REG - Wishbone Gold PLC - Drilling Update for Red Setter and Cottesloe

Wishbone GoldAnnouncement

12/10/2023 07:00

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RNS Number : 9106P  Wishbone Gold PLC  12 October 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

 

 

12 October 2023

 

Wishbone Gold Plc

("Wishbone" or the "Company")

 

Drilling Update for Red Setter and Cottesloe

 

 

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), announces that the Reverse
Circulation ("RC") drilling program at its Red Setter project has been
completed, with samples now en route to Intertek's laboratories, with assay
results expected in the next 4-6 weeks.

 

As previously reported on 13(th) December 2022, initial assay results from Red
Setter confirmed the geological observations of a broad hydrothermal system
with gold and copper associated with quartz-carbonate-sulphide veins present
within all lithology types, and often with breccia textures.

 

Diamond drilling starts at Wishbone's Cottesloe project in the next two weeks
targeting the Sedimentary Exhalative ("SEDEX") base metal system previously
reported. Raglan Drilling will be carrying out the work at Cottesloe and have
extensive experience in the area.

 

The Cottesloe project is located around 55 km south of Newcrest Mining's
Telfer gold mine and about 35 km south-east of the Red Setter project in the
Paterson Range, Western Australia.

 

Richard Poulden, Wishbone Gold's Chairman, commented: "We are pleased that the
latest drill program at Red Setter has been finished without event and look
forward to the assay results providing further understanding of the
hydrothermal system and the structure of the mineralisation. We are excited to
start the diamond drilling campaign at Cottesloe which we anticipate will
prove up a large base metal system."

 

As previously announced on 18(th) September 2023, highlights from the
Cottesloe program include:

 

·    Basin stratigraphy has been confirmed to be highly suitable for
sediment hosted base metal mineralisation similar to that at nearby Cyprium
Metal's Nifty (Cu) and Maroochydore (Cu-Co) mines and also the Mt Isa style
(Zn-PbAg) deposits

·    Large sulphidic and pyritic shale zones encountered with widths over
70m

·    Initial onsite x-ray fluorescence spectroscopy ("XRF") 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

·    RC pre-collar drilling program has been successfully completed with
the aim of establishing water bores for diamond drilling and testing the upper
parts of the geological model using RC

·    The costs of the diamond drilling programme 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

 

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

 

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