The company discovered 71 kimberlites with eight having potential economic value at the 582,476ha Chidliak project, which is situated 120km northeast of Iqaluit, the capital of Nunavut.
The RC drilling program has ended before drilling at the CH-6 or CH-44 kimberlites because of the less snowfall this winter and the onset of spring weather conditions at Chidliak.
Peregrine said one RC hole proposed for CH-6 was designed to provide further data to permit potential conversion of the current inferred resource to an indicated resource category.
A summer 2015 core drilling program planned for CH-6 is designed to establish an inferred resource for that part of kimberlite occurring shallower than 250m depth, which is considered to be a target for additional exploration.
Peregrine Diamonds president and CEO Tom Peregoodoff said: "The successful collection of the bulk sample from the CH-7 kimberlite will enable Peregrine to determine the grade and diamond value and this information would be used to declare an Inferred Resource for this kimberlite.
"We believe that a PEA based on Inferred Resources at CH-6 and CH-7 will demonstrate that there is potential for Chidliak to be developed into Baffin Island’s first diamond mine."
CH-6 has an inferred resource of 8.57 million carats in 3.32 million tonnes of kimberlite.
The company aims to complete a PEA in 2016 to be based on the inferred resources unveiled for the highest priority kimberlites depending on size and diamond grade, CH-6 and CH-7.
