A costean program adjacent to historical rock chip samples reported in 2021 has identified a quartz-ironstone vein with significant visible gold at Peregrine Gold’s (ASX:PGD) Birdsnest prospect. 

The rock chip samples returned gold and silver grades ranging from 11,192ppm gold to 32,584ppm gold and 1,954ppm silver to 12,551ppm silver, respectively.

A total of six costeans were dug on either side of the historical rock chip sample site with two costeans immediately to the east and west of the historical rock samples having exposed significant visible gold in a quartz-ironstone vein.

Peregrine Gold (ASX:PGD) says up to 0.5% gold may be present in the vein exposed.

Two prospects with high-grade gold mineralisation exposed

“The work completed thus far has now identified two prospects, Peninsula and Birdsnest, with high grade gold mineralisation exposed at and close to surface,” PGD technical director George Merhi says.

“High grade gold shoots may be the structural style of mineralisation prevalent within the Newman Gold project – and if so, a more focused approach, such as costeaning over significant gold soil anomalism may help identify these high-grade gold structures prior to very close spaced drilling.”

What’s next?

All in all, a total of 12 rock samples were collected comprising quartz-ironstone-gold, quartz-ironstone, and wall rock.

Rock sampling of the auriferous quartz vein at the Peninsula target was also undertaken. Samples were taken up to 80m along strike and to the west of the quartz vein where visible gold was observed.

Future work programs in the vicinity of the quartz veins with visible gold at the Peninsula and Birdsnest prospects will focus on diamond drilling adjacent to the auriferous veins to extend the gold mineralisation down dip or down plunge.

Additionally, a costean program over significant gold in soil anomalies at both the Peninsula and Birdsnest prospects will be undertaken to identify additional auriferous quartz-ironstone vein prior to drilling.



This article was developed in collaboration with Peregrine Gold (ASX:PGD), 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.