Peregrine Commences Field Operations at Chidliak

Peregrine Diamonds Ltd. commenced field operations at its 8,580-square-kilometer Chidliak project in Baffin Island, Nunavut, Canada. The 2012 exploration program, with an estimated budget of $10 million, will consist primarily of advanced preparations for the 2013 bulk sampling program and significant exploration this summer to discover more diamondiferous kimberlites.

Chidliak ProjectThis summer, the junior explorer expects to conduct helicopter-portable reverse circulation drill testing of high-priority geophysical targets identified from airborne and ground geophysics. Principally, Peregrine will concentrate in the southern focus area for additional ground geophysical surveys that could yield a sample of indicator minerals, mapping and ground prospecting. So far, prospecting has resulted in discovery of 25 of the 59 kimberlites at Chidliak to date as many kimberlites are exposed at the surface.

Chidliak’s crew is preparing for the overland mobilization of support equipment, including the Morooka MST3000VD, Caterpillar Challenger 875C Tractor and Snow-Cat BR350, from the town of Iqaluit. The equipment will be used to test transportation routes between the kimberlites and aircraft landing areas in preparation for the planned bulk sample collection by reverse circulation drilling next winter. The drill rig is undergoing final modifications by Cooper Drilling Ltd. and will be mobilized to Iqaluit by Sealift this summer.

Peregrine plans to drill up to eight core holes into each of the CH-6 and CH-7 kimberlites this year to acquire more diamonds and to establish pilot holes for the 2013 bulk sample reverse circulation holes, which will help define the overall size and internal geology of the pipes. In addition, core drilling is planned for the CH-1 and CH-44 kimberlites to acquire more diamond content information and to better define the pipes’ overall size and internal geology in preparation for reverse circulation bulk sampling beginning in 2013.

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