REG - Wishbone Gold PLC - Results of Gravity Survey at Cottesloe Project

Wishbone GoldAnnouncement

17/07/2023 07:00

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RNS Number : 2038G  Wishbone Gold PLC  17 July 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

 

 

 

17(th) July 2023

 

Wishbone Gold Plc

("Wishbone" or the "Company")

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

 

Results of Gravity Survey at Cottesloe Project, Paterson Range,

Western Australia

 

 

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to announce the
completion of its gravity survey in the Cottesloe Project area, with the
results highlighting the prospectivity of this exciting asset:

 

·    The Cottesloe project has a well defined base metal anomaly of 2.5km
with an anomalous rockchip and soil results extending the strike to 8km

·    Gravity shows a clearly defined synclinal basin area located around
MMT_C1 target area (Figures 1-3) that is the primary target for sediment
hosted base metal mineralisation

·    Completed gravity highlights and complements existing data consisting
of Mobile Magnetotellurics (MMT), aerial magnetics, geochem and digitalised
drill data

·    The coincidence of highly anomalous base metal geochemistry, gravity,
resistivity and a favourable structural setting make this area a compelling,
high priority drill target

·    The Cottesloe Project contains a basinal syncline of the Broadhurst
Formation which hosts the nearby Nifty world class copper deposit

·    The tectonic setting and lithological package are similar to the Mt
Isa Formation and other sites in Europe and Canada which have major deposits -
this style of deposit contains significant proportions of the world's base
metal resources

·    The existing data sets comprising magