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Highlights:

  • PGD maps 6.4km-long Channel Iron Deposit with 200m width at Coopers Prospect
  • Peregrine Gold reports average iron grades of ~57% Fe, peaking over 61% Fe
  • PGD infers additional 1.3km CID strike from magnetic data, total 7.7km potential

Peregrine Gold Limited (ASX:PGD) has reported the discovery of a large Channel Iron Deposit (CID) system at its 100%-owned Newman Gold Project in Western Australia. The discovery was made during ongoing stream sediment sampling work at the Coopers CID Prospect on exploration licence E52/3850. Company geologists mapped the CID over a continuous strike length of 6.4 kilometres, with widths of up to 200 metres, and have identified a further 1.3 kilometres of inferred strike based on magnetic survey interpretation. This brings the potential total strike length to approximately 7.7 kilometres. The mapped surface area of the magnetic anomaly associated with the CID is calculated at over 1.16 million square metres.

The outcropping CID material consists of pisolitic iron-rich rock featuring haematitic cores with sub-vitreous goethitic rims, and it contains fossilised wood fragments, consistent with preserved channel iron systems. The deposit displays a massive texture, with limited observable stratification. A second ferruginous unit, termed “Cfeb,” was observed on the margins of the main channel, and may represent a basal layer of the system, suggesting potential for a well-preserved complete channel profile. Initial geochemical results from samples collected across the CID indicate consistently high iron grades, with an average of approximately 57% Fe and peak values exceeding 61% Fe. The levels of deleterious elements, based on current data, are reported to be within acceptable thresholds for high-grade iron ore classification.

The company highlighted that this CID system had not been previously recorded by earlier exploration efforts or the Geological Survey of Western Australia (GSWA). It believes the feature was likely overlooked due to its low-lying topographical position, which contrasts with the mesa-style CID formations that had previously been the focus in the surrounding area. The newly identified CID is located approximately 2 kilometres from BHP’s Western Ridge Project, and within proximity to Mt Whaleback (13km) and the town of Newman (18km). The area is near existing iron ore infrastructure, which could be relevant for any future development considerations. However, the true thickness of the CID system is not yet confirmed. Field exposures at the margins of the channel indicate visible thicknesses of up to 10 metres, but the company expects this may be significantly greater within the centre of the structure, based on the channel’s observed width of up to 200 metres.

The discovery is considered noteworthy given recent corporate activity in the Pilbara region. Peregrine referenced the AUD 75 million transaction involving CZR Resources Ltd (ASX: CZR) and its sale of an 85% interest in the Robe River Mesa CID project, which lies adjacent to Rio Tinto’s iron ore operations. While early-stage, Peregrine’s newly discovered CID system at Coopers Prospect presents a scale that, at surface, appears comparable.

PGD is trading at 35.14% higher at AUD 0.25 per share as on 21 July 2025.