REG - Wishbone Gold PLC - Mineralisation over 3km strike at Red Setter

Wishbone GoldAnnouncement

04/12/2023 07:00

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RNS Number : 5371V  Wishbone Gold PLC  04 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

 

 

 

 

4(th) December 2023

 

Wishbone Gold Plc

("Wishbone" or the "Company")

 

Mineralisation over 3km strike at Red Setter

 

Wishbone Gold Plc (AIM and AQSE: WSBN) announces an update on the results of
this year's exploration programme and updated modelling efforts at its Red
Setter prospect located in the Paterson Range in Western Australia.

 

The results confirm a significant gold system with a mineralised strike over
3km.

 

The first stage of drilling six holes (as referred to in the announcement of
12 October) to target depths of 400m-500m has been completed. The holes have
been pre-collared to depths up to 342 metres with reverse circulation (RC)
drilling; the RC rig has now been demobilised. These holes will be completed
to their final target depth with a diamond drill rig, with this second stage
of the drill programme expected to take place next year.

 

When these holes have reached their target depths they will be testing new
geophysics targets from airborne MMT, ground ANT and IP surveys completed
earlier this year (Figure 1).  The holes have been drilled across a domal
structure interpreted by Expert Geophysics to be an analogous structural
setting to the world class Telfer Dome Cu-Au system, located only 10km to the
north-east of Red Setter.

 

Select drill holes will now be used for diamond tails and Wishbone's
geophysical consultants remain expectant on their targets.

 

Richard Poulden, Wishbone Gold's Chairman, commented: "Considering Telfer is
one of the largest gold mines in Australia and has an average gold grade of
only 0.5g/t, our experienced consultant geologists are saying that Red Setter
looks highly promising as a gold project of real potential scale and size with
mineralisation now encountered over a 3km strike. We look forward to
continuing this drill programme once the diamond drill rigs mobilise to site
next year."

 

The modelling of last year's drill program (as originally announced on 12
December 2022) shows some high-grade intersected close to surface
mineralisation within wide lower grade intercepts over a strike length of over
3km, (Figure 1) including:

 

·    18m @ 0.49g/t Au and 0.004% Cu from 308m in WRSDD0015

Including 5m at 1.2g/t Au and 0.002% Cu from 319m

·    1m @ 3.73 g/t Au and 0.1% Cu from 191m in WRSDD0015

·    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

 

Results in drilling to date have shown minor silicification and veining with
trace sulphides.  Minor elevated Cu to 949ppm was returned in 23RSRC006 at
147m which may be related to the hydrothermal system intersected last year to
the immediate north of this drilling.

Figure 1  Red Setter project drilling and interpreted geology.  Drill traces
show Au >0.2g/t with the magnetics underlain.

 

The mineralised intersections to date are spatially related to a dioritic
intrusive although the connection between the intrusive and the mineralisation
is still being determined.  The veining consisted mainly of quartz, pyrite
and chalcopyrite with some carbonate.  The veining is similar to the ore at
Telfer where the combination of bedding concordant reef veins and discordant
veins have produced a very large gold copper system (>30Moz).  The
extensive zone of hydrothermal activity including wide zones of vein
stockworks is highly encouraging.  There are also strong similarities with
the structural settings, with large anticlinal and domal structures present
that can focus the hydrothermal fluids.  The cover in the area which is
mostly in the range of 50-100m depth means that the full understanding of
these systems requires good geological management and a systematic approach.

 

The timing of the follow-up second phase diamond drilling programme at Red
Setter will be announced prior to commencement early next year. This year was
a late start to the drilling campaign following a cyclone in April that passed
directly over the project.  The first priority for the year was the RC
drilling of the new geophysics targets to the south (Figure 1) and with the
extensive drilling at Cottesloe still underway, it was not possible to
complete any further drilling at Red Setter.

 Hole ID     MGA E   MGA N    RL   Dip  Azimuth  Final Depth
 23RSRC001   399792  7586962  288  -70  210      300
 23RSRC002   399901  7587241  288  -60  200      312
 23RSRC003A  399953  7587387  288  -60  200      270
 23RSRC004   400002  7587525  288  -60  200      342
 23RSRC005   400101  7587797  288  -70  200      269
 23RSRC006   399910  7588146  288  -60  200      246

 

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

 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 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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