February 24, 2006
February 24, 2006 - Vancouver, Canada - Peregrine Diamonds Ltd.
(“Peregrine”) (TSX-V: PGD) today announced the commencement of the 2006
diamond exploration program at the Pellatt Lake Project, NWT, Canada. In
addition, Peregrine announced that the second large diameter (24”)
reverse circulation (“RC”) rig and the third core rig have arrived at
the DO-27 kimberlite, WO Diamond Project, NWT, Canada.
Pellatt Lake Project
The Pellatt Lake Project comprises twenty-eight mineral claims covering
72,310 acres, located 42 km to the northeast of BHP Billiton’s Ekati™
Work by previous operators on the property included airborne
electromagnetic and magnetic surveys and heavy mineral sampling.
Kimberlite indicator minerals have been recovered over much of the
property, many with no known source. Previous diamond drilling
intersected one kimberlite, PL01. In 2004, Peregrine flew a Falcontm
gravity gradiometer survey over the property and in 2005 collected
additional heavy mineral samples resulting in the identification of a
number of anomalies. For the 2006 program, at least 12 anomalies will be
covered with ground geophysical surveys (magnetics and HLEM). A drill
will be mobilized to site during mid-March, and drilling will be
completed on a number of targets.
Seven of the Pellatt claims are in joint venture with Dentonia Resources
Ltd., 6 others are in joint venture with DHK Diamonds Inc. (in both
instances Peregrine can earn up to 75% under certain conditions) and the
remaining 16 claims are held 100% by Peregrine.
Careful advanced planning and logistics work by Peregrine at DO-27 in
2005 has resulted in all five scheduled drill rigs and auxiliary
equipment arriving on-site at the DO-27 kimberlite in a timely manner in
spite of unseasonably warm weather in Canada’s North which has had a
detrimental effect on the main Contwoyto to Tibbitt Ice Road, delaying
equipment and supplies transportation for numerous mining, exploration
and services companies. Bulk sample and geological drilling is
continuing at DO-27, and updates will be provided as the program
Peregrine is a well funded Canadian diamond exploration/development
company that is managed by experienced geoscientists. The company is
taking the plus 9 hectare DO-27 diamondiferous kimberlite into
pre-feasibility, and is exploring for other diamondiferous kimberlites
on its extensive land holdings in Canada. The company trades on the
TSX-V Exchange under the symbol “PGD”.
Peregrine Diamonds Ltd.
Eric Friedland, President and CEO
Alan Carter, COO
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