Phase 1 drilling at PGD’s Tin Can confirms shiny gold mineralisation

Phase two drilling at the Tin Can prospect is now complete
48 RC holes were drilled for 3,516m
A second gold shoot structure has been drill tested with significant quartz and iron material reported

Special report: The second phase of RC drilling has been completed at Peregrine Gold’s Tin Can prospect, with an assessment underway to provide a sub-surface image of potentially larger mineralised zones that contain pyrite.

Mark-Creasy backed Peregrine Gold’s (ASX:PGD) is the holder of the Tin Can prospect within the wider Newman gold project, 70km from Capricorn Metals’ (ASX:CMM) Karlawinda gold mining operation.

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.

Although the company is still in the very early stages of exploring the land package, new prospects are continually being discovered and evaluated and PGD believes the area could develop into Australia’s next great gold camp.

48 RC drill holes for 3,516m

A 48-hole Phase 2 reverse circulation drilling campaign for 3,516m was recently carried out with no fresh rock intersected however the logging of drill chips continued to demonstrate the presence of the hanging wall talcose schist unit.

This clay unit is host to the gold mineralisation identified to date.

A total of 955 four metre composite samples including duplicates, standards and blanks have been despatched for assay.

PGD also drilled in the vicinity of a possible second gold shoot structure identified in Phase 1 by drill hole 24KRC-2 which returned 4m at 10.42 g/t gold from 36 to 40m and returned strong quartz veining with occasional small amounts of ferruginous material

Results are expected in the coming weeks.

One metre splits from Phase 1 confirms high-grade gold

Meanwhile, four metre composite drill samples from the first phase of drilling were submitted for gold analysis at one metre intervals with results including 9m at 4.74 g/t gold from 33 to 42m and 6m at 4.28 g/t gold from 19 to 25m.

PGD says the Tin Can prospect has thus far delivered robust grades and widths within the mineralised structures with the focus now to identify within this gold structure areas where the thickness of the shoots expands with additional extensions along strike.

RC drilling planned subject to further results

“This second phase of reverse circulation drilling at the Tin Can prospect has now tested the main gold shoot over 100 metres along strike,” PGD technical director George Merhi says.

“The possible second gold shoot structure has also been drill tested with significant quartz and iron material reported.

“One metre splits from the first round of drilling have confirmed the gold nature of the mineralising structure and increased the width of the gold intersections

“Subject to results, additional reverse circulation drilling is planned.”

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.