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

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

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). 


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Limited, Company No. 12643132 (Kalkine Media, we or us) and is available for personal and non-commercial use only. Kalkine Media is an appointed representative of Kalkine Limited, who is authorized and regulated by the FCA (FRN: 579414). The non-personalised advice given by Kalkine Media through its Content does not in any way endorse or recommend individuals, investment products or services suitable for your personal financial situation. You should discuss your portfolios and the risk tolerance level appropriate for your personal financial situation, with a qualified financial planner and/or adviser. No liability is accepted by Kalkine Media or Kalkine Limited and/or any of its employees/officers, for any investment loss, or any other loss or detriment experienced by you for any investment decision, whether consequent to, or in any way related to this Content, the provision of which is a regulated activity. Kalkine Media does not intend to exclude any liability which is not permitted to be excluded under applicable law or regulation. Some of the Content on this website may be sponsored/non-sponsored, as applicable. However, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music/video that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music or video used in the Content unless stated otherwise. The images/music/video that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Sponsored Articles


Investing Ideas

Previous Next