Peregrine Announces $3.5 Million 2010 Diamond Exploration Programme At Nanuq Project, Nunavut, Canada

April 28, 2010 PDF version
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, Peregrine’s 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 here.

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.