Assays from surface included 3.6m at 1952 grams per tonne, 1.8m at 896.5gpt, 1.4m at 297.21gpt and 0.5m at 408gpt.

Another hole delivered 2.4m at 58.84gpt from surface, over 1m at 2.05gpt.

The quartz-ironstone vein at surface was intersected over 180m of strike and had been missed by the company's earlier RC drilling

Gold mineralisation was also identified in the footwall and hanging walls.

Additional diamond drilling is being considered to test for a possible high-grade gold shoot on the eastern side of the target, with the company hoping all the smoke at surface indicates a rich system in the area.

The diamond rig also delivered some significant broad high-grade gold intersections at the Tin Can prospect with 8m at 5.63gpt from surface, 9.8m at 5.43gpt from 14m, and 9m at 3.62gpt from 6m.

Tin Can was tightly drilled over just 30m of strike to depths of just 24m, with the aim of ensuring no shoots were missed, but the indications are the best mineralisation is likely at depth. 

More smoke

The company also completed some holes at Birdnest, which returned 0.4m at 0.47gpt from 5m below 0.7m at 0.72gpt from surface.

Comprehensive costeaning at Birdsnest is being considered to expose the visible high-grade gold quartz vein that returned 32,584gpt in sampling prior to any additional diamond drilling.

The Newman project has seen little exploration, other than limited trenching by CRA in the 1980s, despite its position adjacent to Capricorn Metal's Karlawinda development.

A recent mineralogical review by CSIRO suggests the gold has not moved far from its source. 

Wildcat exploration

Since acquiring the project two years ago Peregrine technical director George Merhi said the company had started from first principles, starting with mapping across areas with limited outcrop and no past workings. 

"It has taken two years to undertake reconnaissance stream sediment sampling, soil and rock chip sampling, reverse circulation drilling in 2022 and finally diamond drilling in 2023," he said.

He said the results had vindicated its exploration methodology and provided a template for exploration over the entire project area."

Peregrine remains well funding having recently raised A$3 million at 38c.

The stock was steady at 29.5c today, capitalising it at $17 million.