Peregrine Gold has further consolidated its tenure at the Newman gold project. Pic via Getty Images
Peregrine Gold’s new licence acquisitions consolidate its hold over prospective Pilbara ground
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- Peregrine Gold acquires three exploration licences to consolidate Newman gold project tenure
- Company now holds about 1,060km2 of highly prospective ground
- Planning underway for reconnaissance surface geochemical exploration
Special Report: Mark Creasy-backed Peregrine Gold has picked up another three exploration licences to complement its existing tenure at the Newman gold project in WA’s Pilbara region.
It follows the company acquiring seven exploration tenements from Fortescue (ASX: FMG) subsidiary FMG Pilbara in December last year to consolidate its land position.
Peregrine Gold (ASX:PGD) had assembled the original district-scale Newman tenement package after noting that “epizonal” quartz textures were observed in the area by previous explorers as far back as the 1980s in the traditionally iron ore district.
Epizonal gold systems are known to host some of the highest-grade gold deposits, including the exceptional Swan Zone at the Fosterville goldfield in Victoria.
PGD made its first bedrock gold discovery at the Tin Can prospect early last year and continually defined new prospects over the project area.
The prospectivity of the Newman project certainly seems to have piqued the interest of renowned super prospector and investor Mark Creasy, whose private investment arm Yandal Investments moved to increase its stake in PGD from 9.66% to 11.6% just a few weeks ago.
New tenure consolidates Peregrine’s Pilbara footprint
With the addition of the three new exploration licences, which were acquired for an upfront consideration of $175,000 worth of shares from DiscovEx Resources (ASX: DCX), PGD now holds over 1,000km2 of ground in the Pilbara that is prospective for gold.
ELA52/4300 is located immediately east of the Tin Can prospect while E52/3911 is immediately adjacent to the west of E52/3396 and E52/3097, both recently acquired from FMG Pilbara.
ELA52/4299 covers ground along strike to the west from both E52/3396 and E52/3911.
“The acquisition of these three tenements as well as the seven tenements recently acquired from FMG further consolidates Peregrine Gold’s tenure at our Newman gold project which now totals approximately 1,060 square kilometres of highly prospective ground,” PGD technical director George Merhi said.
“The exploration undertaken by Peregrine Gold over the last few years has confirmed that the northern portion of the Sylvania Dome is prospective for high grade gold mineralisation.
“A geological review of past work completed over these three tenements will commence immediately.”
Planning for reconnaissance surface geochemical exploration is currently under way.
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.
