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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.
Munda Gold Mine Starter Pit Underway
Highlights
- Munda Mining Proposal and Mine Closure Plan approved.
- Starter Pit site preparation commenced.
- Munda will be mined by Auric, in its own right, with Auric employees.
- Grade control drilling on a 5m x 5m pattern completed.
- Contracts executed for mining fleet hire, drill and blast and key suppliers.
- Mine camp for 12 people established near Munda.
Management Comment
Managing Director, Mark English, said: “This is a milestone moment for Auric. Our whole team is full of optimism and excited to commence the Munda Gold Mine Starter Pit.
“Munda is our major asset; containing a sizeable gold resource. We will start out conservatively with a target to mine 125,000 tonnes of ore, producing around 6,100 ounces of gold at a projected AISC of A$2,635 per ounce.
“We are right on schedule and have mobilised all the necessary machinery and infrastructure. Earth works have commenced, we will begin mining in a few days.
“The Starter Pit will take us approximately six months to complete.
“The project is another significant step, both in our ambition to become a substantial gold producer in the district, and to develop Munda to its full potential.” said Mr English.
Photo 1: MHM Contracting 40-tonne Moxy dump trucks on site at Munda Gold Mine.
The Munda Starter Pit Mining Proposal and Mine Closure Plan have been approved by the WA Government’s Department of Energy, Mines, Industry Regulation and Safety (DEMIRS).
Survey mark-out of the pit crest, haul road, waste dump, ROM pads and site office has been completed.
Auric has executed a contract to dry hire the mining fleet from MHM Contracting Pty Ltd. The fleet will be operated by Auric employees.
A grade control program over the Starter Pit extents for those holes accessible from surface on a 5m x 5m pattern has also been completed. A total of 428 holes for 14,670m were drilled by Kalgoorlie-based Total Drilling Services. Results have been received allowing the mine geologists to define near surface ore blocks in advance of mining. Further grade control drilling on a 5m x 5m pattern will be undertaken as mining exposes new benches.
The Company will commence mining the Starter Pit this week, where it is estimated 125,000 tonnes of ore will be extracted at an estimated grade of 1.8g/t Au at an AISC of A$2,635 per ounce (Tables 2 and 3). The Starter Pit will take approximately six months to complete.
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This article includes content from Auric Mining, 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.
Independent Estimate Confirms Multibillion Barrel Prospective Resources
Highlights
- New independent estimate confirms multibillion barrel prospective resource across five prospects in Tumbes TEA
- Total Best Estimate (2U) of 3 billion barrels of oil prospective resources1 (100% gross unrisked) across Bonito, Raya, Salmon, Caballa and Tiburon prospects
- The largest prospect, Bonito, has a Best Estimate (2U) of 1 billion barrels of oil prospective resource1 (100% gross unrisked)
- Majority of the resources are contained within Lower Miocene Zorritos Formation, a proven reservoir within the basin
- Resource potential determined by leading international petroleum consultancy Netherland Sewell and Associates (NSAI)
- World class multibillion barrel exploration potential builds on Condor’s substantial discovered gas field at Piedra Redonda (1 Tcf 2C)2
- Farmout process commenced with multiple parties in data room
- Shareholder briefing to be held Thursday 10 April, to detail resource estimate update
The NSAI evaluation confirms multibillion barrel potential, with a combined best estimate gross unrisked 2U prospective resource of 3 billion barrels of oil (2.4 billion barrels net to Condor) across the Bonito, Raya, Salmon, Caballa and Tiburon prospect areas (Table 1).
Figure 1 – Independent estimate of prospective resources across five prospects shown in purple, Raya, Salmon, Bonito, Caballa and Tiburon.
Table 1 – Statistically Aggregated Prospective Resource Estimates (Unrisked) at each of the 5 prospect areas Low (P90), Mid (P50), High (P10).
Prospective resources shown are aggregated by prospect area (Table 1). The geological chance of success (GCoS) has been assessed for the primary target reservoir within each prospect. Each prospect contains multiple stacked reservoir intervals, which may increase the effective chance of success due to multiple opportunities within a single structure.
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This article includes content from Condor Energy, 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.
Optimised Root Lithium Project PEA Highlights Robust Economics
HIGHLIGHTS
- The Root Lithium Project in Ontario, Canada has been evaluated on a standalone basis and considering the recently updated Root Project MRE, revised pit optimisations and mine development options and changed lithium market conditions (previous 2023 PEA results were combined with the Company’s Seymour Lithium Project also in Ontario)
- The study confirms favourable economics across alternative mine development scenarios, including both open pit and underground mining, reinforcing Root as a viable and resilient standalone project
- The selected development option for the Root Lithium Project delivers:
- An increase in NPV to US$668 million
- A reduction in pre-production CAPEX, largely due to lower pre-stripping costs
- Reduction in Total Material Movement (TMM)
- Lower NPV and longer payback period due to more conservative SC5.5 pricing assumptions in early processing years
- Significantly improved LOM strip ratio of 8.1:1, driven by underground development—resulting in lower mining costs that help offset reduced revenues
PROJECT DASHBOARD
- The Root Lithium Project underpins GT1’s vertically integrated development strategy and is expected to provide long-term feed to the Company’s planned Lithium Conversion facility in Thunder Bay
- The immediate focus for the Root project will be advancing permitting and consultation activities in parallel with the Pre-Feasibility Study( PFS)
"The completion of the optimised PEA marks a major milestone for the Root Lithium Project, confirming it as a technically and economically robust standalone operation. With a longer mine life, reduced upfront capital requirements, and strong economics, Root is well-positioned to support GT1’s broader strategy of establishing a vertically integrated lithium supply chain in Ontario. This study reinforces our confidence in Root as a long-term feed source for the Thunder Bay conversion facility and highlights the project’s strategic importance in the North American battery materials landscape.
The economic advantages of executing a project in Ontario are obvious and compelling, driven by outstanding infrastructure, government incentives and proximity to the North American EV supply chain. We remain committed to advancing our Root Lithium Project to realise our overall strategy in Ontario.”
-GT1 Managing Director, Cameron Henry
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This article includes content from Green Technology Metals 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.