Peregrine Exploration update

Peregrine Diamonds just announced that they are starting to spin non-chidliak assets directly into the subsidiary called Peregrine Exploration Ltd.

Here is the official news release -- Asset move

Of particular note is focus on DO-27 kimberlite in the Lac De Gras area.

3 things stand out in this news release:

1:

"The range of diamond values determined for a 2,075 carat parcel from DO-27 in 2007 was US$43 to US$70 per carat, with a base case of US$51 per carat. WWW International Diamond Consultants who performed the DO-27 valuation, advised Peregrine Exploration this month that diamond prices have increased an average of 65 percent since then, with increases ranging from 50 to over 70 percent depending on diamond quality and size, and that current DO-27 prices are expected to be within that range."

With the CDN $ tanking as well, this is very positive news for potential economics at DO-27

 2:

"Approximately 20 tonnes of kimberlite drill core recovered from DO-27 during the 2007 resource development program is stored in Yellowknife and available for processing to assess the diamond grade in certain parts of the kimberlite and further evaluate potential future commercial processing options."

They can spend a few extra dollars to gain even more information on the project.

3:

"In 2015, the Northwest Territories Geoscience Office ("NTGO") is conducting a surficial mapping and kimberlite indicator mineral study in the Lac de Gras region. Approximately 50 small diameter reverse circulation ("RC") holes are scheduled to be completed on Peregrine Exploration mining leases. Results from the NTGO program, expected by year-end, are expected to assist Peregrine Exploration in defining new kimberlite targets on its claim block."

Peregrine Exploration will be getting some free grassroots geology related work done on its current leases.


Peregrine's mgmt team is focused on Chidliak, but having some progress at a very inexpensive cost on another project  is not bad.

Peregrine has had a way of getting work done without there money. BHP spent a significant $$'s on Chidliak, De Beers spent a few million on Chidliak and various geoscience government agencies have some $$'s on Peregrine's properties.