The Conversation (0)
Peregrine Gold Limited (“Peregrine” or the “Company”) (ASX: PGD) is pleased to announce it has executed an agreement, via its wholly owned subsidiary Pilbara Gold Exploration Pty Ltd, with prominent prospector and major shareholder Mark Creasy. The agreement permits the exploitation of precious metals within three Prospecting Licenses (“SPL”) applied for over the Peninsula prospect E52/3850 (Figure 1) (“Agreement”), located within the Company’s Newman Gold Project (Figure 2).
HIGHLIGHTS
- Prominent prospector and major shareholder Mark Creasy applies for several Special Prospecting Licences over Peregrine’s high grade Peninsula Prospect
- Binding agreement executed permitting access to enable the potential extraction of gold material down to 50m vertical depth
- Net proceeds recovered to be split in favour of Peregrine on a 60/40 basis
Figure 1: Map of SPL locations over the Peninsula prospect (E52/3850)
Figure 2: Location of Peninsula prospect within Newman Gold Project
Subject to the grant of the SPL, the Agreement stipulates the exploitation of precious metals can proceed under the following conditions:
- Any expenditures incurred in the process of exploitation are to funded by Mark Creasy and will be deducted from the value of any gold recovered (Net Value);
- The Net Value of any gold recovered (cash or physical form) to be divided 60/40 in favour of Peregrine;
- The SPL cannot be converted to a mining license and may not be advanced beyond 50m vertical depth from surface;
- Commencing from execution, the Agreement has a maximum term of three years and nine months;
- While Mr Creasy is responsible for and managing the SPL, as part of the Agreement, all activities are to be coordinated with Peregrine so that any significant mineralisation identified will be reported to the market in accordance with the Company’s continuous disclosure policy.
Having had a history of demonstrating spectacular shallow gold intercepts (Figures 3-6) (ASX Announcement: 5 August 2022), the Agreement recognises the significant potential of the Peninsula prospect and due to the Agreement being free carried through to gold monetisation, potentially provides the Company a pathway to generating cashflow at a time when the Australian gold price continues to reach all-time highs.
Technical Director of Peregrine Mr. George Merhi commented:
“It’s a pleasure to partner with a supportive shareholder with arguably the best track record for discovery and value creation in Australia on an initiative that will greatly advance our understanding of the geological potential of the Peninsula prospect. We look forward to updating shareholders once the SPL is granted.”
Figure 3: Peninsula Prospect - At surface drill core photo of ‘Hole A’ (ASX Announcement 5 August 2022). To assist with mineralogical and textural studies at the Newman Project, Hole A was not split and assayed for gold (ASX Announcement 12 January 2023)1.
Figure 6: Peninsula Prospect gold vein looking south-east1
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This article includes content from Peregrine Gold Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Drilling Commences at the Kanowna East Gold Project
Key Points
- High impact drilling has commenced at Kanowna East, targeting basement gold systems at the Western Tiger and Little Lake Prospects, only 25kms NE of Kalgoorlie.
- Program designed to test prospective structural settings and alteration zones along the Reidy Fault and newly recognised northeast gravity trends.
- Targeting the potential source of widespread paleochannel gold occurrences identified from historical drilling.
- Strong cash position of ~$3 million ensures a well-funded campaign and supports strategic exploration momentum.
Figure 1: Ragland Drilling RC Drill Rig at AX8’s Little Lake Prospect, Kanowna East Project.
The 2,000m reverse circulation (RC) program is testing structurally controlled, basement- hosted gold targets at the Western Tiger and Little Lake Prospects (Figure 2). These targets have been selected based on structural complexity, geophysical modelling, and geochemical signatures indicative of gold-bearing systems.
Figure 2: Western Tiger & Little Lake geology interpretation with planned RC drill hole locations (green triangles).
At Western Tiger, drilling is focused on the undrilled western margin of a felsic intrusive unit interpreted to have been emplaced along the Reidy Fault. Sericite alteration, arsenic- antimony pathfinder anomalies, and recent structural reinterpretations highlight the area as a priority for potential gold discovery.
At Little Lake, newly processed gravity data has defined northeast-trending features interpreted to intersect northwest fault systems—structural zones commonly associated with gold mineralisation in the Kalgoorlie district. These trends correlate with previously intercepted basement-hosted gold and offer a compelling test of the Company’s exploration model.
“Commencing drilling at Kanowna East marks an important milestone in Accelerate’s gold strategy,” commented Chief Executive Officer Luke Meter. “We’re testing targets with geological signatures consistent with major orogenic gold systems in the Eastern Goldfields and success could substantially enhance the value of our gold portfolio near Kalgoorlie.”
With a strong financial position, Accelerate remains well-funded to execute its exploration strategy across multiple growth-stage gold assets in WA.
The Company looks forward to updating shareholders as drilling progresses and assays become available.
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This article includes content from Accelerate Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
