REG - Wishbone Gold PLC - MobileMT Enhanced Processing Results at Cottesloe

Wishbone GoldAnnouncement

26/05/2023 07:00

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RNS Number : 7935A  Wishbone Gold PLC  26 May 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

 

 

26(th) May 2023

 

Wishbone Gold Plc

("Wishbone" or the "Company")

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

 

Results From Enhanced Processing of MobileMT Across All Cottesloe Properties

 

Paterson Range, Western Australia

 

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to announce an update on
programmes since the release on 27 April 2023 which highlighted significant
potential in reprocessed historic drill and exploration data at Cottesloe.

 

Highlights:

·    8 priority targets identified from MobileMT

·    Targets are all less than 400 metres below surface

·    Nifty mineralisation style is being targeted at Cottesloe. (Nifty has
produced more than 700Kt of copper metal with a further 940Kt in resource)

·    Gravity survey and 3D Inversion of aeromagnetic data to start shortly
to assist with refinement of targets

·    Heritage survey to start shortly

·    Drilling to start post heritage survey - timing and details to be
announced in due course

 

Richard Poulden, Wishbone Gold's Chairman, commented;

"Historic drill and exploration data we released last month sits mostly
outside and peripheral to the new MobileMT anomalies thus this further
increases the prospectivity of this precious and base metal project. The next
work programme will refine drill targets and the requisite heritage surveys.
This forms the basis for an exciting 2023 field season."

 

About Cottesloe MobileMT Targets and interpretation:

The interpretation of the Cottesloe MobileMT airborne electromagnetic (MMT -
passive EM) survey or Wishbone Gold PLC by Expert Geophysics Limited has now
been completed. The survey over Cottesloe (E45/4543) comprised of 55 lines
spaced 400 m apart and flown in a NE-SW direction. The total size of the
survey was 376 line-kilometres (143km(2)). Wishbone Gold requested that
Southern Geoscience Consultants (SGC) review the resultant final data and
undertake enhanced processing and compilation of all final MMT products into a
3D projection (Figure 1) alongside all other available data - magnetics,
drilling, heritage areas, geology and geochemistry. Data interpretation and
first phase drill targeting for primary, shallow level anomalies is set out
below.

 

Interpretation at this stage has been restricted to the central fold target
zone and immediate surrounding areas given time constraints as to this coming
season field activities and coordination - site access.

 

Primary products utilised to define targets locally at the Cottesloe project
area have been the 2D final inversion results (depth/RL slices and sections)
plus the 3D project compilation which includes existing
drilling/soils/rockchips, geochemistry and MobileMT stitched resistivity
isosurfaces at appropriate levels.

 

Eight primary MMT target areas (resistive zones) have been outlined to date
based on both MMT inversion results and their spatial locations with respect
to the other geophysical/geochemical datasets - MMT_C1 to MMT_C8 - see below
and Figure 2.

 

Given the "Nifty" style target being explored the initial targeting has been
focussed on defining localised resistive zones within the MMT 2D inversion
results above the ~400m depth level. These could represent areas of
alteration/associated mineralisation as has been observed elsewhere in the
Nifty/Yeneena corridor and therefore represent possible targets for future
drilling campaigns. A short discussion for each is provided below:

 

MMT_C1 is characterised by primarily a moderate to deeper level, resistive
zone elongate in a ~NW-SE sense and is clearly correlating with the local fold
closure/axis of the known main mineralised units at Cottesloe. This unit is
best defined in the 2D inversion depth slices at >300m depth and should be
assessed as to the associated/interpreted geological unit present given local
drilling information present. Magnetic and gravity 3D inversion results once
completed should be assessed in detail to refine potential new drill
targeting.

 

MMT_C2 represents a more localised, moderate to deeper level, resistive zone
also situated within the local fold closure/axis of the sequence ~2kms SE of
the main Cottesloe known mineralised zone. This unit is best defined in the 2D
inversion depth slices at >300m depth and should be assessed as to the
associated/interpreted geological unit present given local mapping. Magnetic
and gravity 3D inversion results once completed should be assessed in detail
to refine potential new drill targeting in this location. There appears to be
no historic soils or drill testing in this vicinity of the MMT target.

 

MMT_C3 represents a discrete, moderate depth level, resistive zone also
situated within a clear, local fold closure/axis of the sequence ~7-8kms SE of
the main Cottesloe known mineralised zone - well defined in the detailed
aeromagnetic data. This unit is best defined in the 2D inversion depth slices
at ~200-300m depth and should be assessed as to the associated/interpreted
geological unit present given local mapping. Magnetic and gravity 3D inversion
results once completed should be assessed in detail to refine potential new
drill targeting in this location. There appears to be no historic soils or
drill testing near this MMT target.

 

MMT_C4 is characterised by primarily a moderate depth level, fairly diffuse
resistive zone elongate in a ~NW-SE sense situated again within a local fold
closure/axis of the sequence ~4kms SE of the main Cottesloe known mineralised
zone. This unit is best defined in the 2D inversion depth slices at ~200-300m
depth and should be assessed as to the associated/interpreted geological unit
present given local mapping. Magnetic and gravity 3D inversion results once
completed should be assessed in detail to refine potential new drill targeting
in this location. There appears to be no historic soils or drill testing near
this MMT target.

