Peregrine Diamonds discovers 8 new diamond formations

* Other areas have potential to host kimberlites

* Shares rise as much as 14 pct

July 19 (Reuters) - Canada's Peregrine Diamonds Ltd (PGD.TO) said it discovered eight new diamond formations at its Chidliak exploration property in the northern Canadian territory of Nunavut, sending its shares up as much as 14 percent.

The minerals and precious gems explorer said other areas of Chidliak, with no previous geophysical coverage, have the potential to host kimberlites.

Kimberlites are rock formation where diamonds can be found. Significant amounts of kimberlite have been discovered at six of the new formations -- CH-19, CH-21 and CH-23 through CH-26, the company said in a statement. Shares of Peregrine were up 16 Canadian cents at C$1.85 Monday morning on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Vyas Mohan)