September 3, 2008
Peregrine Increases Nanuq Land Position by 113,000 Hectares
Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) (TSX:PGD) is
pleased to announce the discovery of a new kimberlite, estimated at 4.5
hectares in size, on the 33,000 hectare Nanuq North property (“Nanuq
North”) in Nunavut, Canada. Nanuq North is situated just north of
Peregrine’s wholly-owned Nanuq property (“Nanuq”) where the company
discovered three diamondiferous kimberlites in 2007. Peregrine has
recently staked 114 new mineral claims at Nanuq increasing the size of
the property from 201,000 to 314,000 hectares.
Nanuq North Kimberlite Discovery
Kimberlite NQN-001 was discovered during a short, late season percussion
drilling campaign. The discovery hole, inclined at -58°, was
terminated in kimberlite after a continuous 80 metre kimberlite
intersection beginning at seven metres and ending at 87 metres of depth.
Based on ground geophysical data, NQN-001 is interpreted as having a
minimum surface area of 4.5 hectares. A representative 150 kilogram
sample of drill cuttings collected from the kimberlite has been sent to
Saskatchewan Research Council Geoanalytical Laboratories for diamond
Numerous untested geophysical targets and multiple kimberlite indicator
mineral trains have been identified at Nanuq North and planning for an
aggressive 2009 exploration program, which will include drilling, is in
Exploration expenditures on the 33,100 hectare Nanuq North property are
currently funded on a 50/50 basis by Peregrine and Indicator Minerals
Inc. (“Indicator”). Under the terms of a letter agreement, the Hunter
Exploration Group (“Hunter”) retains a 20 percent interest and Peregrine
and Indicator each retain 40 percent interests in 16 claims covering
13,900 hectares, including the claim that hosts NQN-001. Hunter’s 20
percent interest is carried through completion of a scoping study.
Peregrine and Indicator each have an undivided 50 percent interest in
the remaining 19,200 hectares of claims at Nanuq North. Indicator is
the operator of the project.
Update on Peregrine’s 100%-owned Nanuq Property
The new kimberlite discovery at Nanuq North, situated just north of
Peregrine’s wholly-owned Nanuq property, expands the size of the known
kimberlite field to four kimberlites. In 2007 the Company discovered
three kimberlites at Nanuq approximately 17 kilometres south of NQN-001.
All three of these kimberlites returned encouraging diamond results,
and two of them, Kayuu and Natuarlik, have estimated surface areas of
five and seven hectares respectively. The best diamond counts were from
the Tudlik kimberlite where an 89 kilogram sample yielded 112 diamonds
larger than the 0.075 mm sieve size, including two diamonds larger than
the 0.6 mm sieve size.
This summer, the size of the Nanuq property was increased from 201,000
to 314,000 hectares, strengthening the company’s dominant land position
in this new Canadian diamond district. In addition, ground geophysical
surveys were completed over high priority targets.
Peregrine management is confident that additional kimberlites will be
discovered at Nanuq, as numerous geophysical anomalies have been
identified, many with associated kimberlite indicator mineral trains.
Peregrine is currently planning a 2009 exploration program that will
include heavy mineral sampling, ground geophysics and the drilling of
high priority targets.
Mr. Bruce Counts, P. Geoph., President and CEO of Indicator is a
Qualified Person under NI 43-101 and is responsible for the design and
conduct of the programs carried out by Indicator on the Nanuq North
Mr. Peter Holmes, P. Geo., Peregrine’s Vice President Exploration, is a
Qualified Person under NI-43- 101 and is responsible for the design and
conduct of the Company’s programs on the Nanuq property.
For further information, please contact Brooke Clements, President, Eric
Friedland, CEO, or Peregrine Diamonds Investor Relations, at
604-408-8880 or at email@example.com
Forward-Looking Statements: This document includes
forward-looking statements. Forward-looking statements include, but are
not limited to statements concerning Peregrine