Peregrine gold proj WA

Peregrine Gold shines on ‘spectacular’ mineralisation at Peninsula Prospect, WA

Peregrine Gold (ASX:PGD) has identified ‘significant’ visible gold in drill core within a quartz ironstone breccia vein at the Peninsula Prospect, about 30km west of Newman in Western Australia.

The company reports the ‘spectacular’ mineralisation intersected in two shallow vertical holes drilled with a portable hand-held core drill adjacent to the visible surface gold.

The hand-held core drill, able to core 40mm diameter drill core, was utilised to drill two vertical hole adjacent to and beneath the visible gold observed at surface. The two holes (A and B) were drilled about 1.5m apart, along strike and to a depth of approximately 50cm and 23cm respectively.

Recoveries were 95% for Core A and 100% for Core B with Core A drilled on the west side of Core B.

Peregrine’s share price continued to soar throughout the trading day and was 76.19% higher to trade at $0.740 a share as of 1.45pm AWST.

Commenting on the results, Peregrine Technical Director George Merhi stated: “It is very rare for a green field exploration program in WA to encounter mineralisation of this nature sitting undisturbed at surface.

“It is very rare for a green field exploration program in WA to encounter mineralisation of this nature”

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.

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 Peninsula Prospect (E52/3850), part of the Newman Gold Project, identified by stream sediment and soil sampling in 2021 has confirmed the presence of several, possibly stacked north-westerly trending gold in soil anomalies.

The prospect is dominated by skeletal soil and spinifex cover with outcrop predominately limited to creek systems or a dominant quartz-ironstone vein which transect the prospect.

The largest quartz-ironstone breccia vein mapped at the Peninsula prospect is located in the northern portion of the prospect and can be traced over a strike length of about 400m, trends about northwest-southeast, has an approximate true thickness of 4m and has a moderate dip of approximately 50 degrees to the northeast.

Wall rock silicification of a possible fine-grained sediment up to a metre wide on both the hanging and footwall was observe.

Peregrine reports a close inspection of this vein in the main creek at the Peninsula prospect has identified visible gold over an 2m x 3m area on the surface of the vein. A horizontal quartz-ironstone-gold stringer was observed within the hanging wall silicified sediment.

Images: Peregrine Gold Ltd
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Written By Adam Orlando Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.