TIDMWSBN
RNS Number : 5371V
Wishbone Gold PLC
04 December 2023
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
4(th) December 2023
Wishbone Gold Plc
("Wishbone" or the "Company")
Mineralisation over 3km strike at Red Setter
Wishbone Gold Plc (AIM and AQSE: WSBN) announces an update on
the results of this year's exploration programme and updated
modelling efforts at its Red Setter prospect located in the
Paterson Range in Western Australia.
The results confirm a significant gold system with a mineralised
strike over 3km.
The first stage of drilling six holes (as referred to in the
announcement of 12 October) to target depths of 400m-500m has been
completed. The holes have been pre-collared to depths up to 342
metres with reverse circulation (RC) drilling; the RC rig has now
been demobilised. These holes will be completed to their final
target depth with a diamond drill rig, with this second stage of
the drill programme expected to take place next year.
When these holes have reached their target depths they will be
testing new geophysics targets from airborne MMT, ground ANT and IP
surveys completed earlier this year (Figure 1). The holes have been
drilled across a domal structure interpreted by Expert Geophysics
to be an analogous structural setting to the world class Telfer
Dome Cu-Au system, located only 10km to the north-east of Red
Setter.
Select drill holes will now be used for diamond tails and
Wishbone's geophysical consultants remain expectant on their
targets.
Richard Poulden, Wishbone Gold's Chairman, commented:
"Considering Telfer is one of the largest gold mines in Australia
and has an average gold grade of only 0.5g/t, our experienced
consultant geologists are saying that Red Setter looks highly
promising as a gold project of real potential scale and size with
mineralisation now encountered over a 3km strike. We look forward
to continuing this drill programme once the diamond drill rigs
mobilise to site next year."
The modelling of last year's drill program (as originally
announced on 12 December 2022) shows some high-grade intersected
close to surface mineralisation within wide lower grade intercepts
over a strike length of over 3km, (Figure 1) including:
-- 18m @ 0.49g/t Au and 0.004% Cu from 308m in WRSDD0015
Including 5m at 1.2g/t Au and 0.002% Cu from 319m
-- 1m @ 3.73 g/t Au and 0.1% Cu from 191m in WRSDD0015
-- 14m at 1.0g/t Au and 0.2% Cu from 266m in WRSDD0008
Including 7m at 2g/t Au and 0.38% Cu from 273m
And 1m at 6.4g/t Au and 0.69% Cu from 273m
-- 25m at 0.28g/t Au and 0.11% Cu from 195m in WRSDD0006
Including 1m at 5.4g/t Au and 0.26% Cu from 198m
-- 3m at 0.18g/t Au and 0.82% Cu from 166m in WRSDD0006
Including 1m at 0.27 g/t Au and 2.27% Cu from 166m
-- 1m at 6.48g/t Au and 15 ppm Cu from 246m in WRSDD0009
-- 10m at 0.48g/t Au and 0.03% Cu from 117m in WRSDD0011
Including 1m at 3.2g/t Au and 0.06% Cu from 122m
Results in drilling to date have shown minor silicification and
veining with trace sulphides. Minor elevated Cu to 949ppm was
returned in 23RSRC006 at 147m which may be related to the
hydrothermal system intersected last year to the immediate north of
this drilling.
Figure 1 Red Setter project drilling and interpreted geology.
Drill traces show Au >0.2g/t with the magnetics underlain.
The mineralised intersections to date are spatially related to a
dioritic intrusive although the connection between the intrusive
and the mineralisation is still being determined. The veining
consisted mainly of quartz, pyrite and chalcopyrite with some
carbonate. The veining is similar to the ore at Telfer where the
combination of bedding concordant reef veins and discordant veins
have produced a very large gold copper system (>30Moz). The
extensive zone of hydrothermal activity including wide zones of
vein stockworks is highly encouraging. There are also strong
similarities with the structural settings, with large anticlinal
and domal structures present that can focus the hydrothermal
fluids. The cover in the area which is mostly in the range of
50-100m depth means that the full understanding of these systems
requires good geological management and a systematic approach.
The timing of the follow-up second phase diamond drilling
programme at Red Setter will be announced prior to commencement
early next year. This year was a late start to the drilling
campaign following a cyclone in April that passed directly over the
project. The first priority for the year was the RC drilling of the
new geophysics targets to the south (Figure 1) and with the
extensive drilling at Cottesloe still underway, it was not possible
to complete any further drilling at Red Setter.
Final
Hole ID MGA E MGA N RL Dip Azimuth Depth
23RSRC001 399792 7586962 288 -70 210 300
------- -------- ---- ---- -------- -------
23RSRC002 399901 7587241 288 -60 200 312
------- -------- ---- ---- -------- -------
23RSRC003A 399953 7587387 288 -60 200 270
------- -------- ---- ---- -------- -------
23RSRC004 400002 7587525 288 -60 200 342
------- -------- ---- ---- -------- -------
23RSRC005 400101 7587797 288 -70 200 269
------- -------- ---- ---- -------- -------
23RSRC006 399910 7588146 288 -60 200 246
------- -------- ---- ---- -------- -------
For more information on Wishbone, please visit the Company's
website.
www.wishbonegold.com.
END
For further information, please contact:
Wishbone Gold PLC
Richard Poulden, Chairman Tel: +971 4 584
6284
Beaumont Cornish Limited
(Nominated Adviser and AQUIS Exchange
Corporate Adviser)
Roland Cornish/Rosalind Hill Abrahams Tel: +44 20 7628
3396
SP Angel Corporate Finance LLP
(Broker)
Ewan Leggat / Kasia Brzozowska Tel: +44 20 3470
0470
Soho Communications Ltd
(Financial PR)
George Hudson Tel: +44 7803 603130
Competent Persons Statement
The information in this report that relates to the reporting of
exploration results has been compiled by Mr David Jenkins, a full
time employee of Terra Search Pty Ltd, geological consultants
employed by Wishbone Gold PLC. Mr Jenkins is a Member of the
Australian Institute of Geoscientists and has sufficient experience
in the style of mineralisation and type of deposit under
consideration and the activity which they are undertaking to
qualify as Competent Persons as defined in the 2012 Edition of the
Australasian Code for Reporting of Exploration Results, Minerals
Resources and Ore Reserves ("JORC Code"). Mr Jenkins consents to
the inclusion in the report of the matters based on the information
in the form and context in which it appears.
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END
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