TIDMWSBN
RNS Number : 7429M
Wishbone Gold PLC
18 September 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
18(th) September 2023
Wishbone Gold Plc
("Wishbone" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources
/ AQSE: WSBN
Drilling update for Cottesloe Project
Confirmation of Sediment Hosted Base Metal Mineralised
System
Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to
announce an update on the findings of the first phase of the
drilling program comprising five reverse circulation holes which
has taken place at Cottesloe in recent weeks. The drill results
reinforce those announced by the company in May, namely that
Cottesloe has significant mineralisation potential and is
considered highly prospective for precious and base metals.
The Cottesloe Project is located around 55 km south of Newcrest
Mining's Telfer Gold Mine and about 35 km south-east of Wishbone's
Red Setter Project in the Paterson Range province of Western
Australia.
Richard Poulden, Wishbone Gold's Chairman, commented: "It is
great news to have the first stage of the drilling program
completed at Cottesloe which has highlighted again the significant
mineralisation potential of this asset. The imminent diamond
drilling work, part funded by the Western Australian Government,
should also reveal the scale of Cottesloe and the merit of the
exploration model."
Highlights from the Program:
-- Basin stratigraphy has been confirmed to be highly suitable
for sediment hosted base metal mineralisation similar to that at
nearby Cyprium Metals Nifty (Cu) and Maroochydore (Cu-Co) mines and
also the Mt Isa style (Zn-Pb-Ag) deposits.
-- Large sulphidic and pyritic shale zones encountered with widths over 70m
-- Initial onsite XRF ( X-ray fluorescence spectroscopy) 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
-- Reverse Circulation ("RC") pre-collar drilling program has
been successfully completed with the aim of:
o establishing water bores for diamond drilling; and
o testing the upper parts of the geological model using RC
-- Diamond drilling to start in the coming weeks and costs 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
Comments on Reverse Circulation pre-collar drilling at
Cottesloe:
Two holes (23CTRC001 and 23CTRC005) reached target zones with
pyritic black shales intersected in both holes. 23CTRC001
intersected pyrite over a wide zone from 72-148m with the zone from
112-121 metres showing the strongest sulphide zone. 23CTRC005
intersected pyritic shales towards the base of the weathered zone
(89-90m) within ferruginous clays that may be weathered pyritic
shales from 65m. There was also stronger pyrite within black shales
from 124-145m, with disseminated pyrite throughout the hole. Drill
chips have been sent to the lab for analysis with results due in
6-8 weeks.
The pyrite varies from disseminated spot occurrences to semi
massive zones within black shales. This unit is a primary target
and it is hoped that the assaying on these samples will provide a
vector to the most strongly mineralised zones within this highly
prospective basin. This unit may also be a corollary to the Pyrite
marker bed seen in the hanging wall to the Nifty
mineralisation.
The information gained to date is highly encouraging, confirming
the overall exploration model for a major sediment hosted
system.
Figure 1 : Sulphidic material from 23CTRC0001 -128m
Figure 2 : Cottesloe Project Summary
Figure 3 : Plan view of th4e Cottesloe syncline showing current
drilling
Figure 4 : Section A with interpreted geology on section
Figure 5 : Section B with interpreted geology -thick pyritic
zone intersected in 23CTRC0001
Figure 6 : Section C showing new Drilling through historical
Zn/Co Anomalies
For more information on Wishbone, please visit the Company's
website.
www.wishbonegold.com .
END
Technical Glossary
Pyrite shales - Pyrite is the most common of sulfide minerals
and is widespread in igneous, metamorphic, and sedimentary rocks.
https://www.atlantictesting.com/expansive-pyritic-shale-a-geotechnical-concern-2/
Black Shales - also called Carboniferous Shale , variety of
shale that contains abundant organic matter, pyrite, and sometimes
carbonate nodules or layers and, in some locations, concentrations
of copper, nickel, uranium, and vanadium
For further information, please contact:
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
J&H Communications Ltd
(Financial PR)
George Hudson Tel: +44 (0)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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September 18, 2023 02:00 ET (06:00 GMT)
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