WSBN Wishbone Gold Plc

TIDMWSBN

RNS Number : 4779Y

Wishbone Gold PLC

06 September 2022

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

6 September 2022

Wishbone Gold Plc

("Wishbone" or the "Company")

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

Significant Copper and Gold grades from drilling in Queensland, Australia

Confirmation from Wishbone first drilling program:

   --   At Halo: 

o thick intercepts of copper from surface such as 124m at 0.34% Cu, with higher grades of 1%-2% copper in oxide and deep primary zones.

   --   At Grassy Oaky: 

o zones of high gold-silver-copper within a zone of strong alteration of probable deep seated origin.

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to announce to the market the results from the Wishbone II Gold-Copper initial drill program at its 100% owned Wishbone II tenement in North Queensland. Highly encouraging Copper-Gold-Silver drill results have been received at the previously undrilled Halo and Grassy Oaky Prospects.

In June-July 2022, Wishbone Gold completed its initial reverse circulation percussion drill program at Halo, Halo East, Grassy Oaky prospect areas within EPM 18396, Wishbone II and Big Vein (EPM 19696 Wishbone IV). Results have been received from Intertek laboratory which included significant Cu-Au (and silver "Ag") mineralisation which was encountered at several of the prospect areas.

Figure 1: Reverse circulation percussion chip samples from primary copper rich zone, hole 22WBRC021: 91m-92m, this zone returned 2m at 2.91% Cu, 4 g/t Ag (91m-93m). Semi-massive chips of chalcopyrite associated with orange K-feldspar, magnetite and chlorite (probably after secondary biotite). Typical mineral and alteration assemblage from the potassic core zone of an intrusive related mineral system.

Figure 2 : Location of Wishbone Project, North Queensland, Australia.

Figure 3 : Map showing locations of Reverse Circulation drillholes drilled by Wishbone Gold May-June, 2022, Wishbone Project

Terra Search, the Company's prime geological consultants for Wishbone, report that this initial drilling indicates a copper mineralised system at Halo, where the central core of the system is associated with high temperature potassic alteration manifested as K-feldspar, magnetite and chlorite after probable secondary biotite alteration. The mineralisation style and alteration assemblages are similar in nature to the centres of deeper level porphyry/plutonic style or possibly Iron-Oxide Copper Gold (IOCG) systems. In the first program of drilling at Halo, Wishbone has intersected thick zones of copper from surface such as 124m at 0.34 % Cu, including oxide zones such as 19m at 0.99% Cu (Figure 4) and high primary copper grades at deeper levels such as 2m at 2.91 % Cu, 4 g/t Ag which occurs within a broader copper zone of 13m at 0.78% Cu.

Highlights of the program below:

HALO SOUTH EAST BOUNDARY PROSPECT

A significant copper zone was drilled from surface in hole 21, shown in cross section in Figure 5. The aggregate intercept from surface and mineralization highlights are as follows:

Hole 021: 124m at 0.34% Cu . (0m-124 m)

This includes an oxide zone from surface/ (Figure 4):

   --    19m at 0.99% Cu, 2 g/t Ag : (0m-19 m) 

A primary zone containing some chalcocite supergene:

   --    7m at 0.79% Cu, 3.5 g/t Ag : (19m-26 m) 

Combined the oxide supergene transition zone:

   --    11m at 1.29% Cu, 3.8 g/t Ag (15m-26 m) 

Higher grade sulphidic primary zones associated with K-feldspar and magnetite occur in deeper sections of hole 21:

   --    12m at 0.20% Cu (75m-87m) 

This Includes 1m at 0.78% Cu (79m-80m)

   --    13m at 0.79% Cu (87m-100 m) 

This includes 2m at 2.91% Cu, 4 g/t Ag (91m-93m)

   --    16m at 0.12% Cu (100m-116m) 

This includes 1m at 0.59% Cu (103m-104m).

Figure 4: Reverse circulation percussion chips from Halo SE, Hole # 21, copper oxide zone containing abundant malachite (from 0m-19m).

Figure 5 : Cross section of Halo SE drill traces with downhole Copper and Sulphur assay results and highlights of drilling intercepts.

