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Mining Explorers 2014: Peregrine Diamonds Ltd.

 

Last updated 11/2/2014 at Noon



PGD: TSX

Chairman and CEO: Eric Friedland

President: Brooke Clements

Chief Geoscientist: Jennifer Pell

Peregrine Diamonds Ltd. focused its 2014 exploration on readying promising kimberlites at its Chidliak diamond project for bulk sampling in 2015.

Since 2008, more than 67 kimberlites have been found on the 748,000-hectare (1.85 million acres) Chidliak property, eight of which are considered to be potentially economic.

In May, Peregrine announced a maiden NI 43-101-compliant inferred resource of 2.9 million metric tons averaging 2.58 carats per metric tons for 7.47 million carats of diamonds in the top 250 meters of CH-6.

An estimated 2.6 to 3.47 million metric tons is classified as a target for further exploration and the kimberlite is open at depth.

CH-6 lies at the northwestern end of a 12-kilometer-long priority area that hosts seven of the known potentially economic kimberlites.

Tonnage estimates have been completed for CH-7 and CH-44, two of the promising kimberlites in the priority area.

CH-7 is estimated to contain 2.75 and 3.97 million metric tons from surface to a depth of 280 meters and CH-44 is projected to host 1.16 and 2.05 million metric tons from surface to a depth of 230 meters.

Both kimberlites are open at depth.

A C$7 million exploration program slated for 2014 includes some 2,500 meters of core drilling at key kimberlites including CH-6, CH-7 and CH-44.

Results from the core drilling, including microdiamond analyses and geologic models, will be incorporated into the final design of the 2015 bulk sampling program.

In addition to core drilling, a heli-portable reverse circulation rig will grid-drill key kimberlites in order to map overburden in advance of future trenching.

Peregrine hopes that this work and the bulk sample program planned for 2015 will confirm adequate diamond resources to undertake a pre-feasibility study for the first diamond mine on Baffin Island.

While preparing the more advanced kimberlites for bulk sampling, more rudimentary exploration is seeking new economic kimberlites within the priority area.

This work includes ground geophysics over areas with unexplained indicator minerals and kimberlite float; RC drilling of priority exploration targets; at least 1,500 meters of drilling on high-priority targets; and prospecting.

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.

The company's portfolio also includes: Nanuq and Nanuq North, diamond projects located north of Rankin Inlet in Nunavut; Qilaq, a diamond and metals project on Baffin Island; and Pellat Lake, a diamond exploration property in Northwest Territories.

No exploration activities occurred on those properties in 2013.

The company is always seeking new diamond prospects in North America.

A proprietary database acquired from BHP Billiton that contains data from about 38,000 kimberlite indicator mineral samples covering some 3 million square kilometers (1.16 million square miles) of Canada, is a key tool in this search.

Cash and short-term deposits: C$3.6 million (June 30, 2014)

Working capital: C$1.2 million (June 30, 2014)

Market capitalization: C$31.7 million (Sept. 26, 2014)

201-1250 Homer Street

Vancouver, B. C.

Canada, V6B 1C6

Tel: 604-408-8880

Fax: 604-408-8881

http://www.pdiam.com

 

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