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Press Release - Monday, April 16, 2012
Peregrine Discovers Two Kimberlites At Lac De Gras, Canada
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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.
LD-1 KIMBERLITE
The LD-1 kimberlite is located approximately 12 kilometres west of the
Diavik Diamond Mine, and 40 kilometres northwest of Peregrines
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
coarse olivine.
LD-2 KIMBERLITE
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 "Peregrines 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.
Peregrines 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 Canadas 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.
Peregrines 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., Peregrines 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 Canadas 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 carats per tonne, which is open at depth, was confirmed
in 2008.
At its 100%-owned Chidliak project, located 120 kilometres
from Iqaluit, the capital of Nunavut, the Company has discovered 59
kimberlites to date, and is preparing to collect the first bulk samples
from up to 6 kimberlites that show economic potential, beginning in
2013.
Peregrine also continues to evaluate earlier stage diamond
exploration projects it controls in Nunavut and Northwest Territories.
For further information, please contact Mr.
Eric Friedland, CEO, Mr.
Brooke Clements, President, Mr.
Mike Westerlund, Vice President,
Investor Relations and Corporate Communications or Peregrine Diamonds
Investor Relations, at 604-408-8880 or at .
Forward-Looking Statements: This news release contains forward-looking
statements.
All statements, other than statements of historical fact,
that address activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future
(including, without limitation, statements relating to the proposed
exploration program, funding availability, anticipated exploration
results, resource estimates, and future exploration and operating
plans) are forward-looking statements.
These forward-looking
statements reflect the current expectations or beliefs of the Company
based on information currently available to the Company.
Forward-looking statements are subject to a number of risks and
uncertainties that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking
statements and, even if such actual results are realized or
substantially realized, there can be no assurance that they will have
the expected consequences to, or effects on, the Company.
Factors that
could cause actual results or events to differ materially from current
expectations include, among other things, uncertainties relating to the
availability and cost of funds, timing and content of work programs,
results of exploration activities, interpretation of drilling results
and other geological data, world diamond markets, future diamond
prices, reliability of mineral property titles, changes to regulations
affecting the Companys activities, delays in obtaining or failure to
obtain required project approvals, operational and infrastructure
risks, and other risks involved in the diamond exploration business.
Any forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise.
Although the Company believes
that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such
statements due to their inherent uncertainty.
View news release in PDF format:
http://www.pdiam.com/i/pdf/12-06nr.pdf
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Copyright (c) 2012 PEREGRINE DIAMONDS LTD.
(PDL) All rights reserved.
For more information visit our website at http://www.pdiam.com/ or send
mailto:
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