Chidliak Joint Venture approves $17.7 million exploration program
Peregrine Diamonds Ltd. announced that the Chidliak Joint Venture (Peregrine 49% and BHP Billiton 51%) has approved a $17.7 million 2011 exploration program on the 8,580 square kilometre Chidliak project on Baffin Island, Nunavut, Canada. Since 2008, 50 kimberlites have been discovered on the project, with seven of these having characteristics consistent with economic potential in Arctic settings. Peregrine is the operator of the 2011 program and field work has commenced.
The main work activities approved for 2011 include the following:
- Up to 13,000 metres of core and reverse circulation (“RC”) drilling with the following principle objectives: 1/ Core and/or RC drilling of high-priority geophysical anomalies with large surface footprints that have been selected from airborne geophysical surveys conducted in 2008 and 2010, as well as priority targets that will be developed from the airborne survey that is currently underway. 2/ Core drilling of the known high-interest kimberlite bodies to increase the understanding of their size, geology and diamond content.
- Collection of a mini-bulk sample of approximately five tonnes by core drilling from the CH-31 kimberlite. CH-31 is estimated at over five hectares in size and an 840 kilogram microdiamond sample collected in 2010 returned 1.39 carats of commercial size (+0.85 mm) diamonds.
- Collection of a 20 tonne mini-bulk sample from the surface of the CH-28 kimberlite. CH-28 is estimated at two hectares in size and a 239 kilogram microdiamond sample collected in 2010 returned 0.193 carats of commercial size (+0.85 mm) diamonds.
- Completion of a 12,000 line-kilometre RESOLVE heli-borne magnetic-electromagnetic geophysical survey.
- Ground geophysical surveys over anomalies selected from the 2008, 2010 and 2011 airborne geophysical surveys.
- Indicator mineral sampling, ground geophysics and prospecting; 24 of the 50 currently known kimberlites have been discovered at surface by prospecting.
- Initiation of preparations for a multi-kimberlite 2012 bulk sampling program.
- Continuation of environmental baseline studies.
For the full press release click here
Image by Peregrine Diamonds