- Peregrine Gold (PGD) has agreed to purchase New Frontier Resources (NFR), the holder of a number of projects throughout the Pilbara region of WA
- One of the assets NFR owns is the Mallina Gold Project, which is 129 kilometres northeast of De Grey Mining’s (DEG) Hemi deposit
- The acquisition is a sale share agreement, in which PGD will issue shares to African Mango and Mansfield
- The acquisition will need shareholder approval to be finalised
- On the market today, PGD is up 5.26 per cent and is trading at 40 cents per share at 3:00 pm AEST
Peregrine Gold (PGD) has agreed to purchase New Frontier Resources (NFR), the holder of a number of projects throughout the Pilbara region of WA.
Within those Pilbara assets is the Mallina Gold Project, which is 129 kilometres northeast of De Grey Mining’s (DEG) Hemi deposit.
The acquisition is a sale share agreement, in which PGD will issue shares to African Mango and Mansfield.
However, the acquisition will need shareholder approval to be finalised.
The project includes four tenements and is located on the Mallina basin. Three of these four tenements were applied for prior to the discovery of Hemi.
Notably, Hemi is identified as an intrusion hosted gold deposit, a newly discovered gold mineralisation style in the Pilbara region.
Mallina is a 1728 square kilometre tenement package, including one of the largest tenement holdings assembled in the Mallina basin. There has been limited exploration of the project.
In addition to Mallina, NRF also has an interest in the Stoney Creek Project, Egina, Rocklea and Comet East.
On the market today, PGD was up 5.26 per cent, trading at 40 cents per share at 3:00 pm AEST.