October 22, 2015
Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) (TSX:PGD) is
pleased to announce that mobilization of a rotary air-blast (RAB) drill
rig has commenced and drilling is expected to begin on October 23 on the
first of four kimberlite targets at its 100% owned Moralane license in
east-central Botswana, and to provide an update on exploration
activities for three other project areas in Botswana.
Target Drill Testing at Moralane
The Moralane license covers 664 km2
and hosts a compelling
kimberlite indicator mineral (“KIM”) anomaly that is underlain by
recently identified isolated magnetic anomalies. Historic drilling in
the area has failed to identify the source of the KIM anomaly. Magnetic
data from eleven ground geophysical surveys completed by Peregrine
during September 2015 have been interpreted and modelled. The recent
magnetic survey has identified four new, high priority targets which
will be tested with a 16.5 centimetre RAB drill:
- Target 15-10S measures 540 x 200 metres with a modelled target depth of 60-80 metres.
- Target 15-10N measures 535 x 360 metres with a modelled target depth of 120-130 metres.
- Target 15-07 is 38 hectares with a modelled target depth of 100 metres.
- Target 15-11 is 500 metres in diameter with a modelled target depth of 120-130 metres.
The Kalahari overburden in the vicinity of the Moralane drill
targets is known from prior drilling to vary from 10 to 25 metres depth,
and is underlain by up to 240 metres of Late Triassic to Early Jurassic
Upper Karoo sediments. The Moralane kimberlite drill targets are
modelled to intrude these Karoo sediments and this setting could
accommodate causative magnetic sources with ages consistent with the
Late Triassic Jwaneng kimberlites.
A total of 570 metres in four vertical holes will be drilled in this
first phase. Drilling is expected to be completed in early November.
Dr. Herman Grutter, Vice President, Technical Services said, “The
Moralane area hosts some of the most compelling and unexplained
indicator mineral chemistry in Botswana. These indicator minerals are
compositionally unique within the Botswana context and cannot be
explained by any of the known kimberlite clusters in the region. The
diamond potential as shown by this chemistry is similar to KIM chemistry
from such well known diamond mines as Finsch (over 130 million carats
produced to date), and Jwaneng (currently produces 11 million carats
per year). We are looking forward to resolving the source of these KIMs
through this focussed drill program.”
Target Generation at Malolwane, Gope and Nata
In addition to the drilling at Moralane, the Company is generating
additional targets as outlined in a press release dated July 14, 2015.
At Malolwane, Peregrine holds one license covering 251 km2
a region with little or no Kalahari cover. Two hundred and eighty four
kimberlite indicator mineral samples have been collected on a nominal
400 metre spaced grid across an area where previous operators reported
erratic above-background KIM counts. Approximately half of the samples
have been processed to a clean concentrate and KIM recovery and sorting
will commence shortly. Results from this program will be used to
identify and prioritise drill targets in the Malolwane area.
At Gope, Peregrine holds two licences covering 1,001 km2
located 15 kilometres north and six kilometres west respectively, of the
Ghaghoo diamond mine in the Gope kimberlite field, currently being
developed by Gem Diamonds. Peregrine has recently completed detailed
re-interpretation of 2004-era high-resolution airborne magnetic data
covering the entire Gope project area. Twenty geophysical anomalies were
identified with five selected for continued modelling as potential
drill targets with diameters of 340 to 500 m at depths ranging from 70
to 120 metres. Surficial KIM sampling across these five targets and
five additional targets is scheduled for late October 2015. Drill
testing of KIM-positive priority targets is planned for 2016.
At Nata, Peregrine holds four licences covering 3,830 km2
Regional airborne geophysics has highlighted a number