Positive Update on Wishbone II and White Mountain

RNS Number : 9206M

Wishbone Gold PLC

24 September 2012

 



Wishbone Gold Plc / Index: AIM / Epic: WSBN / Sector: Natural Resources

24 September 2012

Wishbone Gold Plc ('Wishbone Gold' or 'the Company')

Positive Update on Wishbone II and White Mountain Gold Projects

Wishbone Gold plc, an exploration and acquisition company focussed on precious metals, is pleased to announce encouraging geochemical results from a preliminary reconnaissance sampling programme at the Company's two initial projects, Wishbone II and White Mountain, both located in Queensland, Australia.  The results, which demonstrate the presence of anomalous metals including gold on the tenements, support the Board's confidence that the licence areas are prospective for gold and other metals.

Two areas were sampled on the 6,300 hectare Wishbone II licence during the visit by personnel from Terra Search Pty Ltd and from I2M Associates. The locations visited and sampled are illustrated here:

http://www.wishbonegold.com/images/stories/wishbonegallery/wbgapplications2012samples.jpg 

The first sample was collected from a thin NE-striking vein north of The Bluff Area and indicated anomalous metals including 2.28ppm of gold in addition to arsenic, manganese and vanadium. The second sample was taken from a thin vein outcrop from the central area of the licence and indicated anomalous metals including 593ppm copper in addition to manganese, antimony and vanadium.  These and additional results have been plotted on a logarithmic vertical scale and can be viewed on the Company's website at: http://www.wishbonegold.com/operations/phot-gallery.html. 

Six sample areas were selected on the 4,800 hectare White Mountain licence, as illustrated here:

http://www.wishbonegold.com/images/stories/wishbonegallery/whitemtsamples.jpg 

Of these samples, an outcrop sample from the general area of the Jubilation Workings indicates anomalous metals including 1.46ppm gold in addition to arsenic, copper, manganese and antimony.  A sample from the Clements Workings from a gossanous vein indicates anomalous metals including 3.50ppm gold and 3.79% copper in addition to elevated arsenic, tungsten and zinc.  A sample from the Edwards Workings indicates anomalous metals including 1,150ppm copper, and 3.62% antimony.  The results for these metals and others have been listed and plotted on a logarithmic vertical scale and can be viewed on the Company's website at:

http://www.wishbonegold.com/operations/phot-gallery.html. 

The preliminary reconnaissance sampling results can be viewed below

(WBII=Wishbone II Area and WM=White Mountain Area):

Tenement/Location	Au ppm	Ag ppm	As ppm	Cu ppm	Fe %	Mn ppm	Sb ppm	V ppm	W ppm	Zn ppm
WBII- N. Bluff Area	2.28	0.8	73	29	4.03	2,860	21	36	-10	28
WBII- Central Area	0.01	0.3	9	593	10.6	243	168	306	-10	35
WM- Jubilation	1.46	1.2	1,635	89	3.29	59	127	16	-10	26
WM- Clements	3.50	4.3	223	>10,000	29.7	66	12	58	110	351
WM- Diecon	0.02	0.6	15	197	17.2	302	3	84	-10	39
WM- Diecon	0.02	0.5	18	416	13.15	154	7	64	-10	23
WM- Edwards	0.08	0.4	20	1,150	1.35	53	>10,000	7	-10	18
WM- W Clements	021	0.2	611	13	1.94	42	134	10	-10	9

Richard Poulden, Executive Chairman of Wishbone Gold said "The prolific nature of the multi-element mineralisation at both Wishbone II and White Mountain is increasingly evident as demonstrated in these preliminary sampling results.  We now intend to move forward and generate drill targets through further sampling and ground magnetics in order to gain a clearer understanding of the resource potential of these exciting projects."

This announcement has been reviewed by Michael D. Campbell, Chief Geologist for I2M Associates, LLC in Houston, Texas, and independent consultant to Wishbone Gold plc. He is a Fellow in the Society of Economic Geologists (SEG), a Registered Member in the Society of Mining, Metallurgy, and Exploration (SME), and a Fellow in the Geological Society of America. He is also a Licenced Professional Geologist in the States of Texas, Washington, Wyoming, Mississippi, and Alaska, and is a Certified Professional Geologist in the American Institute of Professional Geologists (AIPG) and a Certified Professional Hydrogeologist in the American Institute of Hydrology (AIH), among other societies and associations. Mr Campbell meets the definition of a "qualified person" as defined in the AIM Note for Mining, Oil and Gas Companies.

The geological opinions are based in part on the advice provided by Wishbone Gold's primary consultant, Terra Search Pty Ltd. in Townsville, Qld. and with the independent technical oversight provided by I2M Associates, LLC in the USA.

**ENDS**

For further information please contact:

Richard Poulden	Wishbone Gold plc	Tel: [phone] [e-mail]
Edward Mansfield Dru Danford Patrick Castle	Shore Capital & Corporate Ltd Shore Capital & Corporate Ltd Shore Capital & Corporate Ltd	Tel: [phone] Tel: [phone] Tel: [phone]
Susie Geliher Frank Buhagiar	St Brides Media & Finance Ltd St Brides Media & Finance Ltd	Tel: [phone] Tel: [phone]

 

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