 

MMT_C5 is defined by primarily a moderate depth level, discrete resistive zone
along strike immediately NW of the MMT_C4 target. This unit is best defined in
the 2D inversion depth slices at ~200-400m depth and should be assessed as to
the associated/interpreted geological unit present given local mapping.
Magnetic and gravity 3D inversion results once completed should be assessed in
detail to refine potential new drill targeting in this location. There appears
to be historic drilling and anomalous rockchips present immediately along
strike to the NW of this MMT target zone.

 

MMT_C6 is characterised by primarily a moderate depth level, fairly diffuse
broader resistive zone elongated in a ~NNW-SSE sense situated along the NE
fold limb/sequence ~1-2kms NE of the main Cottesloe known mineralised zone.
This unit is best defined in the 2D inversion depth slices at ~200-400m depth
and should be assessed as to the associated/interpreted geological unit
present given local mapping. Magnetic and gravity 3D inversion results once
completed should be assessed in detail to refine potential new drill targeting
in this location. There appears to be no historic soils or drill testing in
this vicinity of the MMT target.

 

MMT_C7 represents a discrete, shallow depth-near surface, resistive zone
elongated in a ~NW-SE sense situated along the NE fold limb/sequence ~3kms E
of the main Cottesloe known mineralised zone. This unit is best defined in the
2D inversion depth slices at <100-200m depth and should be assessed as to
the associated/interpreted geological unit present given local mapping.
Magnetic and gravity 3D inversion results once completed should be assessed in
detail to refine potential new drill targeting in this location. There is
limited historic drilling immediately SW of this MMT target zone which should
be assessed also.

 

MMT_C8 defined by primarily a discrete, shallow depth-near surface, resistive
zone elongated in a ~NW-SE sense situated along the NE fold limb/sequence
~2.5kms ENE of the main Cottesloe known mineralised zone. This unit is best
defined in the 2D inversion depth slices at <100-200m depth and should be
assessed as to the associated/interpreted geological unit present given local
mapping. Magnetic and gravity 3D inversion results once completed should be
assessed in detail to refine potential new drill targeting in this location.
There appears to be no historic soils or drill testing in this vicinity of the
MMT target.

 

Recommendations by Southern Geoscience Consultants:

This first phase interpretation is focussed on the primary MobileMT targets
within the central Cottesloe folded sequence and known mineralised units at
relatively shallow depth (<400m).

 

The overall target fold sequence is primarily composed of broader conductive
units and given experience in this region and the "Nifty" style target being
explored the initial targeting has been focussed on defining localised
resistive zones within the MMT 2D inversion results above the ~400m depth
level. These could well represent areas of alteration/associated
mineralisation as has been observed for similar targets in the Nifty/Yeneena
corridor.

 

Defined MMT resistive target zones (MMT_C1 to MMT_C8) should be assessed from
a geological/geochemical perspective and ranked. Ground checks should also be
completed for the shallow/near surface defined MMT resistive targets zones
along the NE limb of the Cottesloe fold sequence.

 

Historic exploration in the Nifty/Yeneena corridor has also highlighted that
local to semi-regional scale gravity surveying can also be very useful as an
additional technique to define either shallow sulphide bodies, associated host
units and/or alteration/carbonates/dolomites. It is recommended that semi-
regional gravity is completed across the full Cottesloe target sequence and
then this data is processed/interpreted to define additional targets and
better refine/rank defined MMT target resistive zones.

 

Detailed aeromagnetic data (50m lines) is available for the majority of the
target Cottesloe fold sequence and therefore it is recommended that 3D
inversion is performed to provide additional 3D information as to magnetic
source positions/geometries/fold closures and structure to allow joint
interpretation/refined targeting with the MMT and gravity survey data once
acquired.

 

Gravity survey over the project to assist with refinement of targets.

 

Expanded geochemical sampling program to cover areas not currently covered to
generate more vectors for drilling post next phase of drilling.

Figure 1 - Cottesloe GA 3D project compilation - all current information -
Plan View

 

Figure 2 - Cottesloe MMT Interpretation / Eight Primary Targets - MMT_C1 to
MMT_C8 with MMT 2D Inversion Depth Slice Imagery (shallow <100m depth),
existing drillhole collars/soils, tenements and heritage areas

 

 

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

 

 

Competent Persons Statement

The information presented herein that relates to results from the MobileMT
survey is based on information compiled and reviewed by the Russell Mortimer,
a Competent Person who is a Member of The Australian Institute of
Geoscientists and fairly represents this information. Mr Mortimer has
sufficient experience relevant to the style of mineralisation and type of
deposit under consideration, and to the activities undertaken, to qualify as a
Competent Person as defined in the 2012 Edition of the Joint Ore Reserves
Committee (JORC) Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves. Mr Mortimer consents to the inclusion in
this report of the matters based on his information in the form and context in
which it appears.

 

 

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