REG - Wishbone Gold PLC - Positive Drilling Results at Cottesloe

Wishbone GoldAnnouncement

15/03/2024 07:30

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RNS Number : 0210H  Wishbone Gold PLC  15 March 2024

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

 

 

 

 

15 March 2024

 

Wishbone Gold Plc

("Wishbone" or the "Company")

 

Drilling Suggests Large Sediment Hosted Base Metal Mineralised System

 

Cottesloe, Western Australia

 

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to announce that initial
results from the diamond drill program at its 100% owned Cottesloe Project has
highlighted significant mineralisation potential. The information gathered to
date is highly encouraging, confirming the overall exploration model for a
major sediment hosted metals system focused on base metals and silver.

 

The base metals identified are critical to the development of lithium-ion
batteries used in electric vehicles and in energy storage systems integral to
the global push towards lower carbon emissions.

 

This phase of the drill program has been focused on the southern part of the
Cottesloe tenements. The entire project consists of three tenements totalling
50 blocks covering an area of 165km(2) and is considered highly prospective
for precious and base metals. The next phase of drilling will be in the
northern part of Cottesloe where the Company believes there to be more
promising mineralisation.

 

This news is further to the announcement on 13 December 2023 in which the
Company said that it had visually encouraging results showing zones with
10-20% base metal sulphides and scans from portable X-ray fluorescence reading
elevated base metals.

 

Wishbone is now modelling density, structural and geochemical information from
the drill program results to enhance geophysical interpretations.

 

Richard Poulden, Wishbone Gold's Chairman, commented: "These results are
spectacular and vindicate our original belief that Cottesloe has significant
potential. For it to occur in the south highlights the scale of what we have
in front of us for the entirety of the project. To have mineralisation, and
zonation of minerals, from surface to 700m is truly incredible and the
confirmed large scale mineralised system is clearly great news. We may have a
very large base and battery metals discovery in the making at Cottesloe and
look forward to moving this project further along the exploration curve in
2024 as this year's exploration season is just about to commence."

 

Highlights:

 

·    Highly anomalous Lead-Zinc & Silver point to the clear presence
of hydrothermal fluids circulating through this basin sequence.

·    Major structure/cavity intersected at 160-180m in hole 23CTRCD004A,
which may be part of a large fault/thrust dominant structure running NW-SE
just off centre from the basin fold axis.

·    Downhole strip logs show highlighted key replacement zones. Notably
Lead (Pb), Zinc (Zn) and Copper (Cu) increasing with Calcium (Ca) and
Magnesium (Mg) decreasing which indicates the dolomitic shale (Ca, Mg) CO(3)
is being replaced by Pyrite, Sphalerite and Galena from a hydrothermal fluid
(Figure 4).

·    Elevated mineralisation intersected in drill holes (pictures 1-5)
includes:

o Zinc (Zn) grades ranging from 0.1% - 1.1% in hole 02A

o Lead (Pb) over 1% in hole 04A

o Silver (Ag) at 7g/t in hole 04A and 2.1g/t in each hole 03

o Nickel (Ni) 561ppm in hole 04A

o Cobalt (Co) 445ppm in hole 02A and over 118ppm in both holes 03 & 4A

o Lithium (Li) up to 184ppm in hole 04a and 161g/t in hole 03

o Titanium (Ti) grades from 4,100ppm - 5,100ppm in all 3 holes

o Barium (Ba) grades up to 2,288ppm in hole 02A

o Lanthanum (La) 178ppm in hole 02A and 79ppm in hole 03

o Vanadium (V) 395ppm in hole 02A, 451ppm in hole 03 and 514ppm in hole 04A

·    High Potassium (K) 4.9% and Phosphorous (P) 0.4% throughout hole 04A

·    Three diamond holes were drilled at the Cottesloe project, testing
prospective stratigraphy and gravity anomalies.  Hole 23CTRCD004A was stopped
at 327.4m depth after drilling difficulties due to a major structure/cavity
intersected at 160-180m.

