Peregrine Gold : Significant Gold in Soil Anomalism at Rocklea Project

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

3 FEBRUARY 2022

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SIGNIFICANT GOLD IN SOIL ANOMALISM

AT ROCKLEA PROJECT

Peregrine Gold Limited ("Peregrine" or the "Company") is pleased to announce that significant gold in soil anomalism has been identified at its Rocklea project ("Rocklea") on E47/3792 and E47/3797, located approximately 65 kilometres northwest of Paraburdoo.

HIGHLIGHTS

• Reconnaissance soil sampling returned significant gold anomalism across several locations within the Rocklea project; and
• A maximum gold in soil result of 24.97 ppm Au was reported.

Figure 1: Location of the Rocklea project.

For further information, please contact:
George Merhi	Peter Woodman
Technical Director	Non-Executive Director
Tel: [phone]	Tel: [phone]

T: [phone]	W: peregrinegold.com.au
E: [e-mail]	A: Level 9, 28 The Esplanade, Perth WA 6000
ABN: 53 644 734 921

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

3 FEBRUARY 2022

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ROCKLEA PROJECT

Rocklea was acquired through Peregrine's purchase of New Frontier Resources Pty Ltd ("NFR") (refer ASX announcement released 30 August 2021). The objective of the 2021 sampling programme at Rocklea was to follow up historical reconnaissance stream sediment samples undertaken by NFR in 2019. The 2021 reconnaissance soil sampling programme undertaken upstream of the 2019 reconnaissance stream sediment sampling has confirmed the presence of gold soil anomalism in several catchment areas.

Rocklea is situated west of the Rocklea Dome and dominated by the Hardey Formation, Bongal Formation and the Pyradie Formation with numerous northwest trending faults cutting across the tenements. The 2021 sampling programme was mostly completed over the Pyradie Formation and the possible structural contact with the underlying Boongal Formation. The Pyradie Formation is a geological formation which is not known to be auriferous and is dominated by basaltic rocks with narrow northerly trending quartz-ironstone veins which can be traced discontinuously for several hundred metres.

Figure 2: Geology of 2021 soil sample results at the Rocklea project.

The stream sediment sampling protocol and geochemical analytical techniques for the 2019 sampling programme are identical to the ones utilized in the 2021 sampling programme. The 2021 programme returned some exceptionally elevated gold results with the gold anomalism spread over a large portion of the tenement.

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

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A table of some significant gold anomalous sample results are tabled below:

Table 1: Stream sediment samples from the Rocklea programme (2019)

				Pan Au			Au (ppb)			Au (ppb) AR25			Au-Rp1 (ppm)			Au (ppb) AR25			Au-Rp1 (ppm)
	Sample ID													FA25/OE
			Colours			CN2000 (fine)			(fine)			FA25/OE (fine)			(coarse)
														(coarse)
	19BRST 2	25		1,149		17			X	>2,000		4.319
	19BRST 4	10		425		47			X	34			X
	19BRST 12	8		435		4			X	2			X
	19BRST 23	17		1,998		1,745			X	3			X
	19BRST 24	7		105		7			X	4			X
	19BRST 30	20		451		5			X	16			X
	19BRST 32	9		585		>2,000		32.425		7			X
	19BRST 46	30		960		1,509			X	226			X
	19BRST 47	30		54		407			X	2			X
	19BRST 48	1		52		>2,000		1.147		2			X
	19BRST 63	11		2,353		>2,000		3.734		6			X
	19BRST 65	1		167		1,193			X	19			X
	19BRST 83	4		1,566		1,075			X	>2,000		2.488

Notes:

1. "X" denotes the value was below detection.

Additional stream sediment sampling is required across the tenement to further define the gold anomalism.

Figure 3: Geology of 2019 stream sediment sample results at the Rocklea project.

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

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The recent sampling programme comprised a total of 512 soil samples from 256 sample sites, 75 stream sediment samples from 25 sample sites and 20 rock chip samples (including duplicates and blanks). For the stream sediment and soil samples a fine (-2mm) and coarse fraction (-5mm+2mm) sample was collected and in addition, a 10-12 kilogram fine fraction stream sediment sample was collected.

The 2021 sampling programme was focused upstream of the gold anomalous 2019 stream sediment samples. A total of 16 soil lines were completed, approximately 10 to 25 metres apart and predominately east to west. As the sampling programme was reconnaissance in nature, sample lines were approximately 200 metres to 600 metres apart. In the southern area, the sampling was narrower as detector pits were present with sample lines approximately 100 metres to 150 metres apart.

Some anomalous gold soil samples are tabled below:

Table 2: Soil samples from the Rocklea project (2021)

	Sample ID			Au (ppb) CN2000			Au (ppb) CN2000			Au (ppb) AR25			Au (ppb) AR25			Au-Rp1 (ppm)
			(fine)			(fine)			(fine)			(coarse)			FA25 (coarse)
	21RLS38	220.79		6.96		9		6			X
	21RLS127	197.48		8.54		2		1			X
	21RLS128	318.27		1.68		3		3			X
	21RLS129	30.65		31.33		5		3			X
	21RLS133	12.14		11.63		137		7			X
	21RLS139	41.05			X	21		>2,000		24.973
	21RLS140	103.13		6.47		3		2			X
	21RLS142	807.8		6.2		3		575			X
	21RLS144	51.91			X	40		196			X
	21RLS148	430.82		1.98		2		3			X
	21RLS159	173.56		769.03		2,124		29			X
	21RLS167	609.28		23.35		15		11			X
	21RLS177	317.88		19.6		4		4			X
	21RLS180	40.03		34.88		130		67			X
	21RLS216	151.8		9.83		9		5			X

The Company plans to infill and extend the recent soil sampling programme in order to identify coherent gold soil trends for future rock chip sampling, geological mapping and subsequent drilling.

The limited rock chip sampling programme returned 3 samples with elevated gold anomalism within quartz-ironstone material. These samples are tabled below:

Table 3: Rock chip samples from the Rocklea project

				Au (ppb)			Au -Rp1			Ag (ppm)			Cu (ppm)			Pb (ppm)			Pb-Rp1			Zn (ppm)			Hg (ppb)
	Sample ID					(ppb)					AR25			AR25			(ppm)			AR25			AR25
			AR25					AR25
						AR25											AR25
	21RLR4	851		828		0.07		200.8		8.9			X	132		9
	21RLR12	805		1,091			X	4.8		0.7			X	2		15
	21RLR13	131			X	13.68		1,245.2		>5,000.0		8,617		705		388

A systematic rock chip sampling of quartz vein systems throughout the tenement is required to detail the extent of the elevated gold anomalism.

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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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