Peregrine Announces Diamond Results For The NQN-001 Kimberlite At Nanuq North

November 15, 2010 PDF version
Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) (TSX:PGD) is pleased to report diamond results for a 1,008 kilogram sample collected by core drilling from the NQN-001 kimberlite at the 33,100 hectare Nanuq North project (“Nanuq North” or “the Project”) located approximately 275 kilometres north of Rankin Inlet, and two kilometres north of Peregrine’s wholly-owned 235,000 hectare Nanuq project in Nunavut, Canada. Exploration expenditures at Nanuq North are currently funded on a 50/50 basis by Peregrine and Indicator Minerals Inc. (“Indicator”). Indicator is the operator of the project.

The 1,008 kilogram sample from the NQN-001 kimberlite yielded 612 diamonds larger than the 0.075 mm sieve size and two diamonds larger than the 0.600 mm sieve size. The following table summarizes the caustic fusion diamond results from the Saskatchewan Research Council Geoanalytical Laboratories (“the SRC”).

SUMMARY OF NQN-001 DIAMOND RESULTS

Sample Weight
(kg)
Numbers of Diamonds According to Sieve Size Fraction (mm) Total Diamonds Number of Diamonds
per kg
+0.075 -0.106 +0.106 -0.150 +0.150 -0.212 +0.212 -0.300 +0.300 -0.425 +0.425 -0.600 +0.600 -0.850 +0.850 -1.180 +1.180 -1.700


1,008

196 186 117 64 34 13 2 0 0 612 0.61


The two largest stones measured 1.00 x 0.84 x 0.64 mm and 0.68 x 0.68 x 0.46 mm and both were described by the SRC as having an off-white color with inclusions.

BACKGROUND INFORMATION
As reported on February 10, 2009, a total of 206 diamonds larger than the 0.075 mm sieve size was recovered from a 153 kilogram sample collected by reverse circulation drilling from the NQN-001 kimberlite. The largest diamond measured 0.98 mm x 0.72 mm x 0.70 mm. This caustic fusion diamond analysis was also conducted at the SRC.

As reported on June 30, 2010, a total of 762 metres in six NQ diameter (47.6 mm) core holes was drilled into the NQN-001 kimberlite this year resulting in the collection of approximately four tonnes of kimberlite drill core. Five of the holes were drilled at a -50ยบ angle and intersected the edge of the kimberlite at depths between 60 and 126 metres below the surface and a vertical hole was terminated in kimberlite at a depth of 257 metres. Based on the drilling, the estimated size of NQN-001 is 1.8 hectares. The 1,008 kilogram sample reported here was a representative sample composed of material collected at regular intervals from all six core holes.

FUTURE WORK
Kimberlite indicator mineral results from 96 till samples collected at Nanuq North in 2010 are pending. Upon receipt of the results from these samples, Peregrine and Indicator will formulate a 2011 exploration programme which could include the drilling of high priority targets and further diamond recovery processing of some of the drill core and reverse circulation material remaining from NQN-001.

The SRC is an independent laboratory that is accredited by the Standards Council of Canada to the ISO/IEC Guide 25 standard for diamond recovery by caustic fusion. After collection in the field, the NQN-001 drill core was shipped to Vancouver where it was logged and sampled under the supervision of senior Indicator personnel. The samples were then sealed in secure containers and shipped to the SRC under strict chain of custody protocols.

Mr. Bruce Counts, P.Geoph., President & CEO of