Click here to close now.

SYS-CON MEDIA Authors: Eva Belanyiova, tru welu, Blue Box Blog, Kevin Jackson, Peter Silva

News Feed Item

Peregrine Provides Chidliak Update and Announces Discovery of Three New Kimberlites

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/09/13 -- Peregrine Diamonds Ltd. ("Peregrine" or "the Company") (TSX:PGD) is pleased to provide an update on activities at its 100 percent-owned Chidliak project ("Chidliak" or "the Project"), located on Baffin Island, 120 kilometres from Iqaluit, the capital of Nunavut, Canada. The Chidliak summer exploration program operated by De Beers Canada Inc. ("De Beers") was completed on August 19. Highlights from this program include the discovery by De Beers of two new kimberlites and the discovery of a kimberlite dyke by government geologists. In addition, possible kimberlite float, which is undergoing final petrographic confirmation by De Beers, was found in numerous other locations. As reported on April 23 and June 5, 2013, Peregrine collected a bulk sample weighing approximately 508 wet tonnes from the CH-6 kimberlite by surface trenching. Approximately 470 wet tonnes of this sample has been transported from Iqaluit to the De Beers dense media separation ("DMS") facility in Sudbury, Ontario. Approximately ten wet tonnes of kimberlite was processed at the Saskatchewan Research Council ("the SRC") in July and the approximately 28 wet tonnes of kimberlite material that remains in Iqaluit will be shipped to Sudbury this month. Processing of approximately 250 wet tonnes of the bulk sample by DMS is scheduled to commence in late September at the De Beers DMS facility. This processing will be performed by De Beers and is expected to yield a heavy mineral concentrate weighing approximately 1.8 dry tonnes. Final diamond recovery from this concentrate will be managed by Peregrine and will be undertaken at the SRC. The final diamond recovery process will be initiated upon De Beers delivering to the Company notice of their decision regarding their right to enter into an earn-in and joint venture agreement for Chidliak.

The De Beers summer exploration program at Chidliak included the evaluation of priority geophysical anomalies by prospecting, orientation geophysical surveys, and bedrock and surficial mapping. During the course of the program, De Beers field teams discovered two new kimberlite occurrences and numerous occurrences of possible kimberlite float requiring additional work before being confirmed. The first confirmed discovery is a kimberlite dyke approximately one metre wide associated with a circular magnetic anomaly with an estimated surface expression from ground magnetics of approximately 0.5 hectares. At the second site, kimberlite float was found associated with a circular geophysical anomaly that has an estimated surface expression from airborne magnetics of approximately 0.5 hectares. Concurrent with the De Beers Chidliak exploration program, the Canada Nunavut Geoscience Office ("CNGO") conducted a bedrock and surficial mapping program over a portion of the Hall Peninsula of Baffin Island. During the course of their fieldwork, the CNGO reported the discovery of a new kimberlite dyke on the Project. In total three new confirmed kimberlites have been discovered in 2013 bringing the total number of kimberlites at Chidliak to 64.

De Beers completed ground geophysical orientation surveys over twelve known kimberlites using the following methods: gravity, electromagnetics, ground penetrating radar and magnetics. The results from these surveys will be used to determine the most effective geophysical technique for discovering additional kimberlites in future exploration programs. To date initial results from the gravity surveys have been reviewed by Peregrine and indicate that most of the known kimberlites that were surveyed have a strong gravity response. Prior to this year, no gravity surveys had been executed on the Project. Peregrine believes that gravity could play a key role in future kimberlite discoveries at Chidliak. A complete summary of the summer exploration program, including confirmation of additional kimberlite discoveries, and results from the other geophysical surveys will be provided after all information from the program has been evaluated by Peregrine.

Approximately 470 wet tonnes of CH-6 bulk sample material is now stored at the De Beers DMS facility in Sudbury, Ontario. De Beers will commence processing approximately 250 wet tonnes of this material in late September, monitored by a Qualified Person designated by Peregrine. Final diamond recovery at the SRC, which will also be monitored by a Qualified Person designated by Peregrine, will commence after De Beers provides Peregrine notice of their decision regarding their right to enter into an earn-in and joint venture agreement for Chidliak. Final results, including independent diamond valuations, are expected early in the second quarter of 2014. Peregrine's objective is to utilize these results, together with geologic and diamond content information acquired from core drill programs in 2009, 2010 and 2011, to develop a preliminary revenue model and establish an intial resource for CH-6. The remainder of the bulk sample will be processed at a later date. The DMS processing and diamond recovery costs for the 250 tonne sample will be credited to De Beers' earn-in should they exercise their option to enter into a joint venture with Peregrine for Chidliak. In the event De Beers elects not to exercise their option, Peregrine is not required to reimburse them for these costs.

In order to optimize the flow sheet for DMS processing of the CH-6 bulk sample, ten wet tonnes of kimberlite material were processed by DMS at the SRC in July. Howard Coopersmith, Peregrine's external Qualified Person for sample processing and diamond recovery stated, "The CH-6 sample material processed very well and we expect no processing problems and optimum diamond liberation". The concentrate that resulted from the processing of this sample is securely stored at the SRC and will be combined with the concentrate that will be produced at the De Beers DMS facility in Sudbury from the initial 250 tonne sample. All the concentrate will undergo final diamond recovery at the SRC which will be monitored by Peregrine.

