TIDMWSBN
RNS Number : 3536I
Wishbone Gold PLC
12 August 2021
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.
Please click the following link to view the figures and
illustrations included in the below announcement:
https://wishbonegold.com/wp-content/uploads/2021/08/WSBN-RNS-210812-Wishbone-6-Granted-lm2q.pdf
12 August 2021
Wishbone Gold Plc
("Wishbone" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources
/ AQSE: WSBN
NEW TENEMENT GRANTED IN HIGHLY ENDOWED GOLD/COPPER DISTRICT
Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), today announces that
the Queensland Government has accepted the Company's proposal to
take on additional land under the current Wishbone II EPM. Wishbone
II was recently presented by Dr. Simon Beams at the Australasian
Institute of Mining and Metallurgy Conference ("AusIMM") in Cairns,
Australia, drawing comparisons to the geological setting and
geochemical associations at the nearby Ravenswood Gold Deposit with
its endowment of 5-million-ounces of gold production in Queensland,
Australia.
This is the latest addition to the Wishbone Project and comes on
the back of the recent renewal of the adjoining EPM 18396 for 5
years. Fig 1 shows that the Wishbone Project now consists of 54
sub-blocks amounting to 174 km(2) of highly prospective ground in
the Charters Towers-Ravenswood district, north Queensland's premier
gold province.
-- Key Exploration Targets are:
o Intrusive-related gold systems, these can be associated with
breccias and regarded as having high-level sub-volcanic (porphyry)
affinities, e.g., Mt Leyshon and Ravenswood/Mt Wright.
o Granite hosted vein and alteration systems similar to the
nearby Ravenswood district, where the total gold field has an
endowment of 5 to 7 million ounces of gold.
o Granite-hosted mesothermal gold veins often classed as
"plutonic" e.g., Charters Towers, but also includes the nearby
Hadleigh Castle Mine and Rishton Mine Corridor.
-- Encouragement for these targets developed from the presence
of a number of known gold mineral occurrences and old gold mines
within the sub-blocks of EPM 27757 such as Himalaya North Extended
and City of Melbourne historic mines.
-- Wishbone Gold/Terra Search's development of a new copper
mineralisation style for the district as demonstrated at the Halo
prospect within Wishbone II EPM 18396. Greisen and vein hosted
copper is associated with the roof zones of mineralised intrusives
in the area and may represent the core of a mineralising fluid
pathway that extends outwards into gold bearing zones.
-- Reprocessing of regional geophysical data sets undertaken
during desk top studies related to Wishbone Gold's assessment of
the district has identified several distinct magnetic anomalies,
which are underexplored in terms of follow up ground magnetic
coverage as well as and surface geochemical sampling (Fig 2).
Fig 1. EPM 27757 recently granted, latest addition to Wishbone
Project, adjoins to EPM18396 recently renewed with Queensland
Department of Resources for 5 years. occurs between Ravenswood
& Charters Towers, both 5-6 million ounce plus gold fields in
north Queensland. - see link above to view
Fig 2. Regional merged open file RTP aeromagnetics with
isosurfaces of magnetic susceptibility overlain (+200, 150, 100, 50
x 10-3SI). Wishbone Project area, processing by Barry Bourne,
Principal Geophysicist, Terra Resources. Data Source: Geological
Survey of Queensland (GSQ). - see link above to view
Richard Poulden, Wishbone Gold's Chairman, commented; "We are
excited to acquire a block such as this, considering how
paradoxically underexplored the region has been, given its
gold-copper endowment. Technology has come a long way in the last
few years, and we look forward to continuing to grow with it. With
Wishbone II having the same geological make up as the 5 million
ounce Ravenswood deposit, we are looking forward to starting the
drill program."
About the Wishbone Projects - Queensland Australia
As previously reported regarding Wishbone II, high-grade surface
rock-chip samples with assays at surface up to 25.2 grams per tonne
gold ("g/t Au") have been recorded at the Hanging Valley prospect
and 7.32 g/t Au were recorded at the Oaky Mill prospect on the
licence.
The Wishbone II, IV, VI projects are a sizeable 174 km2 100%
owned group of Exploration Licences in the Mingela area located
about 80km south of the major Queensland port city of Townsville.
As previously reported by the Company, the area is bounded by a
large shear zone structure along which historical gold
mineralisation has been encountered.
The Wishbone II, IV, VI projects is situated between two
producing gold projects, Charters Towers Gold Project to the west
and Ravenswood to the east.
Full technical details and news releases on the Wishbone II
assets can be viewed on the Company's website at
https://wishbonegold.com/ .
For more information on Wishbone, please visit the Company's
website.
www.wishbonegold.com .
The information in this report that relates to the reporting of
exploration results has been compiled Dr Simon D. Beams, a
full-time employee of Terra Search Pty Ltd, geological consultants
employed by Wishbone Gold Pty Ltd to carry out exploration over
their White Mountain and Wishbone 2,4 and 6 EPMs. Dr Beams has BSc
Honours and PhD degrees in geology; he is a Member of the
Australasian Institute of Mining and Metallurgy (Member #107121)
and a Member of the Australian Institute of Geoscientists (Member #
2689). Dr Beams has sufficient relevant experience in respect of
the style of mineralization, the type of deposit under
consideration and the activity being undertaken to qualify as a
Competent Person within the definition of the 2012 Edition of the
AusIMM's "Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves". Laboratory analyses were
carried out at internationally recognised, independent, commercial
laboratories. All results reported here for the first time have
been accompanied by industry standard QA/QC checks.
END
For further information, please contact:
Wishbone Gold PLC
Richard Poulden, Chairman Tel: +44 7551 863
830
Beaumont Cornish Limited
(Nominated Adviser and AQUIS Exchange
Corporate Adviser)
Roland Cornish/Rosalind Hill Abrahams Tel: +44 20 7628
3396
Peterhouse Capital Limited
(Broker)
Lucy Williams and Duncan Vasey Tel: +44 20 7469
0930
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END
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August 12, 2021 02:00 ET (06:00 GMT)
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