Peregrine Diamonds (PGD-T) has found four more kimberlite bodies — three of them at surface — on its 9,800 sq km Chidliak property on Baffin Island in Nunavut.
The four new kimberlite discoveries bring the total to six since the start of the summer exploration season on July 3 — two by drilling and four by prospecting and mapping.
Kimberlites CH-7, CH-8 and CH-9 were discovered at surface while prospecting geophysical anomalies and CH-6 was discovered by drilling.
Samples collected from these discoveries will be processed this fall for microdiamonds to determine their diamond potential.
The CH-6 kimberlite is about 12 km northwest of the CH-1 kimberlite. It was found by drilling three holes at the southwestern edge of a geophysical anomaly with an estimated surface expression of one to two hectares.
The drill core suggests that CH-6 has an upper volcaniclastic unit that extends to a depth of about 70 metres, a primary pyroclastic unit that is present below a depth of about 70 metres to at least 250 metres, and a magmatic unit intersected in one drill hole that may represent a peripheral phase. All three lithologies have mantle xenoliths (eclogite, garnet lherzolite and garnet harzburgite) up to 20 centimetres and abundant mantle-derived garnets.
CH-6 is represented by a geophysical anomaly that is a magnetic low whereas the other eight kimberlites currently known at Chidliak are represented by magnetic high anomalies.
Peregrine discovered the CH-7 kimberlite while prospecting a geophysical anomaly with an estimated surface area of 1.4 hectares (defined by airborne geophysics). CH-7 is roughly two km southwest of CH-1. In the centre of the anomaly, the field crew discovered a kimberlite outcrop measuring about 65 metres by 10 metres. The kimberlite is described as being magmatic with abundant olivine macrocrysts, mantle xenoliths and indicator minerals including pyrope garnet, ilmenite and chrome diopside.
The CH-8 kimberlite is about 1.5 km west of CH-7 and was discovered when kimberlite cobbles and boulders were found at the southern edge of a geophysical anomaly with an estimated surface area of one hectare. The surface material is described as weathered magmatic kimberlite.
The CH-9 kimberlite is seven km west of CH-1. The field crew discovered magmatic kimberlite over an area interpreted as outcrop/subcrop measuring about 5 metres by 25 metres. The kimberlite exposure lies just west of a circular magnetic anomaly with an estimated surface area of one hectare.
In addition to the discovery of the four new kimberlites, Peregrine has completed two more drill holes at CH-1 and collected more than 850 indicator mineral samples. Peregrine believes that CH-1 may consist of several pipes and has started to collect a 50 tonne mini-bulk sample of kimberlite from surface exposure at CH-1.
The junior is planning to process a minimum of 200 kilograms of drill core and surface material for microdiamonds by caustic fusion from each kimberlite discovered this summer and expects to receive the first microdiamond results this quarter. The 50 tonne mini-bulk sample from CH-1 is scheduled to be processed early in the fourth quarter.
Peregrine’s 2009 exploration program is fully funded by BHP Billiton (BHP-N). In November last year BHP Billiton exercised its earn-in rights and will spend $22.3 million in exploration to earn a 51% interest in the property.
Peregrine closed at 76¢ per share, a gain of 6¢ or 8.57%. The stock has a 52-week trading range of 17¢-87¢. Peregrine has 81.3 million shares outstanding.
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