Peregrine Gold finds new high-grade zone at Newman

Peregrine Gold’s latest drilling at the Tin Can prospect at its Newman gold project in WA has found a new high-grade gold zone.

PGD is planning to complete deeper drilling at the Newman gold project. Pic: via Getty Images

• Peregrine spots a new gold zone 250m west from the Tin Can prospect

• Tin Can was the company’s first bedrock hosted gold discovery at the Newman project in WA

• Deeper drilling will target mineralisation in fresh rock

 

Special Report: Peregrine Gold says the second phase of Reverse Circulation (RC) drilling at the Tin Can prospect at its Newman gold project in WA has found a new high-grade gold zone 250m to the west.

Following an initial drilling program in 2022 at several prospects, PGD made its first bedrock gold discovery at the Tin Can prospect in 2023 with close-spaced diamond drilling assisting in resolving the structurally complex but very rich gold mineralisation.

High-grade gold mineralisation continues to be delineated down dip at Tin Can with results including 8m at 8.33g/t gold and 8m at 6.53g/t gold.

This new gold zone, dubbed ‘Tin Can West’ is just 250m west of Tin Can, and the initial discovery hole returned 4m at 9.0g/t gold – providing further confidence to the prospectivity of the Tin Can gold trend, the company said.

Much of the Tin Can trend is yet to be tested with soil sampling and this limited drilling has realised significant success in RC drilling and has generated numerous follow-up targets and new targets to test.

Deeper drilling on the cards

The Tin Can trend is extremely weathered at surface, and drilling to date has reached a maximum drill depth of only 102m and has yet to intersect fresh rock, however, this sub-surface depletion in the weathered environment is common in Australian Archaean gold deposits like the Kanowna Belle Mine in the Eastern Goldfields.

On this basis, the company believes that once drilling reaches fresh rock, a better understanding of the gold structure can be determined.

"Phase Two RC drilling successfully identified the new Tin Can West zone located 250 metres to the west along the same trend and showing geological continuity with Tin Can,” Peregrine Gold (ASX:PGD) technical director George Merhi said.

“To have such a high-grade initial success after only five holes is very pleasing and a credit to the exploration team.

“This discovery requires follow-up drilling and boosts the prospectivity of the entire Tin Can trend.

“At Tin Can, additional high-grade results have extended the mineralisation at depth.

“Despite challenges such as weathering and possible sub-surface depletion, drilling continues to improve our understanding of the gold mineralisation.

“We are eager to drill deeper and target mineralisation in fresh rock which will be the focus of our next drilling phase."

This article was developed in collaboration with Peregrine Gold, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.