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- Assays from additional paleo gravel samples extend Capricorn strike to 2.6km.
- Sampling of older paleo gravel unit returns 0.45 g/t gold.
- Strike potentially represents additional source of auriferous paleo gravels.
- Initially pegged by prospecting legend Mark Creasy.
Peregrine Gold (ASX:PGD) has received positive final results from a comprehensive geochemical sampling programme completed at the Capricorn prospect in the Pilbara region of Western Australia.
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Capricorn is the most southern special prospecting licence application, led by prospecting legend Mark Creasy, and is at the Newman gold and iron ore project.
The company has completed a comprehensive geochemical sampling programme of paleo gravels at Capricorn, commencing at the most southern SPL and extending southwards for approximately four kilometres.
A total of 61 paleo gravel channel samples on nominal 100 metre spacing were collected during the geochemical sampling programme, with the company recently reporting assays for the first 36 samples.
Initial results have confirmed approximately 1.7 km of auriferous (gold-bearing) paleo gravels, including high-grade results of up to 12.52 grams per tonne (g/t) gold.
Following these highly encouraging results, the company immediately pegged a mining license application totalling approximately 202 hectares over the prospect to further assess the potential for small mining operations to be conducted under a Mining Development and Closure Proposal (MDCP).
The company has since received assays for the final 25 samples, which have extended the known strike of auriferous paleo gravels a further 900m, with lower tenor gold identified throughout the entire approximately 4km comprising Capricorn.
Importantly, an inferred, older and largely untested paleo gravel unit returned up to 0.45 g/t gold, highlighting an additional potential source of auriferous paleo gravels to be further assessed.
This paleo gravel unit is approximately two km long, up to 150m wide and trends parallel to the main paleo gravel units.
Technical director, George Merhi, said if the gold potential of this new paleo gravel unit is confirmed, it would significantly increase the scale and potential of the prospect.
The company has commenced plans to conduct further testing of this unit.
“Having now extended and confirmed the mineralised strike and potentially identified an additional source of auriferous paleo gravels, the Capricorn prospect continues to demonstrate the hallmarks of a highly prospective paleochannel system with considerable scope for further discovery,” Mr Merhi said.
“These highly encouraging results provide a strong foundation to further assess the continuity and distribution of mineralised gravels in the area. We look forward to providing further updates as they come to hand.”
PGD is steady at 18.5¢ with a Mkt cap of $18.27M.
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