REG - Wishbone Gold PLC - Proposed Acquisition of Silver Lake Project, W.A.

Wishbone GoldAnnouncement

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RNS Number : 7893Z  Wishbone Gold PLC  09 April 2026

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

 

 

 9 April 2026

 

Wishbone Gold Plc

("Wishbone" or the "Company")

London AIM & Aquis: WSBN

 

Proposed Acquisition of Silver Lake Project, W.A.

 

 Rock Chip Samples up to 847g/t Silver

 

 

Wishbone Gold Plc is pleased to announce the signing of an option for a cash
payment of £100,000, to acquire the Silver Lake Project, a silver prospect in
the Carnarvon Basin of Western Australia. We set out below some historic data
which will be further analyzed prior to any acquisition.

 

Should the acquisition proceed on the proposed basis the purchase price will
be 3,571,777 ordinary shares in Wishbone.

 

The tenement of the Project is over 422km(2) and has extensive surface-level
silver mineralisation along a 35km structural corridor. In addition, numerous
bentonite 1  occurrences alongside phosphate have been recorded within the
project.

 

Silver Lake is located 135km south of Exmouth and 200km southwest of Onslow,
the main port for the region's iron and LNG exports, which is a multi-user
port. The project site is accessed from either the North West Coastal Highway
or Minilya-Exmouth Rd and then on well-maintained unsealed station roads.
(Figure 1).

 

Highlights of Historic Data

·      422km(2) consolidated tenement holding extensive surficial silver
mineralisation along 35km structural corridor

·      Drilling of Cardabia Creek 6 prospect intersected 2m at 150g/t Ag
from 4m depth

·      Rock chip sampling has reported multiple significant results
across seven discrete prospects (Figure 2) including:

o  847g/t Ag- Tarrawarra 1

o  410g/t Ag- Cardabia Creek 7

o  260g/t Ag- Tarrawarra 3

o  216g/t Ag- New Cardabia Dam South Prospect

o  190g/t Ag- Tarrawarra 2

o  180g/t Ag- Tarrawarra 4

·      Numerous bentonite occurrences also noted with phosphate further
to the northern extent of the Project

·      Stratigraphic nature of mineralisation has significant scale
potential, with prospects identified up to 4.7km from potential causative
fault structure

·      Current models suggest a 35km long by 10km wide basin where the
Giralia Siltstone above a black shale had the right chemical setting for
silver in solution to precipitate, due to high levels of barite.

 

Silver demand is projected to rise substantially in coming years

 

 

The demand for silver is lead by the major increases in usage for electric
vehicles, AI/Data centres and solar panels. These already account for around
50% of consumption and are projected to increase beyond this.

 

Ed Mead, Wishbone Gold WA director, commented:

 

"The Silver Lake Project represents a great opportunity for Wishbone. It is
accessible all year round and has evidence of silver within the Giralia
Siltstone in the top 10 metres from the surface. This is a shallow target with
excellent rock chip results and a previous drill hole for proof of concept.
Given it is a paleo basin at surface filled with silver, we see auger drilling
as the way forward to define the project further and expand on the known
mineralization."

 

Richard Poulden, Wishbone Gold's Chairman, commented:

 

"The acquisition of Silver Lake would be complementary to our exploration
efforts at Red Setter where we are currently onsite to conduct a heritage
survey for the new road into the project from the neighboring Nifty Copper
Mine. The drill programme at Red Setter will commence shortly thereafter.

 

We see Silver Lake as a potential high value project with the shallow lateral
formation that hosts the silver being able to be targeted with cheap drilling
using auger equipment. At the time we exercise the option to acquire the
project we will update shareholders on our final exploration plans."

 

Location

 

The Silver Lake Project, is located in the Carnarvon Basin, approximately
1,000 kilometres north-northwest of Perth. Access to the area is via the
sealed road from the nearby coastal towns of Carnarvon or Exmouth. The terrain
is flat to undulating with slight to moderate vegetative cover in a
subtropical climate regime. Winter ambient temperatures are from 5° to 18° C
and the summer range is from 15° to 45° C with an annual rainfall of less
than 50mm.

