Peregrine picks up seven new tenements around Newman gold project
Special Report: Peregrine Gold has acquired seven new high prospective exploration tenements around its Newman gold project in the Pilbara region of WA.
The district-scale Newman tenement package was assembled 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 area.
Epizonal gold systems are known to produce the highest-grade gold deposits currently known, including the exceptional Swan Zone at the Fosterville goldfield.
Peregrine Gold (ASX:PGD) made its first bedrock gold discovery at the Tin Can prospect earlier this year, and with new prospects continually being discovered over the extensive land package, the company is confident the area will develop into Australia’s next great gold camp.
The tenements – E47/4311, E52/3370, E52/3755, E52/2933, E52/3396, E52/3097 and E52/3570 – were acquired from Fortescue (ASX: FMG) subsidiary FMG Pilbara for cash consideration of A$100,000, plus deferred consideration, including the following milestone payments:
“The acquisition of these highly prospective tenements is a valuable addition to Peregrine Gold’s land position at Newman,” PGD technical director George Merhi said.
“Some of these tenements are along trend of our current prospects and within a prospective geological formation.”
Notably, two exploration licences in the agreement, E52/3396 and E52/3097, are immediately south and west of the Peninsula, Birdsnest and Tin Can prospects and will be the focus of initial surface exploration.
“Reconnaissance exploration including steam sediment, soil and rock sampling will commence early in Q1 2024,” Merhi said.
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.