Peregrine Diamonds Ltd. reported that it has discovered two kimberlites in the Lac de Gras region, Northwest Territories, Canada. The kimberlites, named LD-1 and LD-2, were discovered when the first two land-based geophysical targets scheduled for core drilling were drilled earlier this month.
The company’s shares were traded at Toronto Stock Exchange having risen by 7% following the report.
The LD-1 kimberlite is located approximately 12 kilometres west of the Diavik Diamond Mine, and 40 kilometres northwest of Peregrine's 71.9%-owned, nine hectare DO-27 kimberlite, which currently has an 18.2 million carat resource that is open for expansion.
The LD-2 kimberlite is located 2.5 kilometres west of the DO-27 kimberlite. Samples from the LD-1 and LD-2 kimberlites will be sent to the Saskatchewan Research Council Analytical Laboratories for microdiamond testing by caustic fusion with results anticipated in the third quarter.
Mr. Eric Friedland, CEO of Peregrine, said, "Peregrine's new discovery of kimberlites in Lac de Gras, a diamond district that has seen some of the most intensive diamond exploration in the world over the last 20 years, is especially gratifying and demonstrates again that we have one of the best diamond exploration teams ever assembled. Peregrine's team has also discovered two new diamond districts in Canada since 2007, Chidliak and Nanuq, both in Nunavut, a remarkable achievement given the challenges of diamond exploration, especially in Canada's Arctic. I anticipate that our team will make additional kimberlite discoveries as we continue our program at Lac de Gras over the next month and undertake our 2012 exploration and pre-bulk sample drill programs at our advanced Chidliak diamond project on Baffin Island."
Lac de Gras project comprises 51 000 hectares of license area owned by Peregrine.
Olga Patseva, Editor in Chief of the American Bureau, Rough&Polished
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