March 5, 2007
Vancouver, British Columbia - Monday, March 5, 2007 - Peregrine Diamonds
Ltd. (“Peregrine”) (TSX:PGD) today announced the commencement of its
2007 Canadian diamond exploration program. This program, budgeted at
$4.2 million, is in addition to Peregrine’s bulk sampling activities at
the plus nine hectare DO-27 kimberlite pipe, WO Diamond Project, NT,
Canada (see December 14, 2006 press release) and will focus on three key
areas: Northwest Territories (NT), Nunavut (NU), and Manitoba (MB).
UPDATE ON 2007 DO-27 BULK SAMPLE
Approximately 1,000 tonnes of kimberlite has been extracted as part of
the 2007 bulk sample program currently underway at DO-27. This compares
to 151 tonnes that was extracted from the 2005 bulk sample and 549
tonnes extracted from the 2006 bulk sample. Previous bulk samples have
shown that the most productive months are March and April.
To date, a total of 13 large diameter drill (LDD) holes, ranging from 20
to 28 inches in diameter, have been completed to depths of up to 275
metres. Three LDD rigs are currently drilling on ice in addition to two
core rigs that are drilling delineation, pilot and metallurgical holes.
Further updates on the progress of the 2007 DO-27 bulk sample will be provided on a regular basis.
2007 DIAMOND EXPLORATION PROGRAM
Lac de Gras West Project, NT
WO/Lac de Gras East Project, NT
- Ground-based geophysical surveying began March 2, 2007 and include
the collection of Horizontal Loop EM (HLEM), gravity and magnetic data
over at least 15 grids.
- A drilling program of at least seven drill holes, totalling
approximately 1,000 metres and targeting anomalies identified through
previous work, is scheduled to begin during the 2nd quarter, 2007.
- Additional drill holes may be added to the program, depending on the results of the ground-based geophysical surveys.
Pellatt Lake Project, NT
- Ground-based geophysical surveying, consisting of magnetics, gravity
and HLEM, will begin on these properties once the surveying at Lac de
Gras West is complete.
- 14 high priority targets have been identified for ground-based
geophysical follow-up and at least 10 drill holes, totalling
approximately 1,500 metres, are planned for the 2nd quarter, 2007.
Mackay Lake West Project, NT
- Heavy mineral sampling results have just recently been received and interpretation is in progress.
- Initial results suggest sources other than the one known kimberlite may exist on the Pellatt Lake property.
- Plans are being finalized, in discussion with joint venture
partners, for an aggressive exploration program, the details of which
will be released in the next few weeks.
- Results from the 220 heavy mineral samples collected in 2006 are pending.
- Once these results are received, an exploration program will be
planned to follow-up on any positive data. The follow-up program will
most likely involve additional heavy mineral sampling and ground-based
magnetometer surveys to identify geophysical anomalies for possible
Nanuq Project, NU
Mirage Bay Project, NU
- Ground-based magnetic surveys (25m line spacing) have outlined a
large (~ 5 hectare) magnetic anomaly at the head of a well-defined
mineral train on wholly owned Peregrine ground.
- Additional ground-based geophysical surveying, including HLEM
and gravity, will be conducted over the magnetic anomaly to better
define it prior to drilling.
- Three drill holes, totalling approximately 500 metres, are
initially planned to test this large anomaly during the 3rd quarter,
- Additional drill holes may be added to the program, pending the results of the ground-based geophysical surveys.
Chidliak Project, NU
- Approximately 300 heavy mineral samples will be collected to better
define the indicator mineral train and constrain up-ice indicator
- Approximately 200 heavy mineral samples will be co