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- Peregrine Gold (PGD) strikes “significant” visible gold in drill core at the Peninsula prospect within the Newman gold project in Western Australia
- The company identified the gold within a quartz-ironstone breccia vein after using a hand-held core drill to create two vertical holes beneath visible gold observed at surface
- Peregrine says it’s very rare for a greenfield exploration program in WA to encounter mineralisation of this nature, especially sitting undisturbed at surface
- The company is now planning a new reverse circulation drilling program to kick off on August 15, focussing on the Birdsnest, Tin Can and the Peninsula prospects
- Peregrine Gold shares nearly doubled by 12:36 pm AEST, up 97.62 per cent and trading at 83 cents
Peregrine Gold (PGD) shares have soared on news it has struck “significant” visible gold in drill core at the Peninsula prospect within its Newman gold project in Western Australia.
The company identified the gold within a quartz-ironstone breccia vein after using a hand-held core drill to create two vertical holes beneath visible gold observed at surface.
The two holes were drilled around 1.5 metres apart along strike and to a depth of around 50 centimetres and 23 centimetres, respectively.
Peregrine Technical Director George Merhi said it was very rare for a greenfield exploration program in WA to encounter mineralisation of this nature, especially sitting undisturbed at surface.
“In addition to being a very impressive demonstration of the high-grade potential of this system, it also highlights just how underexplored the area is,” Mr Merhi said.
“Peninsula and the other Newman prospects due to be drilled have been uncovered as a result of systematic exploration over a small portion of our overall project area.
“In 2022, we have expanded this effort and look forward to updating the market on potentially new discoveries in this exciting district.”
The company said it was now planning a new reverse circulation drilling program to kick off on August 15, focussing on the Birdsnest, Tin Can and the Peninsula prospects
Peregrine Gold shares had nearly doubled by 12:36 pm AEST, up 97.62 per cent and trading at 83 cents.
