Mining Explorers 2009: Peregrine Diamonds Ltd.

 

November 1, 2009



PGD: TSX

Chairman and CEO: Eric Friedland

President: Brooke Clements

Vice President, Exploration VP: Peter Holmes

Since 2002 Peregrine has focused on diamond exploration in northern Canada, acquiring varying interests in Northwest Territories, Nunavut and Manitoba properties.

The junior has reported discoveries of diamond-bearing kimberlites on its 9,800-square-kilometer Chidliak Project located about 120 kilometers, or 77 miles, northeast of Iqaluit on Baffin Island, Nunavut, including 13 kimberlites in 2009, and three diamondiferous kimberlites at the Nanuq property in the eastern Arctic region of Nunavut, where it established a new Canadian diamond district.

Investigating high priority targets at Chidliak and Nanuq was a major focus of Peregrine's exploration in 2009.

In September the junior reported discovery of seven additional kimberlites, five by drilling geophysical anomalies and the other two at surface while prospecting geophysical anomalies.

Between July 3 and Sept. 8, 13 new kimberlites were discovered at Chidliak, seven by drilling and six by prospecting and mapping, bringing to 16 the total number of kimberlites discovered to date on the project.

Peregrine said other notable accomplishments in the 2009 field program include collection of a 50-metric-ton minibulk sample from an outcrop at the CH-1 kimberlite; transportation of the sample to Iqaluit core drilling at CH-1; the discovery of kimberlite float at five locations by prospecting (three of the five float discoveries are associated with compelling geophysical anomalies); collection of 1,273 indicator mineral samples; assessment of 58 geophysical anomalies by prospecting and geochemical sampling; and completion of more than 1,100 line-kilometers of ground geophysical surveys.


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Peregrine also completed an initial environmental baseline study.

The junior is now awaiting results of lab analysis of the sample collected.

Peregrine President Brooke Clements said the rate at which kimberlites are being discovered at Chidliak is encouraging.

"During this summer's field season, in only 68 days, our crew averaged one new kimberlite discovery every five days," he observed.

"In addition, the presence of both kimberlite indicator minerals with diamond inclusion chemistry and untested high-priority kimberlite-type geophysical anomalies both within and well outside of the area where kimberlites were discovered in the 2008 and 2009 programs, indicates that there is excellent potential for the discovery of many more diamondiferous kimberlites at Chidliak." All of the 16 presently known kimberlites and four of the five kimberlite float occurrences that have yet to be definitively linked to a kimberlite source fall within an approximately 30-kilometer (east-west) by 17-kilometer (north-south) rectangular area.


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Peregrine is also following up on an NI 43-101-compliant indicated mineral resource estimate of 18.2 million carats for its DO-27 kimberlite on the WO property in the Northwest Territories. Peregrine has a secondary focus on exploration for metals deposits. In Nunavut, reconnaissance-scale exploration programs conducted on Baffin Island have led to acquisition of prospecting permits covering nearly 3 million hectares, or 7 million acres, in five property areas. Both kimberlite and metals anomalies have been identified on the permits. Metals deposit targets include platinum-palladium, uranium, copper-lead-zinc and gold.

Cash and short-term deposits:

C$5.04 million (at March 31, 2009)

Working capital:

C$3.5 million (at May 12, 2009)

Market capitalization:

C$59.4 million

201-1250 Homer St.

Vancouver, BC

Canada, V6B 1C6

Tel: 604-408-8880

Fax: 604-408-8881

http://www.pdiam.com

 

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