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Peregrine Gold’s (ASX:PGD) shares have popped as much as 14% in the first hour of trades after veteran Western Australian gold investor Mark Creasy picked up several special licences over Peregrine’s Peninsula prospect.
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The billionaire prospector’s name weighs heavy in the expansive world of WA mining. The “lithium kingmaker” at the head of Yandal Investments was also the grandfather of the Nova nickel mine and has for decades demonstrated strong geological prowess when it comes to making the right investments.
Without wanting to stroke his ego too much, he’s kind of like the Warren Buffet of speculative mining stocks in West Australia.
That’s why the market was watching closely Peregrine’s news on Tuesday – albeit, as the second hour of trade came upon the market, less than $30,000 in shares had traded hands according to a third-party service porting Morningstar data.
Worth noting is Creasy must think Peregrine’s got something – he’s willing to take the cost of all exploration.
An agreement sees Creasy given the right to take gold from the first 50m depth on-site in those areas where his special licences apply; all gold sales will be shared 60/40 in Peregrine’s favour.
Peregrine will be kept in the loop by Creasy’s drillers for the next four years; he cannot convert his special licence on Peregrine’s acreage to a full mining licence.
In short: Why not let a bonafide proven sniffer dog try to find some gold for you?
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“It’s a pleasure to partner with a supportive shareholder with arguably the best track record for discovery and value creation in Australia on an initiative that will greatly advance our understanding of the geological potential of the Peninsula prospect,” Peregrine Technical Director George Mehri said.
PGD last traded at 16.5cps after the market release went live.
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