February 19, 2008
Mr. Brooke Clements, President and Mr. Eric Friedland, Chief Executive
Officer of Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) are
pleased to report that the Company has discovered three separate areas
with high concentrations of kimberlitic indicator minerals (“KIMs”) on
the Chidliak Property (“Chidliak”), Baffin Island, Canada. Chidliak is
situated approximately 150 kilometres northeast of Iqaluit, capital of
Nunavut. The high concentrations of KIMs and their abrasion
characteristics suggest the presence of kimberlites. Many of these
indicator minerals have geochemical compositions that imply their
kimberlite source contains diamonds.
On February 1st, 2008, the Nunavut Mining Recorder approved Peregrine’s
application for 25 new prospecting permits that were peripheral to the
existing Chidliak property, increasing its size from approximately
635,000 to 980,000 hectares.
A map showing the Chidliak property and Peregrine’s complete 2.7 million hectare land position on Baffin Island is available here
Peregrine collected a total of 970 till samples in 2006 and 2007, of
which 286 samples, or 29 percent, contained kimberlitic indicator
minerals. The full suite of KIMs have been recovered from Chidliak,
including p-type pyrope garnet, eclogitic garnet, chrome diopside,
picroilmenite, chromite and forsteritic olivine. Ten percent of the
2,284 p-type pyrope garnets that were analyzed by electron microprobe
are classified as high-chrome, low-calcium G10 garnets. G10 garnets are
commonly associated with diamond mines throughout the world.
An image showing the encouraging garnet mineral chemistry from Chidliak is available here
The three distinct and well-defined KIM anomaly areas on Chidliak are
situated 20 to 30 kilometres apart and are referred to as the Southern
Anomaly, the Northern Anomaly and the Eastern Anomaly.
The largest and most significant anomalous area, the Southern Anomaly,
is approximately 11 by 9 km in size and 37 of the 38 samples collected
within this area were anomalous with KIMs, with most of the samples
being highly anomalous. One sample contained 246 pyrope garnets, 24
eclogitic garnets, 13 chrome diopsides, 89 picroilmenites and 244
olivines. Of these mineral grains, two pyrope garnets, two eclogitic
garnets, ten picroilmenites and six olivines were over 1.00 mm in size.
The 0.25-2.00 mm size fraction from heavy mineral concentrates is
typically recovered from till samples being analyzed for KIMs. Mineral
grains larger than 1.00 mm are not common and are often a strong
indication of a proximal kimberlite source.
The Northern Anomaly is roughly 13 by 2 km in size and all seven samples
collected within this area are anomalous in KIMs. One sample
contained 54 pyrope garnets, 11 eclogitic garnets, 35 picroilmenites, 15
chromites, 20 olivines and three chrome diopsides, of which one grain
was over 1.00 mm in size.
The Eastern Anomaly measures approximately 9 by 4 km in size. All 19
samples collected within this area were anomalous in KIMs and the most
significantly anomalous sample contained 96 pyrope garnets, seven
eclogitic garnets, 11 picroilmenites, one chromite and 397 olivines.
One of the pyrope garnets, three of the ilmenites and three of the
olivines were larger than 1.00 mm in size.
All of the samples collected from Chidliak were sent to Overburden
Drilling Management (“ODM”) in Nepean, Ontario for KIM and metamorphic
or magmatic massive sulfide indicator mineral analyses. ODM is an
internationally recognized laboratory specializing in identifying
kimberlite indicator minerals and indicator minerals associated with
uranium and other metallic ore deposits.
Peregrine is highly encouraged by the identification of these indicator
mineral anomalies and believe they are a strong indication of the
presence of a new kimberlite district with excellent diamond potential
on this part of Baffin Island. Planning is currently underway for the
2008 exploration field program with the primary goal being the discovery
of diamondiferous kimberlite in one or more of the three anomalous
areas this year.
Peregrine plans to establish an exploration camp on Chidliak this June
and a helicopter-borne magnetic/electromagnetic survey with 75 m line
spacing will commence shortly thereafter. The survey will be flown over
the Southern, North