Peregrine Discovers a Third Kimberlite at Lac de Gras

Chidliak ProjectPeregrine Diamonds discovered a third kimberlite during its winter drill program in the Lac de Gras region, Northwest Territories, Canada and named it LD-3. The new kimberlite is located on a claim that Peregrine Diamonds owns, approximately seven kilometers southwest of Peregrine’s DO-27 kimberlite, which has an 18.2 million carat resource that is open at depth.

LD-3 was discovered when a circular electromagnetic anomaly with a surface expression of approximately one hectare was tested by core drilling. LD-3 is a dark green to black volcaniclastic kimberlite with abundant coarse olivine, garnet and chrome diopside. A fourth target was drilled without intersecting kimberlite, and drilling of a fifth target was not initiated based upon the drilling results from that effort. The drilling program has now concluded.

Just this past week, Peregrine confirmed it had discovered its first two kimberlites at Lac de Gras this year, LD-1 and LD-2. Samples from all three kimberlites will be sent to the Saskatchewan Research Council Geoanalytical Laboratories for microdiamond testing by caustic fusion with results anticipated in the third quarter.

Brooke Clements, the president of Peregrine, said, “We drilled four targets and discovered three kimberlites, an excellent success rate for our world-class exploration team. The close proximity of these kimberlites to the Diavik diamond mine and to our DO-27 diamond deposit will be important if they are proven to have economic potential. For the balance of 2012, our exploration team will be focussed on advancing our 100 percent owned Chidliak diamond project on Baffin Island.”

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