{"id":3177,"date":"2023-12-13T22:25:09","date_gmt":"2023-12-13T22:25:09","guid":{"rendered":"https:\/\/economicherald.net\/?p=3177"},"modified":"2023-12-13T22:25:09","modified_gmt":"2023-12-13T22:25:09","slug":"peregrine-picks-up-seven-new-tenements-around-newman-gold-project","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=3177","title":{"rendered":"Peregrine picks up seven new tenements around Newman gold project"},"content":{"rendered":"<p>Peregrine Gold acquires seven tenements around Newman gold project in WA<br \/>\nTenements consolidate company\u2019s land position in traditionally iron ore region<br \/>\nInitial reconnaissance exploration planned for early Q1 2024<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report:<\/em> Peregrine Gold has acquired seven new high prospective exploration tenements around its Newman gold project in the Pilbara region of WA.<\/strong><\/p>\n<p>The district-scale Newman tenement package was assembled after noting that \u201cepizonal\u201d quartz textures were observed in the area by previous explorers as far back as the 1980s in the traditionally iron ore area.<\/p>\n<p>Epizonal gold systems are known to produce the highest-grade gold deposits currently known, including the exceptional Swan Zone at the Fosterville goldfield.<\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/peregrine-gold-pgd\/\"><strong>Peregrine Gold (ASX:PGD)<\/strong><\/a> made its first bedrock gold discovery at the Tin Can prospect earlier this year, and with new prospects continually being discovered over the extensive land package, the company is confident the area will develop into Australia\u2019s next great gold camp.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<h2><strong>Consolidating Pilbara land position<\/strong><\/h2>\n<p>The tenements \u2013 E47\/4311, E52\/3370, E52\/3755, E52\/2933, E52\/3396, E52\/3097 and E52\/3570 \u2013 were acquired from <a href=\"https:\/\/stockhead.com.au\/company\/fortescue-metals-group-fmg\/\">Fortescue (ASX: FMG)<\/a> subsidiary FMG Pilbara for cash consideration of A$100,000, plus deferred consideration, including the following milestone payments:<\/p>\n<p>Milestone One: The payment of $500,000 upon PGD announcing to the ASX the delineation of a JORC compliant resource of at least 100,000 ounces of gold with a minimum cut-off grade of 0.5 g\/tonne (or the economic equivalent of other minerals);<br \/>\nMilestone Two: The payment of $500,000 upon grant of any mining lease under Division 3 of Part IV of the Mining Act to PGD, and;<br \/>\nRoyalty: 1% of the Free On Board (FOB) revenue in respect to iron ore products, and 1% of the net smelter return in respect of royalty minerals and gold.<\/p>\n<p>\u201cThe acquisition of these highly prospective tenements is a valuable addition to Peregrine Gold\u2019s land position at Newman,\u201d PGD technical director George Merhi said.<\/p>\n<p>\u201cSome of these tenements are along trend of our current prospects and within a prospective geological formation.\u201d<\/p>\n<p>Pic: Newman gold project tenement locations. Source: PGD.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Initial exploration in 2024<\/strong><\/h2>\n<p>Notably, two exploration licences in the agreement, E52\/3396 and E52\/3097, are immediately south and west of the Peninsula, Birdsnest and Tin Can prospects and will be the focus of initial surface exploration.<\/p>\n<p>\u201cReconnaissance exploration including steam sediment, soil and rock sampling will commence early in Q1 2024,\u201d Merhi said.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Peregrine Gold, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/peregrine-picks-up-seven-new-tenements-around-newman-gold-project\/\">Peregrine picks up seven new tenements around Newman gold project<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Peregrine Gold acquires seven tenements around Newman gold project in WA Tenements consolidate company\u2019s land position in traditionally iron ore region Initial reconnaissance exploration planned <a href=\"https:\/\/economicherald.net\/?p=3177\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":3178,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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