Peregrine Gold (ASX:PGD) has discovered a new high-grade gold zone termed "Tin Can West," situated 250m west of the existing Tin Can prospect.
This follows the company's second phase of reverse circulation drilling at the Newman Gold Project.
The initial discovery hole at Tin Can West returned encouraging results, including 4m at 9.0g/t Au.
Concurrently, gold mineralisation was identified down dip at Tin Can, with notable intersections of 8m at 8.33g/t Au and 8m at 6.53g/t Au.
"Phase 2 reverse circulation drilling successfully identified the new Tin Can West zone located 250m to the west along the same trend and showing geological continuity with Tin Can. To have such a high-grade initial success after only five holes is very pleasing and a credit to the exploration team," said George Merhi, technical director of Peregrine Gold.
Drilling efforts at Tin Can included 48 holes spanning 3,516m, primarily within the weathered zone, achieving significant gold intersections.
Despite weathering challenges, the delineation of gold at Tin Can continues, emphasising the prospectivity of the Tin Can Trend.
As the company progresses to the next phase of drilling, deeper targets in fresh rock will be a focus, aiming for a more comprehensive understanding of the gold structures at Tin Can and Tin Can West.
Further exploration will include heritage clearance, an IP survey, and Phase 3 reverse circulation drilling.
At the time of reporting, Peregrine Gold’s share price was $0.18.