August 20, 2010
Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) (TSX:PGD) today
reports the completion of the 2010 field programme on its wholly-owned
315,000 hectare Nanuq project (“Nanuq” or “the Project”), located
approximately 300 kilometres north of Rankin Inlet in Nunavut, Canada.
During the programme, 495 kimberlite indicator mineral (“KIM”) samples
were collected and three kimberlite-type geophysical anomalies were
drill-tested. In addition, the Company has completed the 2010 field
programme on its wholly-owned 1.5 million hectare Cumberland project
(“Cumberland”), located northeast of Pangnirtung on Baffin Island,
Nunavut. During the programme, 337 KIM samples were collected.
2010 Exploration Programme
The 2010 exploration programme commenced in mid-May with ground
geophysics. A total of 1,550 line kilometres of ground magnetic and
electromagnetic surveys were conducted over priority geophysical
anomalies that were selected from previously completed airborne surveys.
Kimberlite-type geophysical anomalies were then prioritized for
drilling. Three holes were drilled into three targets, for a total of
492 metres, without intersecting kimberlite. In addition, 495 KIM
samples were collected as a follow-up to KIM anomalies identified from
previous exploration work and to further assess additional geophysical
Upon receipt of results from the KIM sampling programme, geophysical
anomalies will be assessed and prioritized for drilling in 2011. The
core rig used for this year’s programme is being stored at the Nanuq
camp and will be utilized in 2011.
A map showing the location of the known kimberlites and some photos of previous field work can be viewed here
Exploration commenced at Nanuq in 2003 and work from 2003 to 2007
consisted of KIM sampling as well as airborne and ground geophysics.
In 2007, three high-priority magnetic low anomalies were drilled by the
Company resulting in the discovery of three diamond-bearing kimberlites,
Tudlik, Naturalik and Kayuu, with estimated surface areas of one, seven
and five hectares, respectively. The best diamond content recorded was
from Tudlik, where an 89 kilogram sample yielded 112 diamonds larger
than the 0.075 mm sieve size including seven stones larger than the
0.425 mm sieve size. The microdiamond analysis was completed by the
Saskatchewan Research Council Geoanalytical Laboratories. In 2008, 930
line-kilometres of ground geophysical surveys were completed and 1,273
KIM samples were collected in 2009.
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. With late Cretaceous ages
(70-80 million years), the Nanuq bodies are the youngest kimberlites
known in the area. The confirmed presence of large kimberlites with
coarse diamond size distributions provides Peregrine with encouragement
that large, potentially economic kimberlites could be present at Nanuq.
The centre of Cumberland is located east of the community of Pangnirtung
and approximately 200 kilometres north of Peregrine’s Chidliak project,
where the company announced the discovery of 32 kimberlites as of
August 4, 2010 and where the drilling of priority targets is continuing.
The majority of the Cumberland project area is thought to be underlain
by ancient Archean bedrock. Most of the world’s major diamond deposits
are hosted in similar geologic environments.
During July and August, 2010, Peregrine conducted a reconnaissance
sediment sampling programme to evaluate Cumberland’s diamond and metals
potential. A total of 337 KIM samples was collected during the
programme. The results from these samples will determine the nature and
scope of future exploration programmes.
A map showing Cumberland’s location and some photos of 2010 field work can be viewed here
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 exploration programmes carried out by the Company at
Nanuq and Cumberland. Mr. Holmes has reviewed this news release and
approves of its contents.
For further information, please contact Mr. Eric Friedland, CEO, Mr.
Brooke Clements, President, or Mr. Mike Westerlund, Vice President of
Investor Relations at 604-408-8880 or at firstname.lastname@example.org
Forward-Looking Statements: This news