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Pellatt Lake
Pellatt Lake Claim Block – NWT
13 mineral claims, (33,500 acres) optioned to and part of Peregrine’s Pellatt Lake Project, 7 claims were optioned from Dentonia, and 6 from DHK Diamonds Inc. (“DHK”). Ground geophysical surveys began at the Pellatt Lake project on March 2, and drilling commenced on April 1, 2006. Hole PL06-05 intersected three kimberlite horizons, the thickest of which is a multiphase 10-metre band. This hole was drilled approximately 150m west of a known kimberlite (PL01) and micro-diamond analyses on the recovered core are planned. Previous micro-diamond analyses have been conducted on this body confirming that it is diamondiferous; additional testing is warranted due to its complex, multiphase nature. Furthermore, the geophysical structure which hosts this kimberlite can be traced for more than 1 kilometer along strike and is open to the west. Additional work is planned along this structure to be completed in the summer of 2006.
The Pellatt Lake claim block is located approximately 40km to the northeast of the Ekati Diamond Mine and immediately adjacent to DeBeers’ Hardy Lake leases.
Dentonia and DHK’s Pellatt Lake properties are the subject of two option agreements, dated May 23, 2003, between Dentonia and Peregrine; and DHK and Peregrine. Under the terms of these agreements, Peregrine has the option to earn up to 75% interest in these properties by completing a Falcon™ Survey (completed), paying for all additional exploration costs, and arranging financing to bring any discovery into production. Dentonia has a 1/3 equity interest in DHK.
DHK has made an application, under the “Canada Mining Regulation”, to obtain a 21-year lease for the three claims surrounding the PL01 kimberlite, which is pending. The PL01 kimberlite, as reported by Kennecott, produced from a 142kg sample, 57 micro and 6 macro diamonds (>0.5mm). These three claims are subject to 1% royalty in favor of Kennecott.
Diamond Market
The rough diamond market has increased over the last few years and remains stable, so far, in 2006. This trend is expected to continue due to the under supply of mine production and the failure to discovering any substantial new deposits in Canada and elsewhere.
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