🕐28.04.10 - 15:12 Uhr
Peregrine Announces $3.5 Million 2010 Diamond Exploration Programme At Nanuq Pr
oject, Nunavut, Canada
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Re: Press Release - Wednesday, April 28, 2010
Peregrine Announces $3.5 Million 2010 Diamond Exploration
Programme At Nanuq Project, Nunavut, Canada
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Vancouver, British Columbia, Canada - Peregrine Diamonds Ltd.
("Peregrine" or "the Company") (TSX:PGD) is pleased to announce that it
is proceeding with a $3.5 million 2010 diamond exploration programme on
its wholly-owned 315,000 hectare Nanuq project ("Nanuq" or "the
Project"), located approximately 300 km north of Rankin Inlet in
Nunavut, Canada.
The programme will include approximately 2,000 metres
of core drilling on high priority kimberlite targets, ground
geophysics, prospecting and kimberlite indicator mineral ("KIM")
sampling.
The first three targets drilled by the Company in 2007 at
Nanuq resulted in the discovery of three significantly diamond-bearing
kimberlites, with two of those estimated at five and seven hectares in
size.
The results from ground geophysics and KIM sampling programs
conducted in 2008 and 2009 have led to the identification of a number
of high priority kimberlite-type anomalies, which will be further
evaluated by drilling this summer.
Mr.
Brooke Clements, Peregrines President, stated "We are very pleased
to be drilling again at Nanuq.
The Project has great exploration
potential and our three diamondiferous kimberlite discoveries there in
2007 give us optimism that large kimberlites with economic potential
can be discovered this year.
We are very fortunate to have the diamond
exploration "one-two punch" of our Chidliak and Nanuq projects, two of
the most promising diamond districts discovered worldwide since 2007".
2010 PROGRAMME
The 2010 exploration programme is scheduled to commence in mid-May with
ground geophysics.
Ground magnetic and electromagnetic surveys will be
conducted over priority geophysical anomalies that have been selected
from previously completed airborne surveys.
Kimberlite-type
geophysical anomalies that have been prioritized based on their
geophysical signatures and association with KIMs will be targeted for
drilling.
Drilling is scheduled to commence in early July on up to
eight targets.
New kimberlite discoveries will be tested for diamonds
by caustic dissolution.
In addition, up to 400 KIM samples will be
collected as a follow-up to anomalies identified from previous
exploration work.
A map showing the location of the known kimberlites and 2009 sample
locations, images of four of the geophysical anomalies that will be
evaluated by ground geophysics and/or drilling, and some photos of
previous field work can be viewed at
http://www.pdiam.com/i/pdf/nanuq826.pdf.
PROJECT HISTORY
Exploration commenced at Nanuq in 2003.
Between 2003 and 2007, 1,728
KIM samples were collected, 32,183 line kilometres of airborne
geophysical surveys were flown and 591 line kilometres of ground
magnetic surveys were completed.
In 2007, three high priority magnetic
low anomalies were drilled by the Company, resulting in the discovery
of three diamond-bearing kimberlites, Tudlik (Sandpiper), Naturalik
(Eagle) and Kayuu (Hawk), with estimated surface areas of one, seven
and five hectares, respectively.
The kimberlites at Nanuq are unique
in the Western Churchill Province of the eastern Arctic in that they
represent the first reported occurrence of "Lac de Gras-type"
crater-facies volcaniclastic and resedimented volcaniclastic
kimberlites in the region.
They are also unique with respect to their
late Cretaceous ages (70-80 million years) and are the youngest
kimberlites known in the area.
As reported on November 22 and December 4, 2007, caustic fusion
analyses proved that all three kimberlites were significantly
diamondiferous, with samples from Tudlik and the Kimb B phase of Kayuu
returning over one diamond per kilogram, and Naturalik and Kayuu
returning commercial-size (+0.85 mm) diamonds.
The diamond counts from
the first three kimberlites discovered on the Project are an initial
indication that Nanuq has the potential to host kimberlites that have
characteristics consistent with economic diamond potential in arctic
settings.
The 2007 diamond results for Tudlik, Naturalik and Kayuu are
presented in the table below.
2007 MICRODIAMOND RESULTS FROM THREE NANUQ KIMBERLITES
The microdiamond analyses were completed by the Saskatchewan Research
Council Geoanalytical Laboratories (SRC), which is accredited to the
ISO/IEC 17025 standard for microdiamond recovery via caustic fusion.
In 2008, 931 line kilometres of ground geophysical surveys were
completed.
In 2009, 1,273 KIM samples were collected under a
sampling campaign that had two objectives: initial evaluation of
portions of Nanuq that had not previously been evaluated by KIM
sampling and follow-up sampling related to previously identified KIM
and geophysical anomalies.
482 of the 1,273 samples contained
kimberlitic indicator minerals including at least one p-type garnet,
e-type garnet, chrome diopside or ilmenite grain, with 100 of the
samples returning over five of these grains.
Totals of 1,673 p-type
garnets and 287 e-type garnet grains were recovered, with one sample
returning 50 p-type garnets, ten e-type garnets, four chrome diopside
and one ilmenite grain.
Microprobe analyses of these indicator
minerals are pending.
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
Nanuq.
Mr.
Holmes has reviewed this news release and approves of its
contents.
For further information, please contact Eric Friedland, CEO, 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.
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Copyright (c) 2010 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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