February 24, 2015
Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) (TSX:PGD) is
pleased to announce the filing of a National Instrument (“NI”) 43-101
technical report titled “2015 Technical Report for the Chidliak Project,
66° 21’ 43” W, 64° 28’ 26” N Baffin Region, Nunavut” and dated
effective January 26, 2015 (the “Technical Report”) for its 582,477
hectare Chidliak project and the adjacent 51,147 hectare Qilaq project,
located approximately 120 kilometres north-east of Iqaluit, the capital
of Nunavut. The Technical Report is an update to a report dated July 7,
2014 and supports an updated 8.57 million carat Inferred Resource at
CH-6 that was announced by news release dated January 26, 2015 and
clarified on January 27, 2015. The Technical Report also summarizes
additional drilling at CH-6, CH-7 and CH-44 completed in 2014 which
resulted in increased tonnage estimates of targets for further
exploration (“TFFE”) for those kimberlite pipes and provides information
on the 2014 exploration program at Chidliak.
Ms. Darrell Farrow of Geostrat Consulting Services Inc., a Professional
Geologist and independent, external Qualified Person and a consultant to
Peregrine, prepared the CH-6 Inferred Resource estimate and reviewed
and verified the CH-6, CH-7 and CH-44 TFFE estimates. Ms. Catherine
Fitzgerald, Peregrine’s Project Geologist, Resource Definition, and Dr.
Jennifer Pell, Peregrine’s Chief Geoscientist, both Professional
Geologists, were responsible for preparing the CH-6, CH-7 and CH-44
geologic models and the tonnage estimates. Dr. Herman Grütter,
Professional Geologist and Peregrine’s Vice President, Technical
Services, is a Qualified Person and is responsible for the design of the
Diamond Resource Development Program at Chidliak. Mr. Alan O’Connor,
Peregrine’s Program Manager, Chidliak Resource Evaluation, is a
Qualified Person and is responsible for the design and conduct of bulk
sampling programs at Chidliak.
Ms. Farrow, Ms. Fitzgerald, Dr. Pell, Dr. Grütter and Mr. O’Connor have reviewed this release and approve of its contents.
ABOUT PEREGRINE DIAMONDS
Peregrine Diamonds is a diamond exploration and development company
focused on Canada’s North. The Company has discovered two new diamond
districts in Nunavut, Nanuq in 2007 and Chidliak in 2008. At its 100
percent-owned, 582,477 hectare Chidliak project, located 120 kilometres
from Iqaluit, the capital of Nunavut, 71 kimberlites have been
discovered to date with eight being potentially economic. An Inferred
Mineral Resource of 8.57 million carats in 3.32 million tonnes of
kimberlite at a grade of 2.58 carats per tonne has been defined for a
portion of the CH-6 kimberlite. In April 2013, a bulk sample weighing
404.2 dry tonnes was collected from CH-6. This sample returned a grade
of 2.58 carats per tonne for diamonds larger than the 1.18 mm sieve
size. An independent diamond valuation of the resulting 1,013 carat
parcel of diamonds returned an average market price of US$213 per carat
and modelled prices that ranged from a minimum of US$162 per carat to a
high of US$236 per carat, with a base model price of US$188 per carat.
As part of the ongoing resource development program, core and small
diameter RC drilling was completed at the CH-6, CH-7 and CH-44
kimberlites in 2014. Preparations are well underway for a 2015 bulk
sampling program focussed on priority kimberlites that is scheduled to
commence in March 2015. The objective of the 2015 program is to
delineate a resource base that would be the subject of a Preliminary
Economic Assessment in 2016.
At the 8,493 hectare Lac de Gras project in the Northwest Territories,
located approximately 23 kilometres from the Diavik Diamond Mine, the
nine hectare 72.1%-owned DO-27 kimberlite hosts an Indicated Mineral
Resource of 18.2 million carats of diamonds in 19.5 million tonnes of
kimberlite at a grade of 0.94 carats per tonne and it is open at depth.
Peregrine Diamonds also continues to evaluate earlier stage exploration
projects it controls in Nunavut and the Northwest Territories.
Through comprehensive evaluation of its extensive and proprietary
diamond exploration databases, Peregrine Diamonds, through its wholly
owned subsidiary Peregrine Exploration, is working towards acquiring and
developing new diamond properties in Canada. A key asset being
utilized in the search for a new Canadian diamond district is a
proprietary database acquired from BHP Billiton that contains data from
approximately 38,000 kimberlite indicator mineral samples covering
approximately three million square kilometres of Canada.
For information on data verification, exploration information and
resource estimation procedures see the technical reports entitled, “2015
Technical Report for the Chidliak Project, 66° 21’ 43” W, 64° 28’ 26” N
Baffin Region, Nunavut” dated February 23, 2015, and “Peregrine
Diamonds Ltd. Lac de Gras Project No