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Canadian Peregrine Diamonds (TSX:PGD) announced today it has discovered a third kimberlite during its winter drill program in the Lac de Gras region, Canada, one of the most prolific diamond districts in the world since kimberlite was first discovered there in 1991.
Named LD-3, the new kimberlite is located on a claim that Peregrine Diamonds owns, approximately seven kilometers southwest of Peregrine’s DO-27 kimberlite, which has an 18.2 million carat resource that is open at depth.
LD-3 was discovered when a circular electromagnetic anomaly with a surface expression of approximately one hectare was tested by core drilling. LD-3 is a dark green to black volcaniclastic kimberlite with abundant coarse olivine, garnet and chrome diopside. A fourth target was drilled without intersecting kimberlite, and drilling of a fifth target was not initiated based upon the drilling results from that effort. The drilling program has now concluded.
Only last week, Peregrine confirmed it had discovered its first two kimberlites at Lac de Gras this year, LD-1 and LD-2. Samples from all three kimberlites will be sent to the Saskatchewan Research Council Geoanalytical Laboratories for microdiamond testing by caustic fusion with results anticipated in the third quarter.
The Lac de Gras district is home to the EKATI and Diavik diamond mines.
In addition to 51,000 hectares of claims 100%-owned by Peregrine, the company’s mineral interests in Lac de Gras also consist of 32,200 hectares of claims in joint venture with Thelon Capital Ltd. (66.2% Peregrine, 33.8% Thelon) where the LD-1 discovery was made and the 14,000 hectare WO Joint Venture where the LD-2 discovery was made.
The WO Joint Venture consists of Peregrine 72.0%, Archon Minerals Ltd. 17.5% and DHK Diamonds Inc. 10.5% (DHK Diamonds Inc. consists of Dentonia Resources Ltd. 43.37%, Kettle River Resources Ltd. 43.37% and Cosigo Resources Ltd. 13.26%). Peregrine holds 97.92% of the diamond marketing rights for the WO Joint Venture. The DO-27 kimberlite is located within the WO Joint Venture.