HALO NORTH PROSPECT

A significant copper zone was drilled from surface in hole 8 shown in cross section in Figure 6. The aggregate intercept from surface and mineralization highlights are as follows:

111m at 0.15% Cu (1m-112m)

This includes an oxide zone:

   --    9m at 0.28% Cu, (4m-13 m) 

And includes primary zones:

   --    14m at 0.17% Cu (25m-39m); 
   --    6 m at 0.37% Cu (64m-70m); 
   --    15 m at 0.27% Cu (88m-103m); 
   --    2m at 0.56% Cu (135m-137m); 
   --    2m at 0.46% Cu (151m-153m) 

Other zones of with oxide and primary copper mineralisation:

HOLE 002 HALO North

Primary copper zone:

   --    2m at 0.16% Cu (35m-37m) 

HOLE 003 HALO North

Oxide copper zone:

   --    2m at 0.24% Cu (1m-3m) 

HOLE 004 HALO North

Primary copper zone:

   --    1m at 0.10% Cu (77m-78m) 
   --    2m at 0.10% Cu (94m-96m) 

HOLE 024 HALO North

Primary copper zone:

   --    10m at 0.34% Cu (37m-47m) 

Figure 6 : Cross section of Halo North drill traces with downhole Copper and Sulphur assay results and highlights of drilling intercepts.

GRASSY OAKY PROSPECT

The drilling conducted at Grassy Oaky intersected the outcropping quartz sulphide vein lode within a broad zone of strong quartz sericite alteration (Figure 7) shown in cross section in Figure 8 . The quartz textures, alteration assemblages and multi-element association have many similarities with the mesothermal granite hosted vein systems at Charters Towers and Hadleigh Castle. The encouraging sign is the 30m thickness of strong sericite-quartz alteration which suggests a greater size potential than the common narrow granite hosted vein systems relatively common throughout the Charters Tower Mineral Province. There is a fair chance that Grassy Oaky mesothermal style mineralisation will extend to significant depths if the alteration and lode thicknesses turn out to be comparable in thickness and style to those at Charters Towers and Hadleigh Castle.

Hole 028

Broad gold-copper zone

9m at 0.75 g/t Au, 0.20% Cu, 8.6 g/t Ag . (44m-53 m)

   --    2m at  0.3 g/t Au, 0.74% Cu, 32.2 g/t Ag . (44m-46m) 

High grade gold :

   --    1m at 5.72 g/t Au (52-53m) 

Hole 025

Moderate copper zone

   --    9m at 0.18% Cu, 5.6 g/t Ag . (83m-92m) 

Hole 026

Moderate copper -gold zone

   --    2m at 0.13 g/t Au, 0.28% Cu, 7.8 g/t Ag . (46m-48m) 

Figure 7: Reverse circulation percussion chips (44m-49m) from Grassy Oaky

Hole # 28: Quartz pyrite chalcopyrite veining within strong silica sericite alteration. Overall zone from 44m-53m returned 9m at 0.75 g/t Au, with 2m at 0.7% Cu, 32.2 g/t Ag between 44m-46m.

Figure 8 : Cross section of Grassy Oaky drill traces with downhole Copper and Sulphur assay results and highlights of drilling intercepts.

CITY OF MELBOURNE PROSPECT

During the planning of the drill program, rock chip sampling was carried out at the historic City of Melbourne gold workings in the northern sub-block of Wishbone 6 tenement (EPM27757). Excellent gold results were returned Table 1. The City of Melbourne was one of the larger historic mines in the area, producing gold in the 1900s. The mining dumps in the gold field stretch along strike for 700m as part of several parallel lodes (Figure 9).

Figure 9: Photo Historic mine dumps and workings from the 1890's, City of Melbourne.

Eleven rock chips samples of mine dump material and host rock types were collected and are presented in Table 1. Seven (7) of the samples returned elevated gold with six containing greater than 0.5 g/t Au up to a maximum high grade value of 9 g/t Au.

Lead was high in some samples returning over 0.5% Pb, which is encouraging in the context of the Charters Towers district where the highest grade gold is often associated with high lead in the form of galena.

