🕐23.04.13 - 14:27 Uhr
PEREGRINE COLLECTS 508 TONNE BULK SAMPLE FROM CH-6
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Re: Press Release - Tuesday, April 23, 2013
Peregrine Collects 508 Tonne Bulk Sample From CH-6
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Peregrine Diamonds Ltd.
("Peregrine" or "the Company") (TSX:PGD) is
pleased to report that a bulk sample weighing approximately 508 wet
tonnes has been collected by surface trenching from the CH-6 kimberlite
on the Companys 100 percent-owned Chidliak project ("Chidliak" or "the
Project") located on Baffin Island, 120 kilometres from Iqaluit, the
capital of Nunavut, Canada.
As reported by Peregrine on September 5,
2012, the Project is subject to an option agreement with De Beers
Canada ("De Beers") whereby De Beers has the exclusive right until
December 31, 2013 to enter into an earn-in and joint venture agreement
for Chidliak on a 50.1 percent De Beers / 49.9 percent Peregrine basis.
To date, approximately 325 tonnes of the 508 tonne bulk sample from the
CH-6 kimberlite have been transported to Iqaluit where the sample is
being stored until the summer when it will be transported to Montreal
on the sealift.
The sample is currently scheduled to be processed by
the Saskatchewan Research Council in Saskatoon in the fourth quarter,
followed by independent valuations of the resulting diamond parcel.
Peregrine will not commence processing of the bulk sample until the
earlier of: 1) De Beers delivering to the Company binding notice of
their decision regarding their right to enter into an earn-in and joint
venture agreement for Chidliak or 2) the expiry of this right.
Peregrines objective is to utilize the diamond grade and value
information from the bulk sample and geologic and diamond content
information acquired from core drill programs conducted in 2009, 2010
and 2011 to develop a preliminary revenue model and establish an
initial resource for CH-6.
This work will serve as a foundation for
future independent resource calculations and together with the mining
study being completed by De Beers, enable the completion of a
Preliminary Economic Assessment for CH-6 in the first half of 2014.
The commencement of the CH-6 bulk sampling program, with an approximate
sample size target of 200 tonnes, was announced on January 28, 2013.
Work completed in February and March included the establishment of a
camp near CH-6, mobilization of an excavator, drill and blast equipment
and supplies to site from Iqaluit, and drilling and blasting of the
trench area.
The trench was excavated in early April exposing
kimberlite below approximately four metres of overburden and
approximately 508 wet tonnes of excavated kimberlite material was
placed in securely sealed sample bags, each holding approximately one
tonne.
The sampling was completed on April 13 and the trench site was
reclaimed.
Transportation of the samples from the CH-6 site to Iqaluit
commenced on April 9 using up to four Caterpillar Challenger vehicles
hauling the sample via sleighs.
In addition, a DC-3 aircraft is being
utilized to transport sample material to Iqaluit.
Four additional
Challenger convoy round trips are required to transport all of the
remaining bulk sample material to Iqaluit.
As reported on December 6, 2010, a 14.11 tonne mini-bulk sample
collected from CH-6 returned a grade of 2.84 carats per tonne.
If that
grade is confirmed with further testing, CH-6 would be one of the
highest grade kimberlite pipes in the world.
On April 2, 2012,
Peregrine reported a tonnage estimate for CH-6 that identified 5.7
million tonnes of kimberlite to a depth of 325 meters, with 3.6 million
tonnes considered reasonably defined with good drilling support.
The
tonnage estimate does not constitute a mineral resource and there is no
assurance that a resource will be identified through further
exploration work at CH-6.
Mr.
Alan OConnor, Professional Geologist, Peregrines Chidliak Project
Manager, is a Qualified Person under National Instrument 43-101 and is
responsible for the design and conduct of the programs carried out by
the Company at Chidliak.
Mr.
David Farrow, Professional Geologist and President of Geostrat
Consulting Services Inc., a Qualified Person under National Instrument
43-101, prepared the CH-6 tonnage calculation and has reviewed the CH-6
geological model and diamond size distribution data.
Mr.
OConnor and Mr.
Farrow have reviewed this release and approve of
its contents.
ABOUT PEREGRINE DIAMONDS
Peregrine Diamonds is a diamond exploration and development company
focused on Canadas North.
Peregrine has discovered two new diamond
districts in Nunavut, Nanuq in 2007 and Chidliak in 2008.
At its 72
percent owned, nine hectare DO-27 kimberlite in the Northwest
Territories, located only 27 kilometres from the Diavik Diamond Mine, a
NI 43-101 compliant 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, which is open at depth, was confirmed in 2008.
At its 100
percent-owned Chidliak project, located 120 kilometres from Iqaluit,
the capital of Nunavut, the Company has discovered 61 kimberlites to
date, seven of which exhibit economic diamond mining potential.
Peregrine also continues to evaluate earlier stage diamond exploration
projects it controls in Nunavut and the Northwest Territories and
through comprehensive evaluation of its extensive and proprietary
diamond exploration databases, is working towards discovering new
diamond districts in North America.
For further information on Peregrine Diamonds, please visit
www.pdiam.com or contact Mr.
Eric Friedland, CEO, Mr.
Brooke Clements,
President, Mr.
Tom Peregoodoff, Executive VP, Business Development, 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 exercise of the
option to joint venture by De Beers, the proposed exploration
programme, 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 exercise of the option to joint venture by De Beers,
availability and cost of funds, timing and content of work programmes,
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 risk
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.
Associated File:
http://www.pdiam.com/i/pdf/2013-04-23_NR.pdf
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Copyright (c) 2013 PEREGRINE DIAMONDS LTD.
(PDL) All rights reserved.
For more information visit our website at http://www.pdiam.com/ or send
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