Commodities● Neutral
Peregrine Gold extends Newman strike after high-grade hits
Peregrine Gold's final assays extend the Capricorn gold strike to 4 km, with a new parallel paleo gravel unit returning up to 0.45 g/t gold. Further testing is planned.
Continue with
Peregrine Gold (ASX:PGD) has pushed the known gold-bearing zone at its Capricorn prospect in Western Australia's Pilbara region another 900 metres to the south, after final assays from a 61-sample geochemical programme confirmed the strike at roughly four kilometres.
The company, backed by prospecting legend Mark Creasy, has been sampling paleo gravels at the southernmost special prospecting licence in its Newman gold and iron ore project. The first 36 samples returned high-grade results up to 12.52 grams per tonne (g/t) gold across about 1.7 kilometres of auriferous gravels. Those numbers prompted Peregrine to peg a 202-hectare mining licence application under a Mining Development and Closure Proposal (MDCP).
Now the remaining 25 assays have come back. Lower-tenor gold runs through the full four-kilometre strike, the company said. More interesting is an older, largely untested paleo gravel unit that runs parallel to the main channel. It returned up to 0.45 g/t gold across a zone roughly two kilometres long and up to 150 metres wide.