The Peregrine Gold Ltd (ASX: PGD) share price is rising 30.51% today and currently trading at 38.5 cents.

Let's take a look at what could be impacting this ASX gold share today.

What's happening?

Peregrine is a gold and lithium explorer working on multiple projects in Western Australia.

Investors are buying up Peregrine shares today on the back of news from the company's Newman Gold Project in Western Australia.

Ultra high-grade gold and silver were discovered within the Birdnest Prospect.

Gold grades of up to 122,497 grams per tonne and silver grades of up to 26,234 grams per tonne were returned from sampling of a quartz-ironstone vein exposed by costeans at the prospect.

Further, rock sampling at the Pensinula Prospect returned grades of up to 247 grams per tonne of gold and 63 grams per tonne of silver.

Commenting on the news, Peregrine technical director George Merhi said:

Our work at the Newman Project continues to identify ultra-high-grade gold and silver mineralisation.

This costean programme conducted after the RC drilling has provided valuable information on the orientation of the mineralisation in 2D.

This style of mineralisation now requires precise surgical diamond drilling to resolve continuity in 3D or down plunge. Additional costeans will now also be cut at Peninsula as we prepare for diamond drilling in Q1 23.

Peregrine share price snapshot

The Peregrine Gold share price has risen 4% in the last year.

Peregrine has a market capitalisation of $14.92 million based on the current share price.

The post Why did this ASX gold share just rocket 31%? appeared first on The Motley Fool Australia.

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.