects on Baffin
Island and photographs from Qilaq are available at:
http://www.pdiam.com/i/pdf/chidliak976.pdf
For further information, please contact Mr.
Brooke Clements, President,
or Mike Westerlund, Vice President of 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, 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.
View the Press Release in PDF Format:
http://www.pdiam.com/i/pdf/2010-02-04_NR.pdf
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(PDL) All rights reserved.
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