Mr. Alan O'Connor, Professional Geologist, Peregrine's Chidliak Project Manager, is a Qualified Person under National Instrument 43-101 and is responsible for the design and conduct of the programs carried out by the Company at Chidliak, including the collection of the CH-6 bulk sample. Mr. Howard Coopersmith, an independent consultant to the diamond industry, is Peregrine's external Qualified Person for sample processing and diamond recovery.

Messrs. O'Connor and Coopersmith have reviewed this release and approve of its contents.

ABOUT PEREGRINE DIAMONDS

Peregrine is a diamond exploration and development company focused on Canada's North. The Company has discovered two new diamond districts in Nunavut, Nanuq in 2007 and Chidliak in 2008. At its 100 percent-owned Chidliak project, located 120 kilometres from Iqaluit, the capital of Nunavut, 64 kimberlites have been discovered to date, and Peregrine collected a bulk sample weighing 508 wet tonnes from the CH-6 kimberlite in 2013. A 14.11 tonne sample of drill core acquired from CH-6 in 2010 returned a grade of 2.84 carats per tonne. The Project is subject to an option agreement with De Beers whereby De Beers has the exclusive right until December 31, 2013 to enter into an earn-in and joint venture agreement for Chidliak on a 50.1 percent De Beers / 49.9 percent Peregrine, basis. At its 72 percent-owned, nine hectare DO-27 kimberlite in the Northwest Territories, located 27 kilometres from the Diavik Diamond Mine, a NI 43-101 compliant mineral resource of 18.2 million carats of diamonds in 19.5 million tonnes of kimberlite at a grade of 0.94 carats per tonne, which is open at depth, was confirmed in 2008. Peregrine also continues to evaluate earlier stage diamond exploration projects it controls in Nunavut and the Northwest Territories and through comprehensive evaluation of its extensive and proprietary diamond exploration databases, is working towards discovering new diamond districts in North America. A key asset being utilized in Peregrine's search for a new Canadian diamond district is a proprietary database acquired from BHP Billiton that contains data from approximately 38,000 kimberlite indicator mineral samples covering an area of Canada of approximately three million square kilometres.

Forward-Looking Statements: This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to exercise of the option to joint venture by De Beers, the proposed exploration programme, funding availability, anticipated exploration results, resource estimates and future exploration and operating plans are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, uncertainties relating to the exercise of the option to joint venture by De Beers, availability and cost of funds, timing and content of work programmes, results of exploration activities, interpretation of drilling results and other geological data, world diamond markets, future diamond prices, reliability of mineral property titles, changes to regulations affecting the Company's activities, delays in obtaining or failure to obtain required project approvals, operational and infrastructure risk and other risks involved in the diamond exploration business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Akana, a leading provider of API Management, API Security and Cloud Integration solutions, announced that it is introducing DevOps automation to the API lifecycle. New capabilities in Akana's API Management platform significantly reduce the time required to update API definitions and versions. DevOps teams will be able to work faster in designing and developing APIs, as well as managing them at runtime and publishing them to a portal.
The multi-trillion economic opportunity around the "Internet of Things" (IoT) is emerging as the hottest topic for investors in 2015. As we connect the physical world with information technology, data from actions, processes and the environment can increase sales, improve efficiencies, automate daily activities and minimize risk. In his session at @ThingsExpo, Ed Maguire, Senior Analyst at CLSA Americas, will describe what is new and different about IoT, explore financial, technological and re...
"Cloud consumption is something we envision at Solgenia. That is trying to let the cloud spread to the user as a consumption, as utility computing. We want to allow the people to just pay for what they use, not a subscription model," explained Ermanno Bonifazi, CEO & Founder of Solgenia, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in San...
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
ThingsExpo New York is offering a limited time FREE "Expo Plus" registration option in New York. On site registration price of $1,95 will be set to 'free' for delegates who register during special offer. To take advantage of this opportunity, attendees can use the coupon code, and secure their registration to attend all keynotes, ThingsExpo sessions, expo floor, and SYS-CON.tv power panels. Special FREE registration givess access to all DevOps, Containers and Microservices sessions as well. Regi...
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it!
"For the past 4 years we have been working mainly to export. For the last 3 or 4 years the main market was Russia. In the past year we have been working to expand our footprint in Europe and the United States," explained Andris Gailitis, CEO of DEAC, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
"At Harbinger we do products as well as services. Our services are with helping companies move their products to the cloud operating systems. Some of the challenges we have seen as far as cloud adoption goes are in the cloud security space," noted Shrikant Pattathil, Executive Vice President at Harbinger Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
SYS-CON Events announced today that SUSE, a pioneer in open source software, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SUSE provides reliable, interoperable Linux, cloud infrastructure and storage solutions that give enterprises greater control and flexibility. More than 20 years of engineering excellence, exceptional service and an unrivaled partner ecosystem power the products and support that help ...
"Ulunsoft is a start-up that focuses on how enterprises build cloud-based IT infrastructure for business," explained Haibo Zhu, President of Ulunsoft Corp, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.