Third Gold Prospect Identified at Pilbara Gold Project

Published: 2021-11-09 17:09:08 ET PGD.AX

A S X A N N O U N C E M E N T

10 NOVEMBER 2021

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THIRD GOLD PROSPECT IDENTIFIED AT

THE PILBARA GOLD PROJECT

Peregrine Gold Limited ("Peregrine" or the "Company") is pleased to announce that a third gold prospect "Perry Creek" has been identified at the Company's Pilbara Gold Project. Perry Creek is locatedwithin the Wyloo Group, a geological setting which has a history of gold occurrences and mines.

HIGHLIGHTS

Figure 1: Location of Perry Creek.

For further information, please contact:

George Merhi

Peter Woodman

Technical Director

Non-Executive Director

Tel: +61 418 831 069

Tel: +61 8 9322 6322

T: +61 (0)8 9322 6322

W: peregrinegold.com.au

E: [email protected]

A: Level 9, 28 The Esplanade, Perth WA 6000

ABN: 53 644 734 921

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PERRY CREEK PROSPECT

Perry Creek has been identified at E52/3841 (Figure 1) through a combination of reconnaissance soil sampling performed by Peregrine and a review of a past soil sampling programme undertaken and reported by Rosane Pty Ltd ("Rosane") in 2006.

Interpretation of both the coarse soil data sets (Figure 2) has identified a coherent east to west gold in soil trend approximately 500 metres in length and 40 to 160 metres wide. To the north and south of this coherent gold trend, two northeast gold soil trends are also present. Additional infill soil sampling is proposed to further define the gold in soil anomalism at Perry Creek.

Figure 2: Perry Creek prospect displaying gold in soil anomalies and sampling results.

Rosane's programme comprised 70 soil sites sampled over three north-south lines which were approximately 200 metres apart with samples collected approximately every 40 metres. The sampling protocol included both coarse fraction (-5mm+2mm) and fine fraction (-2mm) sampling which was analysed for gold (CN and FA) and a limited suite of multi-elements (AT/MS). Rosane's sampling programme returned significant elevated gold anomalism with a maximum of 41 ppb Au (fine fraction CN) from sample 1905, 38 ppb Au (fine fraction FA25) from sample 1673 and 73 ppb Au (coarse fraction FA25) from sample 1679.

In order to better define the extent of this gold in soil anomalism, Peregrine undertook a reconnaissance soil sampling programme centred around Rosane's soil sampling programme. The Peregrine soil sampling consisted of nine north-south lines ranging from 200 metres to 1 kilometre apart with one sample collected every 50 metres at 235 sites (including duplicates and blanks). This sampling programme covered a strike length of three kilometres. The sampling protocol was identical to Rosane's sampling protocol with two-three kilograms of -2mm (fine fraction) and a one-two kilogram of -5mm+2mm (coarse fraction) material sieved on site. Refer to Appendix 1 for the sampling results.

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Published geological maps reveal the southern portion of the tenement is dominated by the 2000 Ma Wyloo Group with the Beasley River Quartzite, a fine to coarse silicified sandstone and surrounded by abundant Quaternary colluvium. The Wyloo Group rocks is interpreted to be a younger gold mineralising event than the gold anomalies defined in the northern parts of the Pilbara Gold Project and is known for several gold occurrences and mines.

This is the third gold prospect identified by the Company and makes a promising addition to the Company's portfolio of prospects. With the identification of the Birdsnest, Peninsula and now Perry Creek, plans are being developed to have a reverse circulation ("RC") drill rig mobilised in Q2 2022, subject to the completion of a programme of works, heritage surveys and rig availability.

ABOUT THE PILBARA GOLD PROJECT

The Company holds a 100% interest in the Pilbara Gold Project consisting of eight granted exploration licences (and six applications) covering a total of 1,547km2 located on the Sylvania Inlier in the south west of the prolific Pilbara region situated approximately 30km south of Newman and approximately 1,000km north-north east of Perth at the southern edge of the Hammersley area of Western Australia (Figure 3).

Figure 3: Pilbara Gold Project tenements location.

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COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Results is compiled by George Merhi, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Merhi is a Technical Director of Peregrine Gold Limited and a holder of shares, options and performance shares in Peregrine Gold Limited. Mr Merhi has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Merhi consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

FORWARD LOOKING STATEMENTS

Statements regarding plans with respect to Peregrine's projects are forward-looking statements. There can be no assurance that the Company's plans for development of its projects will proceed as currently expected. These forward-looking statements are based on the Company's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.

This ASX Announcement has been approved in accordance with the Company's published continuous disclosure policy and authorised for release by the Company's Technical Director, George Merhi.

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Appendix 1: Sampling Results

Soil Sampling - Perry Creek (>10ppb Au AR 25 / >5ppb Au CN2000)

Fine Fraction

Coarse Fraction

Elements

Units

ppb

Detection

0.01

Method

CN2000/MS

AR25/MS

Company

Sample No.

Easting

Northing

PGD

21KS 9

743900

7361250

2.39

PGD

21KS 11

743900

7361150

5.11

PGD

21KS 12

743900

7361100

5.32

PGD

21KS 13

743900

7361050

6.23

PGD

21KS 143

744600

7361450

16.65

PGD

21KS 264

744300

7361550

2.14

Soil Sampling - Perry Creek (>10ppb Au FA 25 / >5ppb Au CN1000)

Fine Fraction

Coarse Fraction

Elements

Units

ppb

Detection

0.01

Method

CN1000/MS

FA25/MS

Company

Sample No.

Easting

Northing

Rosane

1673

744094

7361383

1.76

Rosane

1674

744095

7361351

0.98

Rosane

1675

744091

7361309

1.29

Rosane

1677

744093

7361230

2.14

Rosane

1679

744087

7361147

5.63

Rosane

1680

744091

7361114

3.66

Rosane

1681

744094

7361064

2.63

Rosane

1682

744088

7361023

1.66

Rosane

1683

744084

7360984

2.37

Rosane

1684

744091

7360948

2.24

Rosane

1698

744223

7361345

1.64

Rosane

1699

744294

7361368

3.36

Rosane

1700

744285

7361322

1.11

Rosane

1901

744296

7361289

2.32

Rosane

1902

744285

7361248

3.35

Rosane

1903

744276

7361214

6.11

Rosane

1904

744283

7361167

2.72

Rosane

1905

744275

7361128

41.57

Rosane

1906

744287

7361090

3.98

Rosane

1907

744294

7361051

6.41

Rosane

1908

744281

7361012

2.2

Rosane

1909

744269

7360972

2.31

Rosane

1910

744266

7360938

2.09

Rosane

1911

744273

7360890

1.78

Rosane

1914

744099

7361474

0.75

Rosane

1915

744092

7361517

0.73

Rosane

1929

743877

7360659

2.77

Rosane

1930

743882

7360704

2.6

Rosane

1933

743880

7360822

0.62

Rosane

1935

743883

7360899

1.13

Rosane

1936

743883

7360940

0.58

Rosane

1937

743888

7360979

1.04

Rosane

1938

743875

7361020

4.94

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Disclaimer

Peregrine Gold Ltd. published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 22:05:24 UTC.