REG - Wishbone Gold PLC - Confirmation of Hydrothermal Gold & Copper System

Wishbone GoldAnnouncement

13/12/2022 08:45

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RNS Number : 5234J  Wishbone Gold PLC  13 December 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

 

 

 13 December 2022

 

Wishbone Gold Plc

("Wishbone" or the "Company")

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

 

Confirmation of Hydrothermal Gold and Copper System

Gold Grades (Au) up to 6.4g/t and Copper (Cu) over 2.27%

Red Setter Project, Patersons Range, Western Australia

 

 

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to announce positive
first assay results from the maiden drilling program at the Company's Red
Setter Gold-Copper Project in the Patersons Range area in Western Australia.

 

Initial assay results have confirmed the geological observations of a broad
hydrothermal system with gold and copper associated with
quartz-carbonate-sulphide veins (Figure 3) present within all lithology types,
and often with breccia textures (Figures 4, 5 and 6).

A recently completed gravity survey (Figure 1 and 2) combined with the
previously completed magnetic survey, indicates the scale of the hydrothermal
system with structures extending over a strike in excess of 3km, with depths
ranging from 50m->2,000m.

Mineralisation shows similarities to the Telfer system 13km to the Northeast
of the prospect (Figure 7). Higher grade assays and wide intercepts received
so far include:

 

·    14m at 1.0g/t Au and 0.2% Cu from 266m in WRSDD0008

Including 7m at 2g/t Au and 0.38% Cu from 273m

And 1m at 6.4g/t Au and 0.69% Cu from 273m

·    25m at 0.28g/t Au and 0.11% Cu from 195m in WRSDD0006

Including 1m at 5.4g/t Au and 0.26% Cu from 198m

·    3m at 0.18g/t Au and 0.82% Cu from 166m in WRSDD0006

Including 1m at 0.27 g/t Au and 2.27% Cu from 166m

·    1m at 6.48g/t Au and 15 ppm Cu from 246m in WRSDD0009

·    10m at 0.48g/t Au and 0.03% Cu from 117m in WRSDD0011

Including 1m at 3.2g/t Au and 0.06% Cu from 122m

Richard Poulden, Wishbone Gold's Chairman, commented;

"We are extremely happy to have hit a mineralised system at Red Setter, with
some initial wide spaced drill holes intersecting gold and copper
mineralisation, over a current strike length of 2km. This remains open in all
directions and indicates significant potential for size and scale.  Every
hole drilled so far has returned mineralised core indicating a broad
hydrothermal system that has similarities to the 15moz Telfer gold system 13km
to the north east."

 

"I am also pleased to announce that an airborne Mobile MT geophysical survey
is currently underway. The survey looks for sulphide enrichment and will
assist with target refinement for further drilling as we look to pinpoint the
core of the system."

 

To date, 15 Diamond holes and one water bore have been completed for a total
of 6,348m (Figure 2).  Drilling was concentrated in the main magnetic anomaly
area with 12 holes (1 hole has assays pending) with 3 holes drilled into the
Northern magnetic target (assays pending).   These initial 2 priority target
areas were first drilled based on magnetic data, and then refined on
information gained from a ground gravity survey, with geochemical targets yet
to be assessed.  The targets sit below 50-80m of sedimentary cover, which is
significantly less than many targets in the province.

Gold results have been received for the first 11 drillholes along with
preliminary pXRF results for Cu and a wide suite of minerals.  A full list of
significant intercepts is provided in Table 1.  The Copper results are being
confirmed for all samples returning greater than 500 ppm Cu and where
chalcopyrite was observed using a 4 acid digest and OES finish.  Results on
these are expected in the next few weeks.

Assay results are highly encouraging with broad areas of results > 0.1 g/t
Au (Fire Assay) and/or 0.1% Cu (pXRF) with anomalous zones in all holes to
date.  These levels of gold and copper confirm the presence of a large
hydrothermal system over a strike length of at least 2km and a width of
400m.  The integration of these results with the geological knowledge
gathered and the geophysics results will help in defining the vectors to
further mineralisation.

The extensive zones of mineralisation include quartz-carbonate sulphide veins
with albitic alteration (Figures 3 - 6).  Sulphides are pyrite-chalcopyrite
with rare pyrrhotite, bornite and arsenopyrite.  Initial geological
interpretations based on the drilling and the geophysics indicate that the
mineralisation is within a broad anticlinal structure with a north-east
dipping, diorite intrusive dykes subparallel to the axis of the anticline.

A geophysical airborne mobile MT survey is currently underway, with the aim of
mapping the conductivity of the entire Red Setter licence. This can
potentially identify areas of higher sulphide content. This program has been
brought forward due to the mineralisation identified to date, similarities to
Telfer, and the availability of the survey system before it departs Australia.
The system has been used successfully by other operators in the Patersons and
was recommended by Southern Geoscience Consultants.

 

The Red Setter Project is situated on the 57.4km(2) wholly owned exploration
licence EL45/5297 and is located 13 km south-west of Newcrest Mining's Telfer
Gold-Copper Mine and 60km west of Newcrest and Greatland Gold's Havieron
gold-copper discovery (Figure 8).

 

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

 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

 

 

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.

