Peregrine Gold Completes 7,367m Drilling, Discovers 6.4km Iron Deposit
Peregrine Gold Limited has completed key geophysical surveys and aircore drilling at its Newman Gold Project, revealing promising gold anomalies and a significant Channel Iron Deposit near major iron ore operations. The company also successfully raised over $0.8 million, positioning itself for an active exploration phase ahead.
- Completion of induced polarisation surveys at multiple prospects
- 7,367m aircore drilling completed at Tin Can and Tin Can West
- Discovery of a large Channel Iron Deposit at Coopers CID Prospect
- Shortfall Offer fully subscribed, raising over $0.8 million
- Cash and liquid assets total approximately $2.8 million at quarter end
Exploration Momentum Builds at Newman Gold Project
Peregrine Gold Limited (ASX – PGD) has reported significant progress in its exploration activities across its portfolio, notably at the Newman Gold Project in Western Australia. The company completed extensive induced polarisation (IP) geophysical surveys at the Tin Can, Tin Can West, Birdsnest, and Epithermal prospects, providing valuable subsurface data to refine drill targeting.
The recent 7,367-metre aircore drilling campaign at Tin Can and Tin Can West, comprising 88 holes, was designed to test the full strike extent of gold and arsenic anomalies identified through soil sampling and geophysical work. While assay results are pending, previous drilling at Tin Can West has returned high-grade intercepts, including 4 metres at 9.0 grams per tonne gold, underscoring the prospect’s potential.
New Discovery at Coopers CID Prospect
In a notable development, Peregrine announced the discovery of a substantial Channel Iron Deposit (CID) at the Coopers CID Prospect, located approximately 2 kilometres from BHP’s Western Ridge Project and close to other major iron ore operations. The CID extends over 6.4 kilometres with widths up to 200 metres, presenting a compelling opportunity given its proximity to established infrastructure and mining hubs.
Financial Position and Funding Update
Financially, Peregrine remains well positioned with approximately $2.8 million in cash and liquid investments at the end of the quarter. The company successfully completed a Shortfall Offer, raising over $0.8 million through the issue of new shares, which will support ongoing exploration and development activities. Despite a cash runway of just over one quarter based on current operating cash flows, management has indicated plans to scale exploration, raise further equity, and potentially monetise non-core assets to maintain momentum.
Looking Ahead – Mallina and Beyond
Looking forward, Peregrine plans to commence a 10,000-metre aircore drill program at its Mallina Gold Project, targeting intrusion-hosted and orogenic gold deposits, as well as nickel-copper-PGE analogues. Assay results from the recent Tin Can and Epithermal drilling campaigns are expected in the current quarter, which will be critical in assessing the scale and grade of mineralisation. Additionally, heritage surveys and further mapping at Coopers CID will refine understanding of this new iron discovery.
Overall, Peregrine’s latest quarterly activities underscore a company actively advancing multiple projects with promising geological targets, backed by a solid funding base. The coming months will be pivotal as assay results and further exploration data shape the outlook for these emerging gold and iron prospects.
Bottom Line?
With assay results imminent and a major iron discovery unveiled, Peregrine Gold is poised for a defining phase in its exploration journey.
Questions in the middle?
- Will the upcoming assay results confirm extensions of high-grade gold mineralisation at Tin Can and Epithermal?
- How will Peregrine prioritise development of the newly discovered Coopers CID Prospect amid its gold projects?
- What strategies will the company employ to extend its cash runway beyond one quarter given current expenditure?
