WSBN Wishbone Gold Plc

TIDMWSBN

RNS Number : 2987X

Wishbone Gold PLC

19 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

19 December 2023

Wishbone Gold Plc

("Wishbone" or the "Company")

Exercising option on Crescent East Lithium and Gold Project

in Pilbara Region of Western Australia

GOLD NUGGETS RECOVERED FROM DUE DILIGENCE

Issue of Shares and Total Voting Rights

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN) , is pleased to announce it has completed its due diligence on the Crescent East Lithium and Gold Project (the "Crescent East Project" ), located in the prolific gold area of Mosquito Creek, in the Pilbara Region of Western Australia ( Figures 3 - 5 ), located 260km south - east of Port Headland.

Highlights:

-- Geologists confirm the presence of significant gold nuggets on and within the Crescent East tenement package. ( Refer to Figures 1 and 2).

-- Option to acquire 100% of the tenements, as announced on 22 November 2023, will now be exercised.

-- Crescent East Lithium and Gold Project located in the heart of the Western Australian lithium boom area.

o 180 km from the Wodgina and Pilgangoora Lithium Mines

o 100km from the Global Lithium Archer deposit.

-- The tenements are well endowed with gold, with historical rock chip results from within the project area that include:

o 95.5g/t gold ("Au"), 91.8g/t Au, 117g/t Au (original + 2 assays) (#800284)

o 5.83g/t Au (#610058)

o 4.71g/t Au: (#610059)

o 4.33g/t Au (#610060).

   --    Lithium anomalism confirmed on southern boundary of E46/1464 

Richard Poulden, Wishbone Gold's Chairman, commented:

We are pleased to have exercised the option on the Crescent East project, and we will continue to secure more land in the highly sort after Pilbara area to cement Wishbone's future as a growing player in this exciting area. To have found gold and possible lithium structures before exploration has started is extremely promising."

Wishbone's geologists have completed a due diligence site visit to E46/1463, E46/1464 and E46/1294, which confirmed the presence of gold on the Crescent East tenements (Figure 1) and also verified gold nuggets recovered from within the Special Prospecting Licence within the Crescent East project area . (Figure 2) .

Figure 1: Sample of nuggets found on the Crescent East tenements (E47/1294 and E47/1463) confirming the presence of gold. The central larger nugget weighs 4 grams.

The tenements are within the Mosquito Creek Basin area which is attracting heightened exploration interest from several companies, include Novo Resources, which has in recent years mined gold at the Golden Eagle Mine. Novo's exploration leases, which have had successful recent exploration, have several major structures which continue into the Wishbone leases.

Novo has also explored for lithium with anomalism identified immediately to the south of and contiguous to E47/1464. This needs to be further explored by Wishbone with a geochemical sampling program.

Within the project area, Wishbone geologists also visited ( Figure 6-9 ) historical mining areas, including Parnell South along with several old mine adits and shafts, which are generally located along major geological structures.

In 2004, Wedgetail Exploration undertook limited drilling which confirmed gold mineralisation within E 46/1464. Approximately 200 soil and rock chip samples have been taken over both E46/1463 and E46/1464.

A review of this data, along with analysing geophysical and remote sensing data will be carried out prior to the next field trip.

Figure 2: Gold from within the Special Prospecting License (SPL) Coarse gold from dry blower operations

Project Tenure

The Crescen t East P r oject covers 157km(2) (Figures 3, 4 and 5) and is composed of three exp l oratio n licences E 46/1294 (application), E 46/1463 (Granted) and E46/1464 (Granted) . The tenements are currently owned by Mining Equities Pty Ltd and will be acquired by Wishbone Gold.

E 46/1463 (Granted) has tenement expenditure of $23k pa and expires on the 16/3/2028 and can be renewed.

E 46/1464 (Granted) has tenement expenditure of $20k pa and expires on the 20/3/2028 and can be renewed.

Project Geol o gy

The Crescent East Project sits within the Mo s quito Cree k Belt and is a typ i ca l Arch a ea n turbidit e -domi n ated, metasediment a ry thrus t belt i n whic h g o ld mineralisation is s t r u cturally con t rolled, with known pegmatites on the fringes of the basin near Nullagine, at White Quartz Hill.

Lithium mineralisation throughout the Pilbara appears to be in close association with gold deposits, and the exploration throughout the Mosquito Creek area for lithium being very limited to date. With a number of significant lithium projects around historic gold mining centres, the Crescent East Project area offers an early-stage entry into the heart of the area that is driving lithium exploration in Western Australia

T h e known gold mineralisation is controlled by f aults and quart z vein arrays that appear to h ave chan n elled gold-bearin g fluids awa y f ro m br o ader s h ear z ones, whic h are l o cate d n e arb y and recognised as the major conduit s for regional-scal e fluid flow.

In th e Nullagine Go l dfield th e singl e strongest indica t or fo r g old is density of quartz vei n stockwo r k and th e amount of sulphide minerals those veins contain.

Vein quartz stockwo r k occurs p r olifically at many locations within the project, however, ther e are a lso many o t her factors addit i onally ne e d e d t o be present that contribute to t h e gold grade and mineralisation extent for a stockwork system t o deve l op sufficiently to become an economic go l d resource.

The project area is l argely underlain by eas t -west trending, steeply dipping, interbedded sa n dstones, siltstones and shales of the Archaean Mosquito Creek Formatio n . Several n orth tre n ding dolerit e s c r oss cut the sediments throughout the tenement. The M osquito Creek sediments trend eas t -west i n the tenement with a series of west - north-west struc t ures cross cutting the sed i ment package.

Issue of Shares

Wishbone will issue 18,604,652 new ordinary shares of 0.1 pence each (the "Ordinary Shares") at a price of 2.15 pence per share which equates to GBP400,000 to pay the vendors (being Mining Equities Pty Ltd and CSI One Ltd).

Application will be made for the new Ordinary Shares, which will rank pari passu with the existing Ordinary Shares in issue, to be admitted to trading on AIM and the AQSE Growth Market ("Admission"). Dealings are expected to commence on or around 22 December 2023.

Total Voting Rights

The Company's total issued and voting share capital upon admission of the new Ordinary Shares will consist of 259,135,655 Ordinary Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company.

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 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.

Figure 3: Project Location, Access, and major Lithium Projects

Figure 4: Project Location, Access, and major Lithium Projects, over magnetics

Figure 5: Tenement Map

Figure 6: Project Geology, with tenements and tracked (Cyan) location of areas visited in the due diligence trip.

Figure 7: Parnell East Mine on E46/1464

Figure 8: Mine adit within E46/1294

Figure 9: Historic equipment E46/1294

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December 19, 2023 04:42 ET (09:42 GMT)