November 15, 2010
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
|Numbers of Diamonds According to Sieve Size Fraction (mm)
||Number of Diamonds
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
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 -50º 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.
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
Mr. Bruce Counts, P.Geoph., President & CEO of