Peregrine Diamonds to start drilling Moralane
2015-10-22 08:01 ET - News Release
Mr. Tom Peregoodoff reports
PEREGRINE TO COMMENCE DRILLING KIMBERLITE TARGETS IN BOTSWANA
Peregrine Diamonds Ltd. has commenced mobilization of a rotary-air-blast drill rig, and drilling is expected to begin on Oct. 23 on the first of four kimberlite targets at its 100-per-cent-owned Moralane licence in east-central Botswana. The company is also providing an update on exploration activities for three other project areas in Botswana.
Target drill testing at Moralane
The Moralane licence covers 664 square kilometres and hosts a compelling kimberlite-indicator-mineral anomaly that is underlain by recently identified isolated magnetic anomalies. Historic drilling in the area has failed to identify the source of the KIM anomaly. Magnetic data from 11 ground geophysical surveys completed by Peregrine during September, 2015, have been interpreted and modelled. The recent magnetic survey has identified four new, high-priority targets, which will be tested with a 16.5-centimetre RAB drill:
- Target 15-10S measures 540 metres by 200 metres with a modelled target depth of 60 metres by 80 metres.
- Target 15-10N measures 535 metres by 360 metres with a modelled target depth of 120 metres by 130 metres.
- Target 15-07 is 38 hectares with a modelled target depth of 100 metres.
- Target 15-11 is 500 metres in diameter with a modelled target depth of 120 metres by 130 metres.
The Kalahari overburden in the vicinity of the Moralane drill targets is known from prior drilling to vary from 10 metres to 25 metres in depth and is underlain by up to 240 metres of Late Triassic to Early Jurassic Upper Karoo sediments. The Moralane kimberlite drill targets are modelled to intrude these Karoo sediments, and this setting could accommodate causative magnetic sources with ages consistent with the Late Triassic Jwaneng kimberlites.
A total of 570 metres in four vertical holes will be drilled in this first phase. Drilling is expected to be completed in early November.
Dr. Herman Grutter, vice-president, technical services, said: "The Moralane area hosts some of the most compelling and unexplained indicator mineral chemistry in Botswana. These indicator minerals are compositionally unique within the Botswana context and cannot be explained by any of the known kimberlite clusters in the region. The diamond potential as shown by this chemistry is similar to KIM chemistry from such well-known diamond mines as Finsch (over 130 million carats produced to date) and Jwaneng (currently produces 11 million carats per year). We are looking forward to resolving the source of these KIMs through this focussed drill program."
Target generation at Malolwane, Gope and Nata
In addition to the drilling at Moralane, the company is generating additional targets as outlined in a news release dated July 14, 2015.
At Malolwane, Peregrine holds one licence covering 251 square kilometres in a region with little or no Kalahari cover. Two hundred and eighty-four kimberlite indicator mineral samples have been collected on a nominal 400-metre-spaced grid across an area where previous operators reported erratic above-background KIM counts. Approximately half of the samples have been processed to a clean concentrate, and KIM recovery and sorting will commence shortly. Results from this program will be used to identify and prioritize drill targets in the Malolwane area.
At Gope, Peregrine holds two licences covering 1,001 square kilometres, located 15 kilometres north and six kilometres west, respectively, of the Ghaghoo diamond mine in the Gope kimberlite field, currently being developed by Gem Diamonds. Peregrine has recently completed detailed reinterpretation of 2004-era high-resolution airborne magnetic data covering the entire Gope project area. Twenty geophysical anomalies were identified, with five selected for continued modelling as potential drill targets with diameters of 340 metres to 500 metres at depths ranging from 70 metres to 120 metres. Surficial KIM sampling across these five targets and five additional targets is scheduled for late October, 2015. Drill testing of KIM-positive priority targets is planned for 2016.
At Nata, Peregrine holds four licences covering 3,830 square kilometres. Regional airborne geophysics highlighted a number of areas that warrant follow-up exploration. Ground checking and KIM soil sampling of select airborne magnetic anomalies are scheduled for mid-November, 2015.
We seek Safe Harbor.
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