Canada-based Peregrine Diamonds launched a $1.5 million diamond exploration program in the Northwest Territories, according to a press release issued by the company.
The exploration is due to focus on the Lac de Gras region, which lies approximately 300 kilometers northeast of Yellowknife. It is considered one of the richest sources of diamonds in the world, as it hosts the Diavik and EKATI diamonds mines.
The company is zeroing on eight high-priority kimberlite targets that take up between one and two hectares. Drilling is expected to begin in early March and last until May.
Peregrine owns a considerable share of claims in the Lac de Gras area. It owns all claims to an area of 51,000 hectares and it shares claims with Thelon Capital over 36,400 hectares.