April 16, 2012
Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) (TSX:PGD) is
pleased to report that it has discovered two kimberlites in the Lac de
Gras region, Northwest Territories, Canada. The kimberlites, named LD-1
and LD-2, were discovered when the first two land-based geophysical
targets scheduled for core drilling were drilled earlier this month.
Lac de Gras, home to the EKATI and Diavik diamond mines, is one of the
most prolific diamond districts in the world since kimberlite was first
discovered there in 1991.
The core drill is now being moved to the third of five total targets
between one and two hectares in size that are scheduled to be drilled
before the program is completed in May, subject to weather and the onset
of the spring snow melt.
The LD-1 kimberlite is located approximately 12 kilometres west of the
Diavik Diamond Mine, and 40 kilometres northwest of Peregrine’s
71.9%-owned, nine hectare DO-27 kimberlite, which currently has an 18.2
million carat resource that is open for expansion. LD-1 was discovered
when a magnetic low anomaly with a surface expression of approximately
one hectare was tested by core drilling. A core hole drilled at an
inclination of 50 degrees from horizontal intersected kimberlite from 76
to 168.5 metres. LD-1 is a texturally variable crater-facies
volcaniclastic kimberlite that contains chrome diopside, garnet and
The LD-2 kimberlite is located 2.5 kilometres west of the DO-27
kimberlite. LD-2 was discovered when a magnetic high anomaly with a
surface expression of approximately one hectare was tested by core
drilling. Angle holes were drilled into the kimberlite at inclinations
of 45 and 60 degrees from horizontal from the same setup, intersecting
kimberlite from 14 to 74 metres and from 20 to 110 metres, respectively.
LD-2 is a black, resedimented volcaniclastic kimberlite with about 5%
country rock xenoliths and contains coarse olivine and garnet.
Mr. Eric Friedland, CEO of Peregrine, said “Peregrine’s new discovery of
kimberlites in Lac de Gras, a diamond district that has seen some of
the most intensive diamond exploration in the world over the last 20
years, is especially gratifying and demonstrates again that we have one
of the best diamond exploration teams ever assembled. Peregrine’s team
has also discovered two new diamond districts in Canada since 2007,
Chidliak and Nanuq, both in Nunavut, a remarkable achievement given the
challenges of diamond exploration, especially in Canada’s Arctic. I
anticipate that our team will make additional kimberlite discoveries as
we continue our program at Lac de Gras over the next month and undertake
our 2012 exploration and pre-bulk sample drill programs at our advanced
Chidliak diamond project on Baffin Island.”
Samples from the LD-1 and LD-2 kimberlites will be sent to the
Saskatchewan Research Council Analytical Laboratories for microdiamond
testing by caustic fusion with results anticipated in the third quarter.
Peregrine’s mineral interests in the Lac de Gras district consist of
51,000 hectares of claims 100%-owned by Peregrine, 32,200 hectares of
claims in joint venture with Thelon Capital Ltd. (66.2% Peregrine, 33.8%
Thelon) where the LD-1 discovery was made and the 14,000 hectare WO
Joint Venture (Peregrine 71.9%, Archon Minerals Ltd. 17.5% and DHK
Diamonds Inc. 10.6% (Dentonia Resources Ltd. 43.37%, Kettle River
Resources Ltd 43.37% and Cosigo Resources Ltd 13.26%)) where the LD-2
discovery was made. Peregrine holds 97.92% of the diamond marketing
rights for the WO Joint Venture. The DO-27 kimberlite is located within
the WO Joint Venture.
Mr. Peter Holmes, P. Geo., Peregrine’s Exploration Manager, is a
Qualified Person under NI 43-101 and is responsible for the design and
conduct of the exploration programs carried out by the Company on the
Lac de Gras project. Mr. Holmes has reviewed this release and approves
of its contents.
About Peregrine Diamonds Ltd.
Peregrine Diamonds Ltd. is a diamond exploration and development company
focussed on Canada’s North. Peregrine has discovered two new diamond
districts in Nunavut, Nanuq in 2007 and Chidliak in 2008. At the DO-27
kimberlite in the Northwest Territories, located 27 kilometres from the
Diavik Diamond Mine, a NI 43-101 compliant mineral resource of 18.2
million carats in 19.5 million tonnes of kimberlite at a grade of 0.94