Peregrine Gold maps 4km gold zone in Newman Project

• Peregrine Gold discovered gold-bearing palaeo gravels at its Newman Gold Project.
• The company's share price dropped 32.35% to $0.115 following the market announcement.
• A mining lease application has been submitted over the newly designated Capricorn prospect area.

Peregrine Gold (ASX:PGD) discovered gold-bearing palaeo gravels mapped over a three to four-kilometre range at its Newman Project.

The exploration results follow a 54.55% share price surge recorded on July 8.

Initial testing of the gravels located south of the Peninsula prospect returned gold anomalism.

The company filed a mining lease application 52/1097 immediately south of prospecting licences pegged by Mark Creasy.

Following the announcement, the Peregrine Gold share price was down at $0.115.

The company focuses its exploration activities on gold and lithium assets within the underexplored Pilbara region.

The newly discovered gold-bearing zone at the project has now been named the Capricorn prospect.