REG - Wishbone Gold PLC - Mineralised Base Metal System Confirmed- Cottesloe

Wishbone GoldAnnouncement

01/11/2023 08:15

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RNS Number : 0170S  Wishbone Gold PLC  01 November 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

 

 

 1(st) November 2023

 

Wishbone Gold Plc

("Wishbone" or the "Company")

 

Confirmation of Mineralised Base Metal System at Cottesloe from Pre Collar
Assays

 

Paterson Range, Western Australia

 

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), announces results of the pre collar
Reverse Circulation ("RC") drilling at its Cottesloe Project. Cottesloe is
considered highly prospective for precious and base metals.  This
announcement follows on from the 18 September announcement and provides
further analysis of the RC drilling referred to therein and is a precursor to
the Diamond drilling programme as referred to in the 12 October announcement
which is expected to commence shortly.

 

Preliminarily drilling indicates the relevance of Esso's drill data which
included 0.25% Copper (Cu), 4.6% Lead (Pb), 0.97% Zinc (Zn) 165 g/t Silver
(Ag) and 0.26% Cobalt (Co), as announced by the Company on 27(th) April 2023.

 

Richard Poulden, Wishbone Gold's Chairman, commented:

"These assay results from the RC drilling are encouraging as we are yet to hit
the target mineralisation zone. With electric vehicle battery metals
increasingly important it is great to have a project with potential like this.
We are now preparing for the diamond drilling program as announced on 12(th)
October to get underway which is partially funded by the Western Australian
Government. The potential scale of Cottesloe and these promising drilling
results merit the future exploration of this area and we look to the future
with confidence."

 

Highlights:

·    Encouraging results from the first stage RC pre-collar drilling
program.

o Results include anomalous zones within pyritic shale horizons up to 4684 g/t
Zinc (Zn) and 1880 g/t Cobalt (Co).  Elevated Lead (Pb) to 577 g/t and up to
13 g/t Ag were also returned.

·    Strong Zinc and Cobalt anomalism in pre collar hole 23CTRC0005 within
weathered sulphidic shales with 1400 g/t Zn, 243 g/t Co over 78m from 12m
depth. This includes 6m at 3500 g/t Zn and 1300 g/t Co from 50m. The above had
support of Silver (Ag), Manganese (Mn) and Phosphorus (P) which are all good
indicators of a base metal hydrothermal system.

·    The level of anomalous values is consistent with the development of a
significant basin related hydrothermal system consistent with a sediment
hosted base metal deposit.  The geology includes prospective stratigraphy
including thick sulphide rich zones and the presence of anomalous pathfinders
such as Mn, Ba and P is also highly encouraging.

·    Diamond drilling to start in the coming weeks.

·    Diamond drilling costs are to be 50% funded by the Western Australian
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:

Results from the first stage pre collar program completed in September have
now been received.  The program included 2 holes, 23CTRC001 and 23CTRC005,
which encountered zones with pyritic black shales 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.  This zone showed anomalous base
metals and Manganese (Mn), Phosphorus (P) and Nickel (Ni).  23CTRC005
intersected pyritic shales towards the base of the weathered zone (89-90m)
within partly ferruginous clays interpreted to be weathered pyritic shales
from 12m.  The best intercept was:

·    78m @ 1400g/t Zn and 243 ppm Co from 12m in 23CTRC0005 incl

6m @ 3500 g/t Zn and 1300 g/t Co from 50m

There was also stronger pyrite within black shales from 124-145m, with
disseminated pyrite throughout the hole.  This zone also had highly anomalous
Zinc.

The limited information gained to date is highly encouraging with a thick zone
of anomalous sulphidic shales present in both holes, confirming the overall
exploration model for a major sediment hosted system.

 

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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