Peregrine Gold Expands Tin Can Discovery with Significant Results

Peregrine Gold's Tin Can Discovery Expands With Promising New Drilling Results

Peregrine Gold Limited (ASX: PGD) has announced significant expansion of its Tin Can gold prospect at the Newman Project in northwest Western Australia, with recent air-core drilling extending the gold anomalous trend to 850 metres of strike length and up to 240 metres in width.

Multiple Gold Zones Revealed in Expanded Drilling Program

The latest drilling results from Peregrine Gold's Tin Can expansion have revealed that the prospect consists of multiple coherent sub-parallel gold anomalous zones that are shallowly dipping to the south and plunging to the southeast. This expanded footprint creates a substantial target area for potential high-grade gold shoots in follow-up drilling campaigns.

Technical Director George Merhi commented on the findings: "AC drill testing has been used as an effective and early-stage tool for us to increase our knowledge, and fortuitously, the anomalous gold footprint of the Tin Can Prospect. Following these encouraging results, additional work is already planned to refine targets toward the higher grade gold zones and other areas of geological interest, in what is proving to be a fertile area of increasing scale."

Key Highlights from the Announcement:

• Air-core drilling has extended the gold anomalous trend to 850m of strike
• Multiple coherent sub-parallel gold zones cumulatively up to 240m wide
• System shows shallow dipping to the south and plunging to the southeast
• Notable gold intercepts include samples with values up to 1,543 ppb (1.54 g/t gold)
• Mineralisation appears sympathetic with magnetic trends, prompting plans for drone magnetic surveys
• RC drill planning has commenced to target fresh mineralisation and higher-grade zones

Understanding Air-Core Drilling in Gold Exploration

Air-core drilling represents an efficient early-stage exploration technique that helps companies like Peregrine define anomalous zones before committing to more expensive reverse circulation (RC) or diamond drilling.

This drilling method involves using compressed air to drive a rotating blade bit, allowing for relatively deep penetration through weathered or soft rock materials. For Peregrine Gold's Tin Can expansion, this technique has proven valuable where the drilling has encountered highly weathered and altered bedrock.

The weathered nature of the bedrock at Tin Can creates both challenges and opportunities. In such environments, gold can experience either enrichment or depletion due to weathering processes. This is why Peregrine plans to follow up with RC drilling to investigate the anomalies in fresh rock and determine the true nature and grade of the primary mineralisation.

Broader Exploration Strategy Across Multiple Projects

Beyond the Tin Can discovery, Peregrine is advancing exploration across several other promising projects:

Mallina Project

• Heritage survey has commenced to clear target zones for maiden air-core drilling
• Program designed to investigate priority targets for intrusion-hosted 'Hemi style' and orogenic gold deposits

Peninsula Special Prospecting License

• Application progressing through regulatory processes
• Previous work identified areas hosting "spectacular visible gold" as announced in August 2022
• Additional orientation work planned prior to the grant of the SPL

Epithermal Prospect

• Recently completed 28 air-core holes for a total of 1,091m
• Results pending and expected to be announced shortly

Why This Matters for Investors

The expansion of the gold anomalous footprint at Tin Can represents a significant development for Peregrine Gold's Tin Can expansion program, as it demonstrates the potential scale of the mineralised system. The company's systematic approach to exploration—using cost-effective air-core drilling to define targets before more expensive follow-up—showcases prudent capital management while advancing the project.

For investors, the key value drivers from this announcement include:

1. Expanding footprint: The substantial increase in the mineralised zone's dimensions (850m x 240m) creates a larger target area for potential economic gold discoveries.

2. Multiple parallel zones: The identification of multiple sub-parallel gold zones suggests a complex mineralised system with potential for multiple ore bodies.

3. Follow-up plans: The clear pathway forward with RC drilling, drone magnetic surveys, and detailed assay work demonstrates a structured approach to advancing the discovery.

4. Portfolio diversification: Peregrine's work across multiple projects (Newman, Mallina, Peninsula, and Epithermal) provides investors with exposure to different styles of gold mineralisation and multiple discovery opportunities.

Next Steps to Watch

Investors should monitor several upcoming catalysts that could drive Peregrine's valuation:

• Results from over 600 gold anomalous 1m samples being processed from Tin Can
• Completion of detailed logging and geological interpretation of the Tin Can prospect
• Commencement of the drone magnetic survey to improve resolution of current magnetic imagery
• Planning and execution of the follow-up RC drilling campaign at Tin Can
• Results from the Epithermal Prospect drilling
• Commencement of the maiden drilling program at the Mallina Project
• Progress on the Peninsula SPL application

The systematic expansion of the Tin Can gold discovery, combined with Peregrine Gold's broader exploration portfolio, positions the company as an emerging player in Western Australia's prolific gold sector. The technical approach being applied—methodically expanding the footprint before testing high-grade targets—represents a disciplined strategy for maximising discovery potential while managing exploration risk.

As Peregrine Gold's Tin Can expansion continues, the company is building a compelling case for further investment in what appears to be a mineralised system of growing significance within its Newman Project.

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