 

 

Figure 1:  3D model of Gravity inversion showing the scale of multiple
underground anomalies over 2km strike

 

Figure 2:  Drillhole locations and summary of results to date, with magnetic
and gravity anomalies

 

Figure 3: Mineralisation quartz-carbonate-sulphide vein WRSDD0006 395-396m -
5.29 g/t Au 0.06% Cu

Figure 4: Mineralised core WRSDD0008 276.25m with 1.37g/t Au and 0.72% Cu

 

Figure 5: Mineralised core WRSDD0006 166.5-166.8m 0.27 g/t Au and 2.27% Cu

Figure 6: Core showing Au at 6.44g/t and Cu 0.70%

 

Figure 7: Example of Quartz-carbonate sulphide reef in drill core at Telfer
(Source: Mike Porter 2019, Website:
http://portergeo.com.au/database/mineinfo.asp?mineid=mn224
(http://portergeo.com.au/database/mineinfo.asp?mineid=mn224) )

Figure 8: Regional setting Red Setter Project

 

Table 1: Best intercepts summary, Wishbone 2022

 Hole ID     From    To      Width  Au g/t  Cu %
 WRSDD0003   352.00  353.00  1      0.02    0.12
 WRSDD0003   362.00  363.00  1      0.01    0.12
 WRSDD0003   364.00  365.00  1      0.17    0.04
 WRSDD0003   367.00  368.00  1      0.16    0.01
 WRSDD0003   377.00  378.00  1      0.38    0.01
 WRSDD0003   383.00  384.00  1      0.20    0.03
 WRSDD0003   395.00  398.00  3      0.31    0.07
 WRSDD0003   408.00  409.00  1      0.16    0.01
 WRSDD0003   413.00  415.00  2      0.19    0.26
 WRSDD0003   457.00  458.00  1      0.28    0.00
 WRSDD0003   465.00  466.00  1      0.18    0.00
 WRSDD0003   485.00  486.00  1      0.04    0.12
 WRSDD0003   494.00  496.00  2      1.44    0.02
 incl        494.00  495.00  1      2.54    0.02
 WRSDD0004   116.00  119.00  3      0.24    0.00
 WRSDD0004   165.00  166.00  1      0.78    0.05
 WRSDD0004   317.00  318.00  1      1.26    0.04
 WRSDD0005   218.00  221.00  3      0.10    0.03
 WRSDD0005   225.00  226.00  1      0.21    0.07
 WRSDD0005   251.00  252.00  1      0.25    0.03
 WRSDD0006   190.00  191.00  1      0.17    0.04
 WRSDD0006   195.00  220.00  25     0.28    0.11
 Incl        198.00  199.00  1      5.44    0.26
 WRSDD0006   229.00  230.00  1      0.39    0.01
 WRSDD0006   273.00  276.00  3      0.03    0.25
 Hole ID     From    To      Width  Au g/t  Cu %
 WRSDD0006   293.00  299.00  6      0.11    0.07
 WRSDD0006   310.00  312.00  2      0.24    0.06
 WRSDD0006   323.00  324.00  1      0.21    0.07
 WRSDD0006   327.00  328.00  1      0.24    0.03
 WRSDD0006   395.00  398.00  3      1.98    0.04
 incl        395.00  396.00  1      5.29    0.06
 WRSDD0007   92.00   93.00   1      0.18    0.00
 WRSDD0007   98.00   103.00  5      0.13    0.04
 WRSDD0008   107.00  109.00  2      0.41    0.01
 WRSDD0008   122.00  123.00  1      0.12    0.00
 WRSDD0008   165.00  167.00  2      0.24    0.06
 WRSDD0008   171.00  175.00  4      0.18    0.11
 WRSDD0008   190.00  192.00  2      0.05    0.18
 WRSDD0008   251.00  251.50  0.5    0.12    0.02
 WRSDD0008   266.00  280.00  14     1.08    0.22
 Incl        273.00  280.00  7      2.00    0.38
 incl        273.00  274.00  1      6.42    0.70
 incl        279.00  280.00  1      5.01    0.74
 WRSDD0009   72.00   76.00   4      0.31    0.13
 WRSDD0009   80.00   82.00   2      0.25    0.00
 WRSDD0009   136.00  137.00  1      0.17    0.04
 WRSDD0009   156.00  160.00  4      0.30    0.15
 incl        156.00  157.00  1      1.12    0.03
 WRSDD0009   166.00  169.00  3      0.18    0.82
 incl        166.00  167.00  1      0.27    2.27
 WRSDD0009   246.00  247.00  1      6.49    0.00
 WRSDD0010   74.00   75.00   1      0.04    0.13
 WRSDD0010   88.00   89.00   1      0.74    0.11
 WRSDD0010   96.00   97.00   1      0.15    0.00
 WRSDD0010   107.00  108.00  1      0.13    0.00
 WRSDD0010   122.00  123.00  1      0.10    0.00
 WRSDD0011   76.00   77.00   1      0.24    0.01
 WRSDD0011   117.00  127.00  10     0.44    0.03
 incl        122.00  123.00  1      3.20    0.06
 WRSDD0011   137.00  138.00  1      0.16    0.01
 WRSDD0011   147.00  148.00  1      0.19    0.00
 WRSDD0011   151     153     2      0.53    0.01
 WRSDD0012   141     143     2      0.07    0.15
 WRSDD0012   165     166     1      0.17    0.00
 WRSRCD0002  214     215     1      0.17    0.01
 WRSRCD0002  257     258     1      0.17    0.00
 WRSRCD0002  270     271     1      0.20    0.01
 WRSRCD0002  302     303     1      0.16    0.00
 WRSRCD0002  326     327     1      0.30    0.01
 WRSRCD0002  335     337     2      0.48    0.04
 WRSRCD0002  368     369     1      0.10    0.00

 

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