 

Regional and Local Geology

 

The project is situated in Cretaceous sediments of the Central Carnarvon
Basin. The local geology is dominated by the Gearle Siltstone which is part of
the Winning Group. The Gearle Siltstone consists of carbonaceous and pyritic
siltstone and claystone. Bentonitic claystone, barite nodules and secondary
gypsum characterize the formation, which is rarely well exposed. The silver
and lead-zinc mineralisation is believed to have formed above the Giralia
Lineament in a favourable black siltstone environment and is structurally
controlled, being related to lineaments associated with the Giralia Lineament.
The axis of the Marilla anticline corresponds to the Giralia Lineament.

 

The Giralia anticline-fault is part of a major lineament which extends to the
south and intersects the Northampton Block in the region of Kalbarri. In the
Northampton Block, the Pre-Cambrian basement outcrops and contains various
base metal deposits. At one stage, the Northampton area was Western
Australia's largest lead-silver producer.

 

Exploration Models

 

Previous exploration at the project has been successful in identifying zones
containing anomalous silver and base metal (lead-zinc) mineralisation.
Mineralisation identified to date is associated with sub-gossanous and/or
manganiferous material, broadly distributed parallel to the Giralia Fault
which is a major extensional growth fault. The local geology and results
obtained from previous explorers suggest various styles of mineralisation
could potentially occur at Silver Lake. The area is considered to have the
potential to host epithermal silver, Irish Style lead-zinc,
sedimentary-exhalative (SEDEX), Mississippi-Valley type (MVT) and Carlin type
mineralisation.

 

Mineralisation Style

 

The mineralisation of the area has been predominantly formed by low
temperature ground waters. Similar aged mineralisation is known elsewhere at
Kalbarri and Mardathuna in the local Gascoyne region. Today sub artesian water
just west of the lineament is at 62 degrees Celsius. Similar Siberian deposits
are known to have formed from 80 - 100 degrees Celsius. The mineralisation is
interpreted to have formed above the Giralia Lineament in a favourable black
shale environment.

 

Mineralisation occurs throughout the 100 - 300 metres thickness, (average of
250 metres), of the Giralia Siltstone, although this is apparently more common
in carbonaceous or gypsum layers. Mineralisation is also heavily, structurally
controlled being related to lineaments associated with the Giralia Lineament.
Mineralisation occurs almost totally in the Giralia Siltstone, however minor
mineralisation occurs up to 20 metres into the units above and below, close to
structural features.

 

Phosphate

 

In 1990 CRA Exploration Pty Limited ("CRAE") conducted a systematic surface
geochemical sampling program of phosphate nodules at the project. The stated
objective of the program was to "test stratigraphic levels, regional trends
and aerial extent of the phosphate mineralisation". A total of 169 sites were
sampled. Phosphate nodules were found to occur on the Gearle
Siltstone-Toolonga Calcilutite (*1) contact and the Toolonga-Korojon
Calcilutite (*2) contacts. Also phosphate nodules with phosphatised fossil
fragments occurred in the Miria Marl (*3) formation and scattered phosphate
nodules cementing Inoceramus fragments were found in the Korojon (*4)
Calcarentite.

 

The average phosphate nodule composition returned from the sampling was as
follows:

30.3% P2O5 at the contacts of *1 and *2;

18.3% at *3; and

22.4% at *4

Regionally the grades represented by *1 and *2 were found to be consistent
with average assays varying from 26.7-32.3% (Clarke 1991).

 

Figure 1: WSBN Silver Lake Project location with local towns, airport and
Onslow open access port.

 

 

Figure 2: WSBN Silver Lake Project with tenure and a selection of rock chip
assays from within the project area. Drill holes for Barite, Bentonite and
Phosphate also shown with further work required to validate and look at this
aspect of the project.

 

 

END

 

For more information on Wishbone, please visit the Company's website.

www.wishbonegold.com (http://www.wishbonegold.com) .

 

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

 Cranborne Communications Ltd
 George Hudson                                             Tel: +44 (0)7803 603130

 

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

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 Fellow of the Australasian Institute of Mining and Metallurgy. Mr
Mead is a director of Wishbone Gold WA Pty Ltd and is a consultant to Wishbone
Gold Plc 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.

 

 

 1  Bentonite is highly absorbent, swelling clay with multiple industrial,
environmental, and cosmetic uses

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