How Peregrine Gold’s $3M Raise Fuels Massive Iron and Gold Discoveries

Significant Iron Ore Discovery at Newman

Peregrine Gold Limited has made a notable stride in its exploration efforts with the identification of large-scale, high-grade Channel Iron Deposit (CID) targets at its Coopers and Peninsula prospects within the Newman Gold & Iron Ore Project. The Coopers CID Prospect alone boasts a mapped strike length of 6.4 kilometres with widths up to 200 metres, featuring iron grades averaging around 57% Fe and peaking above 61% Fe. This discovery is particularly significant as it represents a valley-type CID system, distinct from the historically targeted mesa-style deposits in the region, suggesting a previously overlooked iron ore opportunity.

Further geophysical analysis has extended the inferred strike length to approximately 7.7 kilometres, with magnetic survey data supporting the presence of this iron-rich channel. Preliminary specific gravity testing indicates a robust density averaging 3.2, reinforcing the deposit's potential quality. The proximity of these prospects to world-class iron ore operations like BHP’s Western Ridge and Mt Whaleback projects underscores the strategic value of Peregrine’s findings.

Expanding Gold Targets and Follow-Up Drilling

Alongside iron ore, Peregrine continues to advance its gold exploration at the Tin Can and Epithermal prospects. Recent aircore drilling has expanded the gold anomalous footprint at Tin Can to an 850-metre strike length and 240 metres in width, revealing multiple sub-parallel mineralised zones. These zones appear to correlate with magnetic trends, prompting plans for a drone magnetic survey to refine target resolution ahead of potential reverse circulation drilling.

Similarly, at the Epithermal Prospect, aircore drilling has uncovered an expanded gold anomalous zone with assay results pending. A second phase of drilling is underway to better define mineralisation in fresh rock, aiming to clarify the grade and nature of the gold system. These developments highlight Peregrine’s growing confidence in the district’s gold potential, which remains at an early stage of exploration.

Strengthened Financial Position to Support Exploration

To underpin its ambitious exploration agenda, Peregrine successfully completed a $3 million placement during the quarter. Major shareholder Mark Creasy and institutional investor Lion Selection Group acted as cornerstone investors, reflecting strong market confidence. This capital injection, combined with proceeds from the sale of Capricorn Metals shares, has bolstered the company’s cash reserves to approximately $4.3 million at quarter-end.

Exploration expenditure for the quarter was approximately $1.2 million, primarily directed towards advancing the Newman Gold & Iron Ore Project. The company is also progressing heritage surveys at the Mallina Gold Project and preparing for further drilling campaigns across its portfolio, including the Pilgangoora North Lithium and Rocklea projects.

Looking Ahead

Peregrine’s near-term plans include releasing assay results from ongoing drilling at Tin Can and Epithermal, conducting a drone magnetic survey to enhance target definition, and initiating aircore drilling at Mallina. Additionally, the company anticipates commencing reverse circulation drilling at Coopers CID, subject to approvals, and continuing CID target generation across its Newman tenure. The progression of the Special Prospecting Licence application at Peninsula and the promising geophysical anomalies at Birdsnest further enrich the exploration pipeline.

While still in the early stages, Peregrine’s discoveries and strategic capital raise position it well to unlock value from its extensive Western Australian projects. The combination of high-grade iron ore potential and expanding gold targets offers a compelling narrative for investors watching the evolving resource landscape.