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Mining Explorers 2013: Peregrine Diamonds Ltd.

 

Last updated 11/3/2013 at Noon



PGD: TSX

Chairman and CEO: Eric Friedland

President: Brooke Clements

Chief Geoscientist: Jennifer Pell

Peregrine Diamonds Ltd. focused in 2013 on its primary diamond exploration project, the Chidliak Project, in southeastern Nunavut. At Chidliak, located 120 kilometers (74 miles) northeast of Nunavut's capital, Iqaluit, Peregrine had an option agreement with DeBeers Canada Inc. whereby De Beers had the exclusive right until Dec. 31, 2013 to enter into an earn-in and joint venture agreement for the project on a 50.1 percent De Beers/49.9 percent Peregrine basis. De Beers was required to invest C$58.5 million in

Chidliak to earn a 50.1 percent interest that includes a minimum work commitment of C$37 million.

As consideration for the option, the major made a C$2.5 million payment in January to Peregrine's former JV partner at Chidliak, BHP Billiton plc.

In April, Peregrine completed a C$3.5 million bulk sampling program at the CH-6 kimberlite, collecting about 508 wet metric tons by surface trenching to provide a foundation for future resource calculations and provide data for by a mining study by De Beers.

In early July De Beers commenced an exploration program at Chidliak budgeted at about C$2.0 million and including evaluation of 205 priority geophysical anomalies with prospecting, orientation geophysical surveys and bedrock and surficial mapping.

The program, completed Aug. 19, resulted in the discovery by De Beers of two new kimberlites and indications that kimberlites at Chidliak may have a strong gravity response.

In addition, possible kimberlite float, which is undergoing final petrographic confirmation by De Beers, was found in numerous other locations.

The Canada Nunavut Geoscience Office, concurrently conducting a bedrock and surficial mapping program over a portion of the Hall Peninsula of Baffin Island, also reported discovery of a kimberlite dyke at Chidliak.

The discoveries bring to 64 the number of known kimberlites at Chidliak.

Peregrine also holds a 72.11 percent interest in the WO Property located in the Lac de Gras region of Northwest Territories which hosts the DO-27 kimberlite pipe that has an indicated mineral resource of 18.2 million carats of diamonds and other mineral exploration properties including a diamond and metals exploration project on Baffin Island known as the Qilaq, the Nanuq and Nanuq North diamond projects located north of Rankin Inlet in Nunavut, and additional diamond exploration properties in Northwest Territories.

No exploration activities occurred on those properties in 2013.

Cash and short-term deposits: C$10.3 million (at Sept. 11, 2013)

Working capital: C$6.9 million (at Sept. 11, 2013)

Market capitalization: C$97.4 million (Sept. 27, 2013)

201-1250 Homer Street

Vancouver, BC

Canada, V6B 1C6

Tel: 604-408-8880

Fax: 604-408-8881

http://www.pdiam.com

 

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