Peregrine Gold Mobilises to Follow Up on Discovery Holes at Newman Gold Project

Peregrine Gold Ltd (ASX: PGD) is mobilised on site and ready to drill down plunge of the 2023 discovery drill holes at the Tin Can prospect.

Tin Can is located within the Newman Gold Project, in the south west of the prolific Pilbara region of Western Australia.

The tenements are neighbouring Capricorn Metal Ltd’s (ASX: CMM) Karlawinda Gold Project and are along trend of gold bearing anomalies consistent with those at Karlawinda.

Capricorn has forecast production at Karlawinda at 112,000 to 115,000 gold ounces for financial year 2024.

Discovery holes

The 2023 drilling program delivered a greenfield discovery of bedrock hosted gold in this known mineralised region.

Highlights included:

  • 8.08 metres at 5.63 g/t gold from surface;
  • 9.85 metres at 5.43 g/t gold from 3.65 metres; and
  • 9.80 metres at 3.62 g/t gold from 6 metres.

Initial reverse circulation drilling is planned to extend the mineralisation down plunge, followed by drilling along strike across the broader Tin Can gold in soil anomaly.

Expertise

The Newman Gold Project tenement holding was established by a syndicate led by Peregrine founding director George Merhi in 2020.

The district scale tenement package was assembled after noting that “epizonal” quartz textures were observed in the area by previous explorers as far back as the 1980’s.

Epizonal gold systems are known to produce the highest-grade gold deposits currently known, including the exceptional Swan Zone at the Fosterville Gold field.

Since listing, Merhi has used geochemical reconnaissance sampling techniques honed from over 20 years of working with legendary prospector, Mark Creasy.

Peregrine held $2.9 million in cash at the end of March 2024.

 

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