Peregrine Gold Ltd (PGD) has identified gold-bearing paleo gravels at its Newman Gold Project, marking a fresh discovery south of the existing Peninsula prospect. The company has designated the area as the Capricorn Prospect, where exploration work has identified auriferous material extending across a strike length of approximately four kilometres.

The identification of these gravels follows an orientation bulk sampling programme conducted along the floodplain of a north-to-south running creek. Field teams collected 500-kilogram gravel samples from the area, which were subsequently processed using a dry blowing unit. Panning of the concentrates confirmed the presence of gold particles within the gravels, prompting a follow-up systematic geochemical sampling campaign.

Field mapping indicates the paleo gravel deposits reach a maximum width of 185 metres and an average thickness of one metre. The company collected 61 channel samples across the prospect at 100-metre intervals. While the assay results for 36 of these samples have been reported, the remaining 25 samples are currently undergoing laboratory analysis, with results expected to be released upon receipt.

In response to these findings, the company has lodged a formal Mining Lease application, identified as MLA 52/1097, covering the extent of the Capricorn Prospect. This move establishes a formal regulatory position over the discovery area.

This latest discovery fits into a broader, consistent exploration strategy at the Newman project. Peregrine Gold has maintained an active presence at the site, with recent work programs focused on multiple fronts, including drilling activities at the Tin Can prospect and geophysical surveys across the wider Peninsula area. The team continues to systematically test the potential of the property, advancing projects from initial identification through to formal tenure applications as results warrant.

Read the full announcement: Auriferous Paleo Gravels Discovered at Newman Gold Project