TIDMWSBN
RNS Number : 6453A
Wishbone Gold PLC
26 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
26 September 2022
Wishbone Gold Plc
("Wishbone" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources
/ AQSE: WSBN
Anketell Gold Copper Project Magnetic Modelling
Patersons Range, Western Australia
Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to
announce it has completed a 3D magnetic inversion model on the
Anketell Gold-Copper Project (Figures 1-3) on which the company has
taken an option. The Anketell Gold- Copper Project is located 85km
north of the Company's Red Setter Gold-Copper Project in the
Patersons Range area in Western Australia.
Highlights:
-- A clear magnetic feature, interpreted to a possible late
stage intrusion, indicated by the magnetic modelling shows a higher
intensity target around 500m in diameter, within an overall target
area 1km in diameter. This starts less than 100m below surface
-- The target has not been tested by drilling previously
-- This presents a compelling drill target based on regional
mineralisation models from recent discoveries in the area
-- Antipa- Rio Tinto JV Ground surrounds tenure to north and
west and FMG Metals Group Ltd to the south
-- Antipa Citadel Project Farm in by Rio ($60M to earn 75% of Project)
-- Located 80km to the north of Newcrest's Telfer
Gold-Copper-Silver Mine and 40km to the east-south-east of Rio
Tinto's Winu discovery
Richard Poulden, Wishbone Gold's Chairman, commented, "The
results of this magnetic modelling provide a compelling drill
target at a shallow depth. This due diligence work indicates the
Anketell discrete bullseye magnetic feature, that is similar to
other known mineralised features in the district, definitely
warrants drill testing."
The Anketell Project is located 80km to the north of Newcrest's
Telfer Gold-Copper-Silver Mine and 40km to the east-south-east of
Rio Tinto's Winu discovery within the highly prospective Paterson
Province.
The Project consists of a single exploration licence application
E45/ 6198 covering an area of 10km(2) . The application was subject
to a ballot between seven companies including Greatland Gold PLC
and FMG Metals Group Ltd.
The Project is located within the northeast portion of the
Proterozoic Paterson Province. Basement geology is dominated by the
late Proterozoic Yeneena Supergroup which unconformably overlies
the earlier Proterozoic Rudall Metamorphic Complex and the Archaean
Pilbara Craton.
The Yeneena Supergroup has been intruded by Proterozoic (650 -
620Ma) granitoids of the Minyari and Mt Crofton Suites. The Mt
Crofton Suite represent fractionated I-Type granites, being largely
undeformed, weakly oxidized and magnetite - ilmenite bearing. High
background uranium and thorium contents are also reported from the
Suite. The Minyari Suite is less fractionated and rarely appears
magnetic.
Permian fluvio-glacial Paterson Formation sediments (less than
100m thick within the Project leases) unconformably overly the
Proterozoic stratigraphy. These Permian sediments extend into the
Canning Basin further to the east.
Significant gold, copper and uranium mineralisation has been
discovered in the Paterson Province with two world class deposits
(Telfer and Nifty) currently being mined, with the latest world
class discoveries of Havieron and Winu advancing towards
mining.
The 26Moz Telfer Gold Mine is located within 15km of outcropping
Mt Crofton I-Type granite rocks. Stratigraphically the deposit is
hosted by the Telfer Formation, an intercalated sandstone and
siltstone sequence, sandwiched between the Puntapunta Formation and
the underlying Malu Quartzite. The Formation is exposed within two
doubly plunging anticlines termed the Main and West Domes.
Mineralisation is epigenetic and occurs within quartz-sulphide
carbonate saddle reefs and stockwork in prepared dilational sites
caused by flexural slip along rheologically contrasting bedding
planes within the Telfer Formation.
The Nifty Copper Mine (1 Mt copper metal) is situated 70km west
of Telfer. Mineralisation is epigenetic and stratabound, hosted by
silicified carbonate and shale near the base of the Broadhurst
Formation.
Wishbone signed an exclusive 90 day option to acquire the
Anketell Project and has paid the vendors an option payment of
GBP25,000. Wishbone completed the magnetic modelling as part of due
diligence on the project. Assuming that Wishbone proceeds to
acquire the project, Wishbone will pay cash consideration to the
vendors (being Mining Equities Pty Ltd and David Lenigas) of
GBP50,000 and issue the vendors 2,170,795 new ordinary shares
(Acquisition Shares) at a deemed issue price of 14.75p being the
mid-market price when the deal was agreed. This equates to
GBP320,192.26.
Competent Persons Statement
The Information in this report that relates to exploration
results, mineral resources or ore reserves is based on information
compiled by Mr Edward Mead, who is a Member of the Australasian
Institute of Mining and Metallurgy. Mr Mead is a consultant to the
company and employed by Doraleda Pty Ltd. Mr Mead has sufficient
experience which is relevant to the style of mineralisation and
type of deposits under consideration and to the activity that he is
undertaking to qualify as a Competent Person as defined in the 2012
edition of the `Australian Code for Reporting Exploration Results,
Mineral Resources and Ore Reserves' (the JORC Code). Mr Mead
consents to the inclusion of this information in the form and
context in which it appears in this report.
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
Peterhouse Capital Limited
(Broker)
Lucy Williams and Duncan Vasey Tel: +44 20 7469 0930
Figure 1: Anketell Gold Copper Project location, highlighted in
white box, held by Mining Equities.
Figure 2: Total Magnetic Intensity image, with tenement boundary
in white and interpreted late-stage intrusive target circled in
red. Note the gold and silver mineralisation on a similar magnetic
feature (held by GGP) 5km to the north-west of the project area.
See Figure 3 for Magnetic 3D Inversion through the highlighted
magnetic feature.
Figure 3: Total Magnetic Intensity and 3D Inversion model on
section 7684450mN through the magnetic feature highlighted in
Figure 2. The Magnetic 3D Inversion model shows target is about
100m below surface (100mrl=200m below surface), and is up to 500m
in diameter, within an overall target area 1km in diameter.
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END
UPDPPUWPBUPPGUQ
(END) Dow Jones Newswires
September 26, 2022 06:25 ET (10:25 GMT)
Wishbone Gold (AQSE:WSBN)
過去 株価チャート
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から 12 2023 まで 12 2024
