Peregrine Gold's Promising Discoveries at Tin Can Trend
PEREGRINE GOLD LTD (PGD) Share Update October 2024 Thursday 31st
Peregrine Gold Discovers New High-Grade Gold Zone at Tin Can Trend
Peregrine Gold Limited (ASX: PGD) has announced significant progress in its exploration activities, revealing new high-grade gold zones at the Tin Can Trend.
Instant Summary:
- Phase Two RC drilling completed at Tin Can.
- New high-grade gold zone identified at Tin Can West.
- Kangaroo Prospect discovered 10 km east of Peninsula.
- Ongoing regional reconnaissance sampling on newly acquired tenements.
Exploration Activities Overview
Peregrine Gold Limited has made significant strides in its exploration efforts, particularly at the Newman Gold Project. The completion of Phase Two Reverse Circulation (RC) drilling at the Tin Can site has yielded promising results, with 48 holes drilled over 3,516 meters. The assays revealed substantial gold mineralization, with notable intersects such as 8 meters at 8.33 g/t gold and 8 meters at 6.53 g/t gold.
At the Tin Can West prospect, located just 250 meters from Tin Can, additional drilling has confirmed the presence of high-grade gold, with one hole intersecting 4 meters at 9.0 g/t gold. This discovery points to a potential new gold zone, which remains open for further exploration.
New Discoveries and Prospects
The exploration team has also identified the Kangaroo Prospect, approximately 10 kilometers east of the Peninsula prospect. Initial reconnaissance and soil sampling have returned encouraging results, with gold in soil responses reaching up to 7.7 g/t. This prospect is situated over an antiformal fold structure, indicating further potential for gold mineralization.
Corporate Developments and Future Plans
In addition to these exploration successes, Peregrine Gold has announced a 1 for 4 non-renounceable entitlement issue to raise up to $2.5 million. This capital will support ongoing exploration activities and further drilling at promising sites like Tin Can and Kangaroo Prospect.
The company plans to continue its regional reconnaissance sampling and mapping programs, with upcoming results expected from a comprehensive geophysics study and an Induced Polarisation survey over the Tin Can Trend.
The discovery of high-grade gold zones at the Tin Can Trend is a positive development for Peregrine Gold, potentially increasing the company's valuation and attracting investor interest. The new discoveries could lead to further exploration success and resource expansion, enhancing the company's growth prospects.
Investor Reaction:
Analysts are likely to view these discoveries favorably, as they suggest significant potential for resource expansion. The capital raising initiative also indicates strong confidence in future exploration success.
Conclusion:
Investors should keep an eye on Peregrine Gold's upcoming exploration results and corporate developments. The company's strategic focus on expanding its gold resources could yield substantial returns for shareholders.