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Peregrine Gold Ltd. ( (AU:PGD) ) has provided an update.
Peregrine Gold has identified a second high-grade, large-scale Channel Iron Deposit target, named the Carneys CID Prospect, at its Newman Project in Western Australia, located about 3km from BHP’s Western Ridge iron ore project. Sampling across 1.1km of outcropping CID at Carneys returned iron grades averaging 55% Fe and up to 60% Fe, with geological work indicating a system that begins as an eroded mesa-type CID and transitions into a valley-type body inferred to extend a further 4.6km under shallow cover. The company says the Carneys CID material closely resembles its previously announced Coopers CID discovery, and together with a low-cost expansion of its Rocklea Gold Project footprint and a quarter-end cash balance of approximately $3.2m, the results provide financial and operational scope for continued exploration that could enhance Peregrine’s iron ore portfolio and regional positioning.
The most recent analyst rating on (AU:PGD) stock is a Hold with a A$0.32 price target. To see the full list of analyst forecasts on Peregrine Gold Ltd. stock, see the AU:PGD Stock Forecast page.
More about Peregrine Gold Ltd.
Peregrine Gold Limited is an ASX-listed exploration company focused on gold and iron ore projects in the Newman region of Western Australia, including the Rocklea Gold Project. The company is targeting high-grade Channel Iron Deposits (CIDs) and related mineralisation in proximity to major mining operations such as BHP’s Western Ridge Project, positioning itself within a well-established iron ore and gold mining district.
Average Trading Volume: 148,812
Technical Sentiment Signal: Buy
Current Market Cap: A$28.65M
For detailed information about PGD stock, go to TipRanks’ Stock Analysis page.