The mineralization style, quartz textures and alteration at City of Melbourne are similar to those granite hosted, narrow but high grade plutonic level, mesothermal vein systems which historically produced multi-million ounces of gold in the Charters Towers district.

Table 1. Rock Chip Sample Results City of Melbourne, Wishbone 6 EPM27757.

 
                                                           Sample 
 Sample #   Au g/t   Lith Description                       Type     MGA_N     MGA_E 
                     Quartz vein through Sericite 
                      Altered Granite with minor           Mine 
  3014637     2.24    pyrite sulphide                       Dump     7795798   466011 
           -------  ------------------------------------  --------  --------  ------- 
                     Quartz Calcite veining through        Mine 
  3014638     0.10    granite                               Dump     7795833   465957 
           -------  ------------------------------------  --------  --------  ------- 
                     Narrow Quartz Veins through 
                      alt granite possibly sericite/ 
                      FeOx boxworks and vugs in veining    Mine 
  3014639     8.95    and alt granite                       Dump     7795802   466004 
           -------  ------------------------------------  --------  --------  ------- 
                                                           Mine 
  3014640     0.50   Quartz sulphide rich vein              Dump     7795712   466084 
           -------  ------------------------------------  --------  --------  ------- 
                     Sericite alt Granitic wall            Mine 
  3014641     0.06    rock                                  Dump     7795713   466084 
           -------  ------------------------------------  --------  --------  ------- 
                     Narrow QV through sericite            Mine 

  3014642     0.25    alt granite                           Dump     7795581   466186 
           -------  ------------------------------------  --------  --------  ------- 
                     Gossanous Quartz with minor 
  3014643     4.37    blebs of Galena and FeOx boxwork     Float     7795965   465839 
           -------  ------------------------------------  --------  --------  ------- 
                     Gossanous Quartz Vein with 
                      minor/trace galena/ Fe Ox boxworks 
  3014644     1.69    and minor sulphide                   Float     7795966   465841 
           -------  ------------------------------------  --------  --------  ------- 
                     Milky Quartz, very minor pyrite 
                      and trace galena, Large Mullock 
                      dump, medium grained hornblende      Mine 
  3014645     0.78    biotite granodiorite                  Dump     7795808   465980 
           -------  ------------------------------------  --------  --------  ------- 
                     Strong sericite alt biotite 
                      granodiorite/ pit containing 
                      pink K feldspar veining and          Mine 
  3014646     0.02    alteration, MAG SUS =0.16             Dump     7795882   465875 
           -------  ------------------------------------  --------  --------  ------- 
  3014647     0.01   Mafic Chloritic Dyke MAG SUS=0.1      Outcrop   7795882   465875 
           -------  ------------------------------------  --------  --------  ------- 
 

Wishbone Gold's Queensland exploration properties are situated in the highly prospective Charters Towers-Ravenswood district in north Queensland's premier gold province. They consist of 54 sub-blocks amounting to 174 km(2) of wholly owned licences and located only 10km from the 5 million oz Ravenswood gold mine.

Full technical details and news releases on the Wishbone II assets can be viewed on the Company's website at https://wishbonegold.com/projects/wishbone-ii-iv-vi/

For more information on Wishbone, please visit the Company's website. www.wishbonegold.com

Richard Poulden, Wishbone Gold's Chairman, commented, "We are extremely pleased with the initial drilling program on our Queensland tenements, which was designed to test areas with surface anomalies. Having hit several mineralized intercepts of over 1% copper and broader zones of potassic style alteration generally associated with the cores of intrusive related Cu-Au mineralised systems is tremendously promising at this early stage. Intersecting a 30m wide zone of strong alteration, associated with a gold-copper-silver- lode system at Grassy Oaky is also exciting, especially considering that these are the first ever drillholes into this prospect. We look forward to exploring our Queensland tenements further over the coming months."

Competent Person Statement:

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 2,4,6 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 completed at internationally recognised, independent, commercial laboratories. Internal 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: +971 4 584 
                                          6284 
 
 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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September 06, 2022 08:56 ET (12:56 GMT)