Peregrine’s Newman Project Faces Key Test as New CID Prospect Awaits Drilling

A New High-Grade Iron Prospect Emerges

Peregrine Gold Limited (ASX – PGD) has announced a significant advancement in its Newman Gold and Iron Project with the identification of a second large-scale high-grade Channel Iron Deposit (CID) prospect, named Carneys CID. This discovery follows the earlier announcement of the Coopers CID prospect and adds considerable promise to Peregrine’s exploration portfolio in the Pilbara region.

The Carneys CID prospect features an outcropping strike length of approximately 1.1 kilometres, with an additional inferred 4.6 kilometres of strike concealed beneath shallow cover, as interpreted from magnetic imagery. Surface rock chip sampling has returned impressive iron grades, reaching up to 60% Fe and averaging 55%, accompanied by low levels of deleterious elements, which bodes well for potential economic extraction.

Geological Context and Exploration Insights

Geologists from Peregrine describe the northern part of Carneys CID as the eroded remnants of a mesa-type CID, transitioning southwards into a valley-type CID system. The magnetic signature closely resembles that of the Coopers CID, indicating similar mineralogical characteristics such as pisoliths with haematitic cores and goethitic rims. The channel width inferred from magnetic data expands from about 140 metres in the northern outcrop area to up to 400 metres beneath cover further south, suggesting a potentially more substantial deposit at depth.

While the Peninsula CID target was recently downgraded due to lack of significant mineralisation, the Carneys CID discovery revitalizes Peregrine’s exploration momentum. The proximity of Carneys CID to Coopers CID, just 6 kilometres apart, and to BHP’s Western Ridge Project, approximately 3 kilometres away, places Peregrine’s prospects in a highly prospective iron ore corridor.

Next Steps and Market Implications

Peregrine is moving swiftly to advance Carneys CID, with heritage surveys underway and planning for reverse circulation drilling programs in progress. These steps are critical to validating the inferred extensions and confirming the deposit’s scale and grade continuity. Technical Director George Merhi highlighted the potential for increased scale and improved project economics with the addition of Carneys CID, signaling confidence in the company’s exploration strategy.

As Peregrine prepares to drill test both Carneys and Coopers CID prospects, investors will be watching closely for results that could significantly enhance the company’s resource base and position in the iron ore sector.