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Mining Explorers 2011: Peregrine Diamonds Ltd.

 

Last updated 11/6/2011 at Noon



PGD: TSX

Chairman & CEO: Eric Friedland

President: Brooke Clements

Vice President, Exploration: Peter Holmes

Since 2007, Peregrine has discovered new Canadian diamond districts, Chidliak and Qilaq on southern Baffin Island, Nunavut, and Nanuq in the eastern Arctic region of Nunavut.

The company also holds a 72 percent interest in the WO Property in Northwest Territories where it has established an independent, NI 43-101-qualified, indicated mineral resource of 18.2 million carats in the DO-27 kimberlite and owns several early stage exploration projects in the Northwest Territories, Nunavut and Manitoba.

In 2011 Peregrine focused on exploring the Chidliak, Qilaq and Cumberland projects on Baffin Island and at the Nanuq and Nanuq North projects in the Eastern Arctic region of Nunavut.

During the quarter that ended June 30, Peregrine reported discovery by drilling of seven new kimberlites, CH-52 to CH-58, on the Chidliak Project, bringing to eight the number of kimberlites discovered on the 8,580-square-kilometer (3,313 square miles) property since April and to 58 total kimberlites discovered at Chidliak since August 2008.

Seven of 35 diamondiferous kimberlites identified, so far, on the property have characteristics consistent with economic diamond mining potential in Arctic settings.

Chidliak, located about 120 kilometers, or 77 miles, northeast of Iqaluit, Nunavut's capital, is a joint venture between Peregrine (49 percent) and BHP Billiton (51 percent).

The March-September 2011 exploration season at Chidliak, budgeted at C$17.7 million in spending, involved up to 13,000 meters of core and reverse circulation drilling, collection of a mini-bulk sample of about five metric tons by core drilling from the CH-31 kimberlite, collection of a 20-metric-ton mini-bulk sample from the surface of the CH-28 kimberlite, completion of a 12,000 line-kilometer heli-borne magnetic-electromagnetic geophysical survey, ground geophysical surveys over anomalies selected from the 2008, 2010 and 2011 airborne geophysical surveys, indicator mineral sampling, prospecting, initiation of preparations for a multi-kimberlite 2012 bulk sampling program, and continuation of environmental baseline studies.

Peregrine was the operator of the 2011 exploration program and its anticipated share of the exploration spending was about C$9.3 million.

At the adjacent 4,370-square-kilometer (1,687 square miles) Qilaq Project, a 3,700 line-kilometer airborne electromagnetic/magnetic survey was completed in June and ground magnetic geophysical surveys were completed in June and July over 10 anomalies selected from the survey.

Also, 122 till samples were collected and several metals prospects were evaluated.

In August, the company reported discovery of Q3, the third kimberlite on the Qilaq project.

The Q3 kimberlite was discovered when a magnetic low anomaly with an estimated surface expression of 2.5 hectares (6.2 acres), as determined by ground geophysics, was tested by the drilling of three angled reverse circulation holes, two of which ended in kimberlite.

Peregrine said it anticipated spending C$1 million on 2011 exploration at Qilaq, in which it has a 100 percent interest, except for a 1-kilometer area that borders Chidliak in which it shares ownership with BHP Billiton.

At the 5,270-square kilometer (2,035 square miles) Cumberland Project about 100 kilometers (62 miles) north of Chidliak on the Cumberland Peninsula of Nunavut, Peregrine planned a C$300,000 program of sampling, mapping and prospecting for 2011.

The junior owns a 100 percent interest in the Cumberland property.

At the 2,360-square-kilometre (911 square miles) Nanuq Project 300 kilometers (186 miles) north-northeast of Rankin Inlet, a summer exploration program of drilling, sampling and ground geophysics was underway in June with anticipated 2011 spending of about C$2.0 million.

At the adjacent 330-square-kilometer (127.4 square miles) Nanuq North Project, a limited drill program was scheduled for 2011 with anticipated exploration expenditures of C$250,000 of which Peregrine's share is C$125,000.

Peregrine also planned to incur about C$500,000 in expenditures on 2011 exploration programs at the Lac de Gras East and West properties in Northwest Territories as a follow-up to geophysical work performed in 2008.

Cash and short-term deposits: C$16.1 million (at June 30, 2011)

Working capital: C$16.4 million (at June 30, 2011)

Market capitalization: C$150.2 million (Aug. 25, 2011)

201-1250 Homer St.

Vancouver, B.C., Canada, V6B 1C6

Tel: 604-408-8880 • Fax: 604-408-8881

http://www.pdiam.com

 

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