Peregrine Discovers 2.01 Carat Gem Quality Diamond in CH-1 Kimberlite at Chidliak, Baffin Island; 2.28 Tonne Sample from CH-1 Returns Diamond Content of 1.56 Carats Per Tonne

November 18, 2008 PDF version
Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) is pleased to report the discovery of a 2.01 carat, gem quality, clear colourless octahedron diamond in a 2.28 tonne sample collected from the CH-1 kimberlite during the 2008 summer field season. The CH-1 kimberlite is located on the 9,800 square kilometre Chidliak property (“Chidliak”), Baffin Island, Nunavut, Canada, 150 kilometres northeast of Iqaluit, capital of Nunavut.

A 2.28 tonne mini-bulk sample collected by hand from the surface of the CH-1 kimberlite yielded 168 diamonds larger than the 0.425 mm sieve size, including 34 commercial-size diamonds larger than the 0.85 mm sieve size weighing a total of 3.55 carats. The diamond content of the 2.28 tonne sample for diamonds larger than the 0.85 mm sieve size is 1.56 carats per tonne (“cpt”). The diamond content of the 2.28 tonne sample for the 16 diamonds larger than the 1.18 mm sieve size weighing 3.25 carats is 1.43 cpt.

The CH-1 kimberlite is estimated at six hectares in size, based on the size of the geophysical anomaly and the distribution of kimberlite material on the surface. Interpretation by Peregrine’s field crew suggests that the CH-1 kimberlite consists of at least three different phases: CH-1A, CH-1B and CH-1C. The 2.28 tonne mini-bulk sample consisted of 1.17 and 1.11 tonne samples collected from the CH-1A and CH-1B phases respectively. The 1.17 tonne sample of CH-1A consists of magmatic kimberlite material collected in a representative manner from an outcrop measuring approximately three metres by five metres. The 1.11 tonne sample of CH-1B consists of magmatic kimberlite boulders and cobbles collected from the surface of CH-1 over an area representing approximately 50 percent of the estimated surface area of the kimberlite. The pyroclastic kimberlite phase, CH-1C, was not present in sufficient quantity on the surface to collect a larger sample.

The following table summarizes the diamond results for the 2.28 tonne sample from CH-1. Diamonds larger than the 0.425 mm sieve size were recovered by caustic fusion at the Saskatchewan Research Council Geoanalytical Laboratories (“SRC”).


SUMMARY OF CH-1 MINI-BULK SAMPLE DIAMOND RESULTS

Sample

Sample
Weight
(kg)

Numbers of Diamonds According to Sieve Size Fraction (mm)

Total
Diamonds

Total
Carats
>0.850
mm

Total
Carats
>1.18 mm

Diamond
Content
(+0.85mm
(cpt)

+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

+4.750

CH-1A

1,174

38

31

9

5

0

1

0

1

85

2.55

2.45

2.17

CH-1B

1,106

37