Peregrine Gold has identified a second large-scale, high-grade Channel Iron Deposit near Newman, Western Australia, while expanding its Rocklea Gold Project footprint and maintaining a strong cash position.
- Discovery of Carneys CID Prospect with average 55% iron content
- Expansion of Rocklea Gold Project via low-cost tenement acquisition
- Planning underway for reverse circulation drilling and heritage surveys
- Strong cash balance of approximately $3.2 million at quarter end
- Corporate updates include new Joint Company Secretary appointment
New High-Grade Iron Ore Target Emerges
Peregrine Gold Limited (ASX – PGD) has announced the discovery of a second significant Channel Iron Deposit (CID) target at its Newman Gold & Iron Ore Project in Western Australia. Named the Carneys CID Prospect, this new target lies just 3 kilometres from BHP’s Western Ridge Project, underscoring the region’s rich iron ore potential.
Geological surveys and magnetic imagery reveal that the Carneys CID extends over an inferred 5.7 kilometres, with the northern 1.1 kilometres exposed and sampled. Rock chip assays from this outcropping portion returned impressive iron grades averaging 55%, with some samples hitting as high as 60% Fe. The deposit’s characteristics closely resemble those of the previously identified Coopers CID, suggesting a robust and high-quality iron ore system.
Strategic Expansion of Gold Project Footprint
In addition to the iron ore discovery, Peregrine expanded its footprint at the Rocklea Gold Project through a low-cost acquisition of tenement application E47/4282. Located approximately 65 kilometres northwest of Paraburdoo, this addition enhances the company’s exposure to prospective gold-bearing formations within the Fortescue Group. Peregrine plans to commence orientation stream sediment sampling in the first half of 2026 to further evaluate this ground.
Exploration and Corporate Developments
The company is actively planning reverse circulation drilling programs at both the Carneys and Coopers CID prospects, pending heritage survey approvals and regulatory permits. These drilling campaigns aim to better define the extent and quality of the iron ore mineralisation beneath shallow cover, where magnetic data suggests the channel width could expand up to 400 metres.
Meanwhile, limited exploration continued at the Mallina Gold Project and Pilgangoora North Lithium Project, with logistical and heritage arrangements progressing to enable future drilling activities.
On the corporate front, Peregrine held its Annual General Meeting in November 2025, passing all resolutions. The company also appointed Jack Rosagro as Joint Company Secretary alongside Steven Wood, following the resignation of Curtis Abbott. Rosagro brings extensive governance experience across ASX-listed companies.
Financial Position and Outlook
Despite a net cash outflow from operating activities during the quarter, Peregrine ended December 2025 with a healthy cash balance of approximately $3.2 million, providing a clear runway for multiple exploration programs. The company spent around $700,000 on exploration during the quarter, primarily focused on the Newman project.
Looking ahead, Peregrine’s near-term priorities include advancing drilling at the Newman CIDs, conducting stream sediment sampling at Rocklea, and initiating aircore drilling at Mallina. Assay results from ongoing programs at the Tin Can & Epithermal Project are also awaited.
Bottom Line?
With high-grade iron ore targets emerging and strategic gold project expansions underway, Peregrine Gold is positioning itself for a pivotal exploration phase in 2026.
Questions in the middle?
- How will upcoming drilling results at Carneys CID influence resource estimates and project economics?
- What impact will heritage survey outcomes have on the timing of exploration activities?
- How does Peregrine plan to finance its exploration programs beyond current cash reserves?