🕐20.04.11 - 15:27 Uhr
PEREGRINE DISCOVERS CH-51 KIMBERLITE AT CHIDLIAK
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Press Release - Wednesday, April 20, 2011
Peregrine Discovers CH-51 Kimberlite at Chidliak
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Peregrine Diamonds Ltd.
("Peregrine" or "the Company") (TSX:PGD) is
pleased to report the discovery of the CH-51 kimberlite by core
drilling on the Chidliak project ("Chidliak") on Baffin Island,
Nunavut, Canada.
CH-51 is the first target drilled in 2011 and the
fifty-first kimberlite discovered at Chidliak since 2008.
CH-51 is located approximately 200 metres south of the CH-17
kimberlite, ten kilometres south of the CH-28 kimberlite and 40
kilometres north of the Southern Focus Area.
Currently, CH-28 and six
kimberlites within the Southern Focus Area have characteristics
consistent with economic potential in Arctic settings.
CH-51 was discovered by drilling one vertical core hole from lake ice
into a high-priority magnetic high anomaly.
Kimberlite was intersected
over an interval of 101 metres from a depth of 33 to 134 metres
underneath 25 metres of water and eight metres of overburden.
Mantle
xenoliths, abundant kimberlite indicator minerals and Paleozoic
carbonate rock fragments were observed in the drill core.
From 134 to
171 metres, gneiss with minor kimberlite stringers was intersected and
from 171 to 175 metres a macrocrystic kimberlite dyke was encountered.
The hole was terminated in gneiss at a depth of 188 metres.
Based on
interpretation of the ground geophysical data, CH-51 has an estimated
surface expression of one hectare.
Next Steps
The drilling of a vertical core hole into the CH-17 kimberlite is about
to commence.
CH-17 was discovered in 2010 by core drilling, but
sufficient material for diamond testing was not recovered.
Upon
completion of this hole, the rig is scheduled to drill the CH-28
kimberlite and anomaly 440.
Discovered by prospecting, CH-28 has an
estimated surface expression of two hectares and as announced on
September 23, 2010, a 239 kilogram sample collected at surface yielded
196 carats of commercial-size (+0.85 mm) diamonds.
Anomaly 440 is a
magnetic high located approximately five kilometres northeast of CH-28
with an estimated surface expression of one hectare.
A second core rig is scheduled to commence drilling at Chidliak before
the end of this month.
After testing lake-based magnetic high anomaly
153, which has an estimated surface expression of two hectares and is
located 20 kilometres southeast of the Southern Focus Area, the rig
will be utilized to drill the CH-33 kimberlite and complete a mini-bulk
sampling program on the CH-31 kimberlite.
Based on interpretation of
ground geophysical data, the diamondiferous CH-33 kimberlite has an
estimated surface expression of greater than seven hectares.
Diamond
results for CH-33 were reported on January 13, 2011.
As reported on
October 29, 2010, CH-31 has an estimated surface expression greater
than five hectares and an 840 kilogram sample yielded 1.39 carats of
commercial-size diamonds including a 1.15 carat stone.
Up to seven
core holes will be drilled at CH-31 in an effort to recover
approximately five tonnes of kimberlite.
The reverse circulation ("RC") drill rig that was stored at Chidliak
over the winter is scheduled to commence drilling priority kimberlite
targets in May.
The first target for the RC rig is expected to be
anomaly 551, located 2.5 kilometres northeast of the CH-6 kimberlite.
Anomaly 551 is a subtle magnetic low with a corresponding
electromagnetic signature with an estimated surface expression of seven
hectares.
A map showing CH-51 and photographs of drill core, as well as images of
CH-28 and anomalies 440,153 and 551, are available at
www.pdiam.com/i/pdf/chidliak747.pdf.
Chidliak is a joint venture between Peregrine (49%) and BHP Billiton
(51%).
Mr.
Peter Holmes, P.
Geo., Peregrines Vice President, Exploration, is
a Qualified Person under NI 43-101 and is responsible for the design
and conduct of the programs carried out by the Company at Chidliak.
Mr.
Holmes has reviewed this release and approves of its contents.
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, any changing budget priorities of
BHP Billiton, 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.
Associated File:
http://www.pdiam.com/i/pdf/2011-04-20_NR.pdf
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(PDL) All rights reserved.
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