Peregrine Discovers Diamonds In Two More Kimberlites At Chidliak, Baffin Island; New Results from CH-1 Kimberlite Supports Coarse Diamond Size Distribution

October 28, 2008 PDF version
Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) is pleased to report the discovery of diamonds in the CH-2 and CH-3 kimberlites, and a new diamond result from the CH-1 kimberlite that exhibits a coarse diamond size distribution. The CH-1, CH-2 and CH-3 kimberlites are located on the 9,800 square kilometre Chidliak property (“Chidliak”), Baffin Island, Nunavut, Canada, 150 kilometres northeast of Iqaluit, capital of Nunavut.

A 356.6 kilogram surface sample from CH-2 yielded 372 diamonds larger than the .075 mm sieve size including three diamonds larger than the 0.600 mm sieve size. A 253.7 kilogram surface sample from CH-3 yielded 189 diamonds larger than the 0.075 mm sieve size. An additional 94.0 kg surface sample collected from the CH-1C unit of the CH-1 kimberlite yielded 184 diamonds larger than the 0.075 sieve size including 15 diamonds larger than the 0.600 mm sieve size.

Highlights of the 2008 Chidliak exploration program completed in September, 2008 include the discovery of three diamondiferous kimberlites, the collection of surface samples from these kimberlites including a two tonne sample from CH-1, the collection of 182 heavy mineral samples and the completion of an 11,700 line kilometre airborne geophysical survey.

The following table summarizes caustic fusion diamond results to date for the CH-1, CH-2 and CH-3 kimberlites. The CH-1A, CH-1B and CH-1C samples were collected from what is interpreted to be three different phases of the CH-1 kimberlite. The analyses were performed at the Saskatchewan Research Council Geoanalytical Laboratories (“SRC”). Results from the additional two tonne sample collected from CH-1 are expected in November, 2008.

SUMMARY OF CHIDLIAK PROPERTY CAUSTIC FUSION DIAMOND RESULTS RECEIVED TO DATE

Sample

Sample Weight (kg)

Numbers of Diamonds According to Sieve Size Fraction (mm)

Total Diamonds

Total Carats >0.850mm

+0.075
-0.106

+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
-2.221

CH-1A(1)

100.0

9

11

9

9

2

2

2

0

0

0

44


CH-1B(1)

94.9