Drilling Update for Red Setter and Cottesloe
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR
12 October 2023
Wishbone Gold Plc
("Wishbone" or the "Company")
Drilling Update for Red Setter and Cottesloe
Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), announces that the Reverse Circulation ("RC") drilling program at its Red Setter project has been completed, with samples now en route to Intertek's laboratories, with assay results expected in the next 4-6 weeks.
As previously reported on 13th December 2022, initial assay results from Red Setter confirmed the geological observations of a broad hydrothermal system with gold and copper associated with quartz-carbonate-sulphide veins present within all lithology types, and often with breccia textures.
Diamond drilling starts at Wishbone's Cottesloe project in the next two weeks targeting the Sedimentary Exhalative ("SEDEX") base metal system previously reported. Raglan Drilling will be carrying out the work at Cottesloe and have extensive experience in the area.
The Cottesloe project is located around 55 km south of Newcrest Mining's Telfer gold mine and about 35 km south-east of the Red Setter project in the Paterson Range, Western Australia.
Richard Poulden, Wishbone Gold's Chairman, commented: "We are pleased that the latest drill program at Red Setter has been finished without event and look forward to the assay results providing further understanding of the hydrothermal system and the structure of the mineralisation. We are excited to start the diamond drilling campaign at Cottesloe which we anticipate will prove up a large base metal system."
As previously announced on 18th September 2023, highlights from the Cottesloe program include:
· Basin stratigraphy has been confirmed to be highly suitable for sediment hosted base metal mineralisation similar to that at nearby Cyprium Metal's Nifty (Cu) and Maroochydore (Cu-Co) mines and also the Mt Isa style (Zn-PbAg) deposits
· Large sulphidic and pyritic shale zones encountered with widths over 70m
· Initial onsite x-ray fluorescence spectroscopy ("XRF") results show elevated Cu (copper), Pb (lead), Zn (zinc), Co (cobalt), Ni (nickel), K (potassium), V (vanadium), Ti (titanium) present in RC drill chips
· Highly encouraging thick sulphide zone in hole 23CTRC0001 confirms the architecture and target zones are consistent with the exploration model
· RC pre-collar drilling program has been successfully completed with the aim of establishing water bores for diamond drilling and testing the upper parts of the geological model using RC
· The costs of the diamond drilling programme are to be 50% funded by the WA Government's EIS scheme up to a total of $220,000 of direct drilling costs.
· Nifty mineralisation style is being targeted at Cottesloe. Nifty has produced more than 700Kt of copper metal with a further 940Kt in resource
For more information on Wishbone, please visit the Company's website https://wishbonegold.com/
END
For further information, please contact:
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Wishbone Gold PLC |
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Richard Poulden, Chairman |
Tel: +971 4 584 6284 |
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Beaumont Cornish Limited |
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(Nominated Adviser and AQUIS Exchange Corporate Adviser) |
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Roland Cornish/Rosalind Hill Abrahams |
Tel: +44 20 7628 3396 |
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SP Angel Corporate Finance LLP |
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(Broker) |
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Ewan Leggat / Kasia Brzozowska |
Tel: +44 20 3470 0470 |
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Soho Communications Ltd |
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(Financial PR) |
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George Hudson |
Tel: +44 7803 603130 |
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