Peregrine Reports Coarse Diamond Size Distributions And Encouraging Diamond Colours In CH-44 And CH-45 Kimberlites At Chidliak

November 21, 2011 PDF version
Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) is pleased to report microdiamond results that confirm coarse diamond size distributions in the CH-44 and CH-45 kimberlites on the 8,580 square kilometre Chidliak project (“Chidliak” or “the Project”), Baffin Island, Nunavut, Canada. A 535.1 kilogram sample collected by core drilling from CH-44 in 2011 yielded 766 diamonds larger than the 0.106 mm sieve size, including 13 commercial-size diamonds larger than the 0.850 mm sieve size which weigh a total of 0.197 carats. A 374.8 kilogram sample of drill core collected from CH-45 in 2011 yielded 170 diamonds larger than the 0.106 mm sieve size, including two commercial-size diamonds weighing 0.268 carats. The diamonds in the CH-44 and CH-45 samples display a favourable colour profile, with 94 and 83 percent, respectively, of diamonds larger than the 0.600 mm sieve size being classified as white/colourless, off-white or yellow. Diamond results for three more kimberlites, CH-6, CH-7 and CH-31 and additional results from CH-59 are expected during the fourth quarter of 2011 and the first quarter of 2012.

Mr. Eric Friedland, CEO, commented on today’s news, “These new results confirm the economic potential of CH-44 and CH-45, located just two kilometres apart in the Southern Focus Area. We are especially encouraged by the colour profile of the diamonds, with 40 percent of the larger CH-44 diamonds and 50 percent of the larger CH-45 diamonds being classified as white/colourless. CH-44 and CH-45 now join CH-6 and CH-7 as part of the upcoming Chidliak bulk sampling program scheduled to commence in February, 2012. The objectives of the bulk sampling program will be to establish diamond grades and initial diamond valuations for key kimberlites, an important step in confirming economic viability of what could become Baffin Island’s first diamond mine.”

The following table summarizes caustic fusion diamond results from samples collected from the CH-44 and CH-45 kimberlites in 2010 and 2011. The analyses were performed at the Saskatchewan Research Council Geoanalytical Laboratories (“the SRC”).

DIAMOND RESULTS FROM THE CH-44 AND CH-45 KIMBERLITES

Kimberlite Sample
Weight (kg)
Numbers of Diamonds According to Sieve Size Fraction (mm) Total Diamonds Carats
(+0.850
mm size)
+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
-2.360
+2.36
-3.350
CH-44
Core
535.1 310 168 130 81 42 22 10 3 0 0 766 0.197
CH-44*
RC
312.2 431 208 146 72 31 13 6 2 0 1 910 0.450