Peregrine's (ASX:PGD) shares explode 103% on ‘spectacular’ mineralisation

2 min read | August 05, 2022 01:27 PM AEST | By Ritwika

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Peregrine's (ASX:PGD) shares explode 103% on ‘spectacular’ mineralisation — Image source: © Bashta | Megapixl.com

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Highlights:

Peregrine Gold has found significant visible gold in drill at the Peninsula Prospect in Western Australia.

The company further drilled two holes beside and below the visible gold surface and recorded a recovery rate of 95% and 100%, respectively.

The share price of Peregrine was quoted 103% higher at 12:57 PM AEST, backed by this update.

Shares of the mineral explorer Peregrine Gold Limited (ASX:PGD) skyrocketed on the ASX on Friday. Peregrine's share price was 103.571% higher at AU$0.855 per share at 12:57 PM AEST.

The gold miner announced today that it has found a significant visible gold in the drill core within a quartz-ironstone breccia vein at the Peninsula Prospect. The prospect is located around 30 kilometres west of Newman, WA.

Meanwhile, the S&P/ASX 200 Materials sector (INDEXASX:XMJ) was 1.457% up at 15,663.9 points at 12:59 PM AEST.

Peregrine informed that it has utilised a hand-held core drill of 40mm diameter to make two vertical holes beside and beneath the visible gold observed at the surface in the Peninsula Prospect. These two holes were drilled around 1.5m apart from each other, along the strike and at a depth of 50cm and 23 cm, respectively. After drilling, the company recorded a recovery rate of 95% and 100%, respectively, at two holes.

The company further added that the Peninsula Prospect is a significant part of the Newman Gold Project. In a stream sediment and soil sampling in 2021, it was confirmed that the Peninsula Prospect constitutes of various, possibly stacked north-westerly trending gold in soil anomalies.

Peregrine's share price performance on the ASX:

Peregrine's share price has significantly surged by 80.23% on the ASX in the last 12 months. Furthermore, the company's YTD-based share price gained by 68.48% (as of 12:33 PM AEST on the ASX today).

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