ASX gold share Peregrine explodes 60% on ‘spectacular’ new find

rising gold share price represented by a green arrow on piles of gold blockrising gold share price represented by a green arrow on piles of gold block

The Peregrine Gold Ltd (ASX: PGD) share price has jumped nearly 62% into the green on Friday after coming out of a trading halt from 1 August.

Peregrine advised it had intersected mineral resource after drilling at its Peninsula Prospect, part of the Newman project in WA.

The announcement has caught buyers today and volume has surged to 260 times the 4-week trading average at more than 760,000 shares.

What did Peregrine announce?

The company announced that a significant amount of visible gold has been identified in a drill core after dilling within a quartz-ironstone breccia vein at the Peninsula Prospect.

It identified visible gold at the surface level and then used a hand-held core drill to drill two vertical holes adjacent to and beneath the visible resource.

Peregrine technical dDirector, George Merhi said that it is “very rare” for a first-time field exploration program to strike this kind of mineralisation “undisturbed at the surface”.

In addition to being a very impressive demonstration of the high-grade potential of this system it also highlights just how underexplored the area is.

Peninsula and the other Newman prospects due to be drilled have been uncovered as a result of systematic exploration over a small portion of our overall project area. In 2022 we have expanded this effort and look forward to updating the market on potentially new discoveries in this exciting district.

From here, the company is set to commence reverse circulation (RC) drilling on 15 August. Efforts will be focused on the Peninsula prospect and those adjacent prospects to the site.

In the past 12 months, the Peregrine share price has gained 58% as well as 45% this YTD.

The post ASX gold share Peregrine explodes 60% on ‘spectacular’ new find appeared first on The Motley Fool Australia.

Should you invest $1,000 in Peregrine Gold Limited right now?

Before you consider Peregrine Gold Limited, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Peregrine Gold Limited wasn’t one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

See The 5 Stocks
*Returns as of July 7 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/LRdCrqK

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s