Peregrine Discovers Two Kimberlites at Lac de Gras

Peregrine Diamonds Ltd. discovered two kimberlites in the Lac de Gras region, Northwest Territories, Canada, which the company named LD-1 and LD-2. The core drill is now being moved to the third of five total targets between one and two hectares in size that are scheduled to be drilled before the program is completed in May.

Peregrine DiamondsThe LD-1 kimberlite is located approximately 12 kilometers west of the Diavik Diamond Mine, and 40 kilometers northwest of Peregrine’s DO-27 kimberlite, which currently has an 18.2 million carat resource that is open for expansion. LD-1 was discovered when a magnetic low anomaly with a surface expression of approximately one hectare was tested by core drilling. LD-1 is a texturally variable crater-facies volcaniclastic kimberlite that contains chrome diopside, garnet and coarse olivine.

The LD-2 kimberlite is located 2.5 kilometers west of the DO-27 kimberlite and discovered when a magnetic high anomaly with a surface expression of approximately one hectare was tested by core drilling. Angle holes were drilled into the kimberlite at inclinations of 45 and 60 degrees from horizontal from the same setup, intersecting kimberlite from 14 to 74 meters and from 20 to 110 meters, respectively. LD-2 is a black, resedimented volcaniclastic kimberlite with about 5 percent country rock xenoliths and containing coarse olivine and garnet.

Samples from the LD-1 and LD-2 kimberlites will be sent to the Saskatchewan Research Council Analytical Laboratories for microdiamond testing by caustic fusion with results anticipated in the third-quarter of 2012.

Eric Friedland, Peregrine’s chief executive, said, “Peregrine’s new discovery of kimberlites in Lac de Gras, a diamond district that has seen some of the most intensive diamond exploration in the world over the last 20 years, is especially gratifying and demonstrates again that we have one of the best diamond exploration teams ever assembled. Peregrine’s team has also discovered two new diamond districts in Canada since 2007, Chidliak and Nanuq, both in Nunavut, a remarkable achievement given the challenges of diamond exploration, especially in Canada’s Arctic.

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