REG - Wishbone Gold PLC - Red Setter potential analogue to nearby Telfer

Wishbone GoldAnnouncement

04/04/2023 07:00

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RNS Number : 2914V  Wishbone Gold PLC  04 April 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

 

 

4 April 2023

 

Wishbone Gold Plc

("Wishbone" or the "Company")

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

 

Red Setter interpreted as potential analogue to the nearby Telfer Gold Mine

 

Says Canadian Based Expert Geophysics Group

 

Further to the announcement made on 16(th) March 2023 Wishbone Gold Plc (AIM:
WSBN, AQSE: WSBN), is pleased to announce further analysis by Expert
Geophysics ("EG") of MobileMT survey of the Red Setter project. Under some
geological assumptions yet to be tested, EG have now stated that they
interpret the Red Setter structure as a potential analogue of the +26 million
ounce Telfer deposit, Newcrest's major gold/copper mine 15 km northeast of Red
Setter.

 

Image 1:  shows a combined picture of Red Setter and Telfer on close to the
same scale.

 

The Telfer deposit is described as stratiform to stratabound quartz-carbonate
sulphide reefs that have been developed in the Telfer Dome.

 

Expert Geophysics state:

 

"We can see a very prominent dome structure in the south of the Red Setter
area, expressed in the corresponding highly resistive anticline in depth and
extended in NW-SE direction. Axes of assumed anticlines, projected to the
surface, are in the pictures (white and red dash lines). The overall structure
is open to SE."

 

"The maps, in Image 1, from Red Setter and Telfer, are approximately in the
same scale so the dimensions of the structures are comparative, and the
direction of the controlling structures is the same. The Telfer epigenetic
model emphasizes the importance of structural controls on mineralization
within the domes (GSWA Report 97 by K. M Ferguson et al., 2005). We can see
resistive and conductive highly contrasting linear structures within and over
the dome."

 

"Accordingly, our original conclusion that the additional drilling should be
the target Zones MMT-R1 and MMT-R2 is confirmed by this analysis."

 

Richard Poulden, Wishbone Gold's Chairman, commented; "Expert Geophysics have
produced a fascinating conclusion to their work that we may well be looking at
a similar deposit to Newcrest's Telfer Mine only 15km NE of us. We will
proceed with additional heritage surveys for the newly defined drill areas and
further refine the targets and look to start drilling the major new targets as
soon as the extreme summer heat in the area abates."

 

Note 1: Magnetotellurics (MT) is a passive geophysical method which uses
natural time variations of the Earth's magnetic and electric fields to measure
the electrical resistivity of the sub-surface.

 

https://www.ga.gov.au/scientific-topics/disciplines/geophysics/magnetotellurics
(https://www.ga.gov.au/scientific-topics/disciplines/geophysics/magnetotellurics)

 

MobileMT is an airborne analogue of the passive geophysical method combining
magnetotelluric and magnetovariational concepts. In comparison with other
airborne EM methods, MobileMT has a significant depth of investigation and is
sensitive to any directions of geoelectrical boundaries in a broad range of
resistivity differentiations.

 

Electrical resistivity of rocks and minerals is an important physical property
to measure as part of attempts to understand geological structure and
processes. It varies by many orders of magnitude, from very resistive
crystalline igneous rocks to very conductive saline-filled sedimentary rocks.
As measured by the magnetotelluric method, the resistivity obtained is a bulk
property of a volume of Earth material and is associated with factors such as
rock composition, porosity and permeability as well as rock fluid composition
and temperature.

 

About Expert Geophysics:

 

Expert Geophysics Limited is based in Toronto, Canada, and executes airborne
geophysical surveys worldwide. www.expertgeophysics.com
(http://www.expertgeophysics.com)

 

Competent Persons Statement:

 

The information presented herein that relates to results from the MobileMT
survey is based on information compiled and reviewed by Alexander Prikhodko, a
Competent Person who is a Member of the Association of Professional
Geoscientists of Ontario with over 30 years of experience in the mining and
mineral exploration industry. Mr Prikhodko has sufficient experience as 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 Prikhodko consents to the
inclusion in this report of the matters based on his information in the form
and context in which it appears.

 

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

 https://wishbonegold.com/ (https://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

 Peterhouse Capital Limited
 (Broker)
 Lucy Williams and Duncan Vasey                            Tel: +44 20 7469 0930

 

 

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