Peregrine Gold (ASXGD) is preparing to dig up fresh rock samples and run expanded exploration mapping at its Coopers Prospect at the Newman Project after digging up high-grade iron just two kilometres from BHP Group’s (ASX:BHP) Western Ridge Project and 13 kilometres from Mt Whaleback.
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While Peregrine will have to wait for these further tests to come in, the explorer believes the discovery is analogous in scale to CZR Resource’s (ASX:CZR) Robe River – a big deal considering it sold for $75 million just last year.
Also quite notably, this week’s top-shelf discovery is a virgin find: Peregrine is the first explorer to come across this discovery at the Newman Gold Project.
The iron explorer believes the “highly significant” CID find was missed by previous exploration programmes and GWSA mapping due to its low topography; past CID work in the area had focused on the mesas to the north-east.
Rock samples at the 200-metre wide Coopers CID Prospect returned iron grades averaging 57% Fe and peaking above 61%, with low deleterious elements.
Inferred extensions increased total strike to 7.7 kilometres; the prospect was 6.4km.
“Our exploration team have delivered an outstanding result in the discovery of this virgin high-grade Channel Iron Deposit that appears to be of significant scale,” Peregrine’s technical director, George Merhi, said.
“We are currently assessing the regional magnetic database in order to identify additional magnetic features which may represent CID targets.”
Mr Merhi continued: “Our objective [now] is to advance the prospect as quickly as possible. The team will rapidly advance this discovery to set the stage for drill testing, subject to further results and receiving approvals.”
Unsurprisingly, PGD shares have popped on the surprise iron find, with the gold explorer’s value sitting as much as +35.14% higher through to lunchtime trade.
Heading into W30, shares were at 18.5 cents. Buying into PGD now costs 25cps.
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GD) is preparing to dig up fresh rock samples and run expanded exploration mapping at its Coopers Prospect at the Newman Project after digging up high-grade iron just two kilometres from BHP Group’s (ASX:BHP) Western Ridge Project and 13 kilometres from Mt Whaleback.
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