Peregrine Confirms Coarse Diamond Size Distribution in North and South Lobes of CH-7 Kimberlite At Chidliak

February 22, 2011 PDF version

Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) is pleased to report microdiamond results showing a coarse diamond size distribution from drill core and reverse circulation (“RC”) drill cuttings acquired from the north and south lobes of the CH-7 kimberlite on the 8,580 square kilometre Chidliak project (“Chidliak” or “the Project”) on Baffin Island, Nunavut, Canada. In the summer of 2010, samples were collected from both lobes of CH-7 in an effort to assess diamond distribution throughout the pipe and to test the diamond content at depth in the north lobe below the site where a 47 tonne mini-bulk sample was collected. A sample from the south lobe weighing 569.0 kilograms yielded 1,208 diamonds larger than the 0.106 mm sieve size, including 24 diamonds larger than the 0.850 mm sieve size which weigh a total of 0.386 carats. A 359.5 kilogram sample from the north lobe yielded 681 diamonds larger than the 0.106 mm sieve size, including 17 diamonds larger than the 0.850 mm sieve size which weigh a total of 1.05 carats. The CH-7 pipe is one of seven diamondiferous kimberlites at the Project discovered to date that have economic potential in Arctic settings. Six of these pipes, including CH-7, are located within an area that has an eight kilometre radius, the Southern Focus Area. Additionally, four kimberlites discovered during the 2010 exploration programme, CH-29, 32, 36 and 41, have now been confirmed to be diamondiferous.

Mr. Brooke Clements, President of Peregrine, said “These results from CH-7, together with the carat per tonne diamond grade from the 47 tonne surface mini-bulk sample last year, demonstrate that this kimberlite warrants the collection of a larger bulk sample to acquire a parcel of diamonds for valuation. Future programmes for CH-7 are currently being planned.”

The following table summarizes caustic fusion diamond results from the CH-7 kimberlite. The analyses were performed at the Saskatchewan Research Council Geoanalytical Laboratories (“the SRC”).


SUMMARY OF CAUSTIC FUSION DIAMOND RESULTS FOR A SAMPLE FROM THE CH-7 KIMBERLITE

Sample
Unit

Sample
Weight
(kg)

Numbers of Diamonds According to Sieve Size Fraction (mm)

Total
Diamonds

Carats
(+0.850
mm
size)

+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

+1.700
-2.360

+2.360
-3.350

+3.350
-4.750

VK-1
(core)

184.9

63

39

34

14

19

5

0

1

0

0

0