RCS - Wishbone Gold PLC - Presentation of Findings at Red Setter

Wishbone GoldAnnouncement

29/10/2024 07:00

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RNS Number : 0124K  Wishbone Gold PLC  29 October 2024

29(th) October 2024

 

Wishbone Gold Plc

("Wishbone" or the "Company")

Index: AIM: WSBN / Sector: Natural Resources / AQSE: WSBN

 

Presentation of findings and 3D modelling techniques used by Expert Geophysics
Pty Ltd at Red Setter

 

Further to its announcement on 17(th) September 2024, Wishbone Gold Plc is
pleased to share the key elements of the presentation regarding exploration
findings at its Red Setter prospect given by Expert Geophysics Pty Ltd ("EGL")
at the Australian Society of Exploration Geophysicists ("ASEG") DISCOVER
Symposium 2024 which was held from 15(th) - 18(th) October in Tasmania.

 

The information disclosed followed interpretation of the Mobile
Magnetotellurics Survey ("MobileMT") data conducted by EGL last year. Red
Setter is located in the Paterson Range in Western Australia and neighbours
Newcrest's Telfer gold mine, one of the most productive resources in the
region.

 

The summary of findings as presented by EGL were as follows:

 

·    The application of the airborne natural electromagnetic field method
in the Red Setter prospect area yielded promising results, demonstrating the
technique's potential in regions with extensive cover.

·    The study successfully mapped subsurface structures and identified
zones of potential mineralization, guided by the structural features similar
to the nearby Telfer deposit.

·    The key take-away is the identification of a prominent resistive
dome-like structure, which is correlated with gravity anomaly and interpreted
as a potential target for further exploration.

 

The Red Setter survey area is situated in the Isdell Formation carbonate rocks
of the Paterson Orogen. The area is under extensive cover of Permian Formation
with 80m thickness in average.

 

The closest significant deposit is Telfer, which is located 13 km to the north
east of Red Setter. It has gold-copper mineralization which is related to
stratiform to stratabound quartz-carbonate sulfide reefs as developed in the
Telfer Dome structure.

 

Drilling was concentrated in the main magnetic anomaly area with 12 holes. The
extensive zones of mineralisation include quartz-carbonate sulphide veins with
albitic alteration. Sulphides are pyrite-chalcopyrite with rare pyrrhotite,
bornite and arsenopyrite. Gold mineralisation intersected in both holes
WRSDD0010 and WRSDD0011.

 

After the natural field data inversion, it was found to be similar to Telfer's
structural patterns. The right side of the image shows Telfer's dome structure
in plan view and the section.

 

 

The regional gravity analysis identified that both Telfer and Red Setter
structures are related to gradients with low gravity anomalies but with subtle
local highs (see image below)

 

 

The conductive and resistive anomalies axes are traced based on the algorithm
of adaptive energy filtering. It enables the identification of correlated
signals with various spectral-correlation characteristics. The adaptive energy
filtering is executed on apparent conductivity grids for selected frequencies,
and the results are combined into one map.

 

 

Richard Poulden, Wishbone Gold's Chairman, commented: "As highlighted at the
ASEG conference, the techniques and data insights provided by EGL using
MobileMT are transformational as they allow the industry to understand in far
greater detail what lies under the ground.  These findings reinforce the fact
that Red Setter has a 3km strike with impressive gold grades near surface and
a clear picture of the possible origins of the gold and copper deposits. I
look forward to the next stage in Red Setter's exploration programme buoyed by
the value-added insights provided by these findings."

 

For more information on Wishbone, please visit the Company's website.
www.wishbonegold.com (http://www.wishbonegold.com) .

 

END

For further information, please contact:

 

 Wishbone Gold PLC
 Richard Poulden, Chairman       Tel: +971 4 584 6284

 Tavira Financial Limited
 (Broker)
 Chris Kipling                   Tel: +44 20 3833 3742

 SP Angel Corporate Finance LLP
 (Broker)
 Ewan Leggat                     Tel: +44 20 3470 0470

 Soho Communications Ltd
 (Financial PR)
 George Hudson                   Tel: +44 78 0360 3130

 

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