Corporate Summary
Peregrine Diamonds Ltd. is primarily focused on diamond development and exploration in Canada, with an indicated mineral resource of 18.2 million carats in the DO-27 kimberlite in the Northwest Territories and diamond exploration properties in the Northwest Territories, Nunavut and Manitoba. In its search for diamonds, Peregrine has a secondary focus on exploration for metals deposits.
Industry experts predict that without significant new discoveries in the coming years, the global demand for diamonds will outstrip supply within a decade. Through its ownership interest in the DO-27 mineral resource in the Northwest Territories, and with active diamond exploration programs throughout Canada, Peregrine is well positioned to contribute to the world's diamond supply in the future.
In 2007, Peregrine discovered three diamondiferous kimberlites at the Nanuq property, in the eastern Arctic region of Nunavut, establishing a new Canadian diamond district. Nanuq will be a major focus of the Corporation's exploration activity in 2008 and 2009 with the main focus being the investigation of high priority targets in search of new kimberlites.
Also in Nunavut, reconnaissance-scale exploration programs conducted on Baffin Island have led to the acquisition of prospecting permits covering close to three million hectares in five property areas. Both kimberlite and metals anomalies have been identified on the permits. Metals deposit targets include platinum/palladium, uranium, copper-lead-zinc and gold.
The Corporation has a 71.74% interest in the WO property, located in the Northwest Territories, which hosts the nine hectare DO-27 kimberlite pipe, among others. DO-27 hosts an indicated mineral resource of 18.2 million carats in 19.5 million tonnes of kimberlite with a grade of approximately 94 carats per hundred tonnes. A diamond parcel of over 2,075 carats was valued in 2007 and the average modelled diamond value for the parcel ranged from US$43 to US$70 per carat. These valuation results, along with updated grade and geological information are continually being used to investigate the economic potential of DO-27.
In addition to the WO property Peregrine holds various interests in six exploration properties in the Northwest Territories totalling over 159,000 hectares, Pellat Lake, Lac de Gras East, Lac de Gras West, and Mackay Lake West.
Peregrine also has the use of one of BHP Billiton's revolutionary Falcon(tm) airborne gravity gradiometer systems for all of North, Central, and South America. The Falcon(tm) system is capable of direct mineral occurrence detection under certain conditions."