·    Basin stratigraphy has been confirmed to be highly suitable for
sediment hosted base metal mineralisation, similar to that at nearby Nifty
(Cu) and Maroochydore (Cu-Co) and also the Mt Isa style (Zn-Pb-Ag) deposits.

·    The density data from the drilling will be used to reinterpret the
gravity now that more detailed data from the stratigraphy.

·    Diamond drilling costs were 50% funded by the WA Government's EIS
scheme up to a total of $220,000 of direct drilling costs.

 

Picture 1 - 23CTRCD003 - Black shale hosting Pyrite-pyrrhotite veinlets

 

Picture 2 - 23CTRCD003 - Black shale hosting an array of Pyrite-pyrrhotite
veins with up to 0.6% Zn, 0.2% Pb & 2.1g/t Ag

 

Picture 3 - 23CTRCD003 - Black shale, semi brecciated with carbonate-quartz
veining hosting up to 1.3g/t Ag

 

Picture 4 - 23CTRCD004A - Fault zone containing up to 0.3% Zn, 0.09% Pb &
0.9g/t Ag

 

Picture 5 - 23CTRCD004A - Breccia infill pyrite, trace chalcopyrite containing
up to 1.2g/t Ag

Comments on Diamond drilling at Cottesloe:

A diamond drilling program was completed late in the 2023 field season,
supported by EIS funding from the WA government.  Three RC precollars,
(Figure 2 for collar location) were deepened in the central zone of the
Cottesloe syncline.  Strong sulphidic zones were intercepted throughout the
sequence within a stratigraphy of graphitic and dolomitic shales.  Hole
23CTRCD003 drilled to the greatest depth of 759.4m with intercepts of 0.6%
Zinc and 0.9% lead post the 700m mark, showing the continuation of the
Broadhurst formation and favourable base metal anomalism at depth. At the
world class Nifty deposit there is a strongly anomalous Pb/Zn horizon above
the mineralised Copper zone.

Drill hole 23CTRCD002A also showed anomalous sulphides and base metals, but at
a lower level potentially indicating a vector to stronger base metals to the
north.

Drill hole 23CTRCD004A intersected a large cavity at 160 -180m which caused
the hole to be abandoned at 347.4m above target depth.  This is a major
structure which may be part of a large fault/thrust dominant structure running
NW-SE just off centre from the basin fold axis, (Figure 3). This structure may
be the reactivation of basin forming structures with the most prospective
subbasins occurring to the north of this structure.

These basin forming structures can tap hot basinal fluids from depth bringing
them to reactive units in the Broadhurst formation such as dolomitic and
graphitic shale units. Pb & Zn greater than 1,000ppm and stronger Sulphur
zones have a good correlation to drops in calcium and magnesium suggestive of
this replacement process occurring, (See Figure 4 for a geochemical
representation). The next stage is to try and locate where there was enough
replacement/ precipitation of these fluids that are evident within the
Cottesloe syncline.

The information gathered to date is highly encouraging, confirming the overall
exploration model for a major sediment hosted system.  Density, structural
and geochemical information will be modelled to improve geophysical
interpretations.

Anomalous assays will be followed up with further sampling.

Figure 1. Cottesloe Project Summary

Figure 2. Drillhole Locations Plan view

Figure 3. Drillhole section through deepest hole on a NE-SW trend. Potential
offsetting of lithology by structure, seen in 23CTRCD004A, this may also
account for some growth faulting.

Figure 4.  Downhole strip logs highlighted key replacement zones. Notably Ca
& Mg decreases with Pb Zn Cu increase.

 

 

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 document that relates to exploration is based on
information compiled or reviewed by Edward Mead, who is a Fellow of the
Australasian Institute of Mining and Metallurgy. Mr Mead is a consultant to
Wishbone Gold Plc and is employed by Doraleda Pty Ltd. Mr Mead has sufficient
experience that is relevant to the style of mineralisation under consideration
and to the activity which he is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves'. Mr Mead consents to
the inclusion in the report of the matters based on his information in the
form and context in which it appears.

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