Peregrine Gold (ASX:PGD) has received positive final assay results from a comprehensive geochemical sampling programme at the Capricorn prospect, located within the Newman gold and iron ore project in the Pilbara region of Western Australia.

Capricorn is the most southern special prospecting licence (SPL) application at the Newman project and is associated with prominent prospector Mark Creasy. Creasy is one of Australia's most decorated prospectors, with decades of involvement in major mineral discoveries across Western Australia, and his association with the project underscores the strategic interest in the region's paleochannel gold potential.

The sampling programme targeted paleo gravels at Capricorn, beginning at the southernmost SPL and extending approximately four kilometres southward. Paleo gravels are ancient riverbed deposits that can concentrate gold through sedimentary processes, and the Pilbara has attracted growing exploration interest for this deposit style. A total of 61 paleo gravel channel samples were collected on nominal 100-metre spacing. The company had previously reported assays for the first 36 samples, which confirmed approximately 1.7 kilometres of auriferous (gold-bearing) paleo gravels, including high-grade results of up to 12.52 grams per tonne (g/t) gold.

Following those initial results, Peregrine Gold lodged a mining licence application covering approximately 202 hectares over the prospect to evaluate the potential for small-scale mining operations under a Mining Development and Closure Proposal (MDCP). The MDCP is a regulatory pathway in Western Australia designed for smaller-scale mining operations with planned rehabilitation and closure commitments.

Assays for the remaining 25 samples have now extended the known strike of auriferous paleo gravels by an additional 900 metres, with lower-tenor gold identified across the entire approximately four-kilometre area comprising Capricorn.

Additionally, an inferred older and largely untested paleo gravel unit returned grades of up to 0.45 g/t gold, indicating a further potential source of auriferous paleo gravels for assessment. This unit is approximately two kilometres long, up to 150 metres wide, and trends parallel to the main paleo gravel units.

Technical Director George Merhi said that if the gold potential of this newly identified paleo gravel unit is confirmed, it would significantly increase the scale and potential of the prospect. The company has commenced planning for further testing of the unit.

"Having now extended and confirmed the mineralised strike and potentially identified an additional source of auriferous paleo gravels, the Capricorn prospect continues to demonstrate the hallmarks of a highly prospective paleochannel system with considerable scope for further discovery," Mr Merhi said.

"These highly encouraging results provide a strong foundation to further assess the continuity and distribution of mineralised gravels in the area. We look forward to providing further updates as they come to hand."

Peregrine Gold last traded at 18.5 cents per share with a market capitalisation of $18.27 million.