REG - Wishbone Gold PLC - Option to acquire 100% of Lithium and Gold Project

Wishbone GoldAnnouncement

22/11/2023 07:15

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RNS Number : 3007U  Wishbone Gold PLC  22 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

 

 

 

 

22 November 2023

 

Wishbone Gold Plc

("Wishbone" or the "Company")

 

Exclusive Option to acquire 100% of new Lithium and Gold Project in the
Pilbara Region of Western Australia

 

 

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to announce it has
secured an exclusive option to acquire 100% of the Crescent East Lithium and
Gold Project, located in the prolific gold area of Mosquito Creek, in the
Pilbara Region of Western Australia. The site is 260km south-east of Port
Headland, the main point for the region's lithium exports.

 

Highlights:

 

·    Crescent East Lithium and Gold Project is located in the heart of the
prolific Western Australian lithium mining area:

o 180km from the Wodgina and Pilgangoora Lithium Mines

o 100km from the Global Lithium Archer deposit

·    The tenements are well endowed with gold - samples from within the
project area have shown historical rock chip results including:

o 95.5g/t gold ("Au"), 91.8g/t Au, 117g/t Au (original + 2 assays) (#800284)

o 5.83g/t Au (#610058)

o 4.71g/t Au: (#610059)

o 4.33g/t Au (#610060)

·    Gold nuggets up to 78.5 ounces (2.44kg) recovered from special
prospecting licenses being operated by prospectors within tenement E46/1463

·    A geological field crew with expertise in the area has mobilised to
site, for immediate due diligence work.

 

Richard Poulden, Wishbone Gold's Chairman, commented:

"This is a very exciting new opportunity for Wishbone. Lithium is one of the
hottest sectors in Australia and in the mining sector at the moment with the
Pilbara responsible for some of the biggest new lithium mines and discoveries.
To option such a sizeable project that combines lithium and gold, located in
the heart of the new lithium mining epicentre is a major extension of
Wishbone's exploration projects. Gold areas in the Pilbara are usually seen as
good geological settings for new lithium discoveries. Due diligence will be
completed over the coming weeks and we look forward to seeing the results."

 

The Terms of the Transaction are as follows:

 

The option price is the payment of £25,000 in shares at a price of 2.15p per
share to the current owner Mining Equities Pty Ltd. If the acquisition
proceeds following due diligence, the purchase price will be £400,000 also
payable in shares at a price of 2.15p per share.

 

The project tenements:

 

The Crescent East Project covers 157km(2) (Figures 1, 2 and 3) and is composed
of three exploration licences all owned by Mining Equities Pty Ltd:

E46/1463 (granted) - has tenement expenditure of $23,000 p.a.. The licence
expires on 16/3/2028 and can be renewed.

E46/1464 (granted) - has tenement expenditure of $20,000 p.a.. The licence
expires on 20/3/2028 and can be renewed.

E46/1294 (application)

 

Project Geology

 

The Crescent East Project sits within the Mosquito Creek Belt and is a typical
Archaean turbidite-dominated, metasedimentary thrust belt in which gold
mineralisation is structurally controlled, with known pegmatites on the
fringes of the basin near Nullagine, at White Quartz Hill.

 

Lithium mineralisation throughout the Pilbara appears to be in close
association with gold deposits. To date, exploration throughout the Mosquito
Creek area for lithium has been very limited. With a number of significant
lithium projects around historic gold mining centres, the Crescent East
Project area offers an early stage entry into the heart of the area that is
driving lithium exploration in Western Australia.

 

The known gold mineralisation is controlled by faults and quartz vein arrays
that appear to have channelled gold-bearing fluids away from broader shear
zones, which are located nearby and recognised as the major conduits for
regional-scale fluid flow.

 

In the Nullagine Goldfield the single strongest indicator for gold is density
of quartz vein stockwork and the amount of sulphide minerals those veins
contain.

 

Vein quartz stockwork occurs prolifically at many locations within the
project, however, there are also many other factors additionally needed to be
present that contribute to the gold grade and mineralisation extent for a
stockwork system to develop sufficiently to become an economic gold resource.

 

The project area is largely underlain by east-west trending, steeply dipping,
interbedded sandstones, siltstones and shales of the Archaean Mosquito Creek
Formation. Several north trending dolerites cross cut the sediments throughout
the tenement. The Mosquito Creek sediments trend east-west in the tenement
with a series of west-north-west structures cross cutting the sediment
package.

 

Figure 1: Project Location, Access, and major Lithium Projects

Figure 2: Project Location, Access, and major Lithium Projects, over magnetics

 

Figure 3: Tenement Map

 

 

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 exploration results, mineral
resources or ore reserves is based on information compiled by Mr Edward Mead,
who is a Member of the Australasian Institute of Mining and Metallurgy. Mr
Mead is a consultant to the company and employed by Doraleda Pty Ltd. Mr Mead
has sufficient experience which is relevant to the style of mineralisation and
type of deposits under consideration and to the activity that he is
undertaking to qualify as a Competent Person as defined in the 2012 edition of
the `Australian Code for Reporting Exploration Results, Mineral Resources and
Ore Reserves' (the JORC Code). Mr Mead consents to the inclusion of this
information in the form and context in which it appears in this report.

 

 

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