Peregrine discovers Kimberlite at Chidliak

Peregrine Diamonds Ltd., primarily focused on diamond development and exploration in Canada, has announced discovery of a new kimberlite on the Chidliak property (Chidliak), in Baffin Island, Nunavut, Canada.

While announcing this, Mr. Brooke Clements, President and Mr. Eric Friedland, Chief Executive Officer of Peregrine Diamonds Ltd., said that a kimberlite outcrop was discovered within a circular magnetic anomaly selected from an airborne geophysical survey that commenced on July 17, 2008.

The anomaly has an estimated surface expression of six hectares. The outcrop was discovered in an area with high concentrations of kimberlite indicator minerals (KIMs).
A sample of approximately 200 kilograms collected from the kimberlite outcrop has been shipped to Saskatchewan Research Council Geoanalytical Laboratories for microdiamond recovery by caustic fusion. Results of the analyses are expected in August.

Mr. Peter Holmes, Peregrine’s Vice President, Exploration said, this is a significant discovery in a brand new area; the nearest known kimberlites are approximately 700 kilometres to the east in Greenland. The fact that the discovery was made after only the fourth day of the airborne geophysical survey provides optimism that this is the first of many kimberlite discoveries to be made. We have now proven that there is good tonnage potential in this new district and the encouraging mineral chemistry on the property suggests that some of the kimberlites could be significantly diamondiferous.

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