Three exploration licences acquired to complement existing tenure at the Newman Gold Project
Upfront consideration of A$175,000 in shares
Reconnaissance surface geochemical exploration planning underway.
Limited drilling and historical exploration conducted over ABC / 1234
The Peregrine Gold Newman Gold Project tenement holding was originally 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 had been observed in the area by previous explorers as far back as the 1980’s. Epizonal gold systems are known to host some of the highest-grade gold deposits currently known, including the exceptional Swan Zone at the Fosterville Gold Mine in Victoria.
Following listing in 2021, using geochemical reconnaissance sampling techniques honed from over 20 years of working with legendary WA prospector, Mark Creasy, the Peregrine technical team rapidly discovered multiple outcrops with visible gold with some specimens grading multi % in gold and silver content. The grade and spectacular gold content vindicating the original rationale for exploring in this traditional iron ore area. Studies are ongoing into resolving the nature of gold mineralisation, with the CSIRO in WA confirming the gold in specimens is predominantly primary in nature.
Following on an initial drilling programme in 2022 at a number of prospects including Peninsula, Birdsnest and Epithermal, the Company made its first bedrock gold discovery at the Tin Can Prospect in 2023. Initial close spaced diamond drilling followed by both RC and Aircore drilling are assisting in resolving the structurally complex but very rich gold mineralisation at Tin Can and Tin Can West.
The Company is still at the very early stages of gold exploration in this area with new prospects continually being discovered and evaluated over the extensive Newman land package and it is confident the area will develop into Australia’s next great gold camp.
The Newman Gold Project is adjacent to the regionally substantial Ninjilgardy Fault which is a major crustal boundary. A number of significant gold deposits occur adjacent to the Ninjilgardy Fault, namely Black Cat Syndicate’s Paulsens Gold Operations (>1 moz Au), Kalamazoo Resources Ashburton Project Mt Olympus (1.44 moz Au) and Capricorn Resources Karlawinda Project (>2.1 moz Au).
The diamond drill rig was mobilised to the Peninsula Prospect area in April 2023 to follow-up on the spectacular visible gold encountered in handheld core drilling (ASX: PGD 5 August 2022 and 12 January 2023) and to infill areas drilled in a reverse circulation (“RC”) drilling campaign at the Peninsula, Birdsnest and Tin Can prospects (ASX: PGD 13 December 2022). As of 21 May 2023, 53 diamond holes have been drilled for a total of 380.80 metres. The drilling at the Peninsula Prospect is now complete with visible gold mineralisation reported (ASX: PGD 17 May 2023).
The programme will now shift focus to the ultra-high-grade gold and silver quartz-ironstone veins at Birdsnest identified with trenching (ASX: PGD 15 December 2022) before finally testing the Tin Can Prospect to conclude the maiden diamond drill campaign at the Project. The diamond drill programme is planned to run for approximately four weeks. Technical Director George Merhi states:
“We have been impressed with the close spaced diamond drilling programme so far. Testing of the auriferous quartz veins at the Newman Gold Project and particularly at the Peninsula Prospect is a key step in developing the understanding of the geological model for the area. The modern exploration techniques we are utilising will give us valuable information to better define the strike and dip extent of the gold mineralisation.”
Spectacular visible gold was encountered in handheld core drilling at the Peninsula Prospect area (ASX:PGD 5 August 2022 and 12 January 2023). This lead to the Company striking a deal with prominent prospector and major shareholder Mark Creasy (ASX:PGD 26 March 2025). The agreement permits the exploitation of precious metals within three Special Prospecting Licenses (“SPL’s”) applied for over the Peninsula prospect. Subject to the grant of the SPL’s, the Agreement stipulates the exploitation of precious metals can proceed with any expenditures to be funded by Mark Creasy with the Net Value of any gold recovered (cash or physical form) to be divided 60/40 in favour of Peregrine.
During ongoing gold exploration stream sampling work on the Company’s 100% owned tenement E52/3850, a significant width of exposed CID outcrop was discovered. Over a number of subsequent reconnaissance programs, Peregrine geologists mapped the CID over a total of 6.4km of strike length with widths of up to 200m observed in what has now become known as the Coopers CID Prospect. Subsequent work on neighbouring licences has highlighted another CID Prospect at Carneys.
The CID itself is a pisolitic iron rich rock comprising haematitic and goethetic minerals and containing fossilised wood fragments and massive textures with no obvious/limited bedding or stratification. There is a second very ferruginous unit – named “Cfeb” that is marginal to the CID unit. This marginal unit is part of an apparent halo zone to the core that indicates there has been a degree of preservation of the complete system. Sample data from the CID has shown the material is of a consistently high grade – peaking over 61% Fe – with all CID samples taken averaging ~57% Fe. Additionally, levels of deleterious elements are low and considered within the parameters for high quality iron ore deposits.
Significantly, both discoveries have been made close by to (Coopers just 2km and Carneys 5km) from the world class BHP (ASX: BHP) Western Ridge Project, 13km from Mt Whaleback and 18km from the town of Newman. They are proximal to established infrastructure and other major iron ore operations which potentially could provide infrastructure for a new high grade CID discovery
