REG - Wishbone Gold PLC - Drilling update for Cottesloe Project

Wishbone GoldAnnouncement

18/09/2023 07:00

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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 (http://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/
(https://www.atlantictesting.com/expansive-pyritic-shale-a-geotechnical-concern-2/)

 

Black Shales - also called Carboniferous Shale, variety of shale
(https://www.britannica.com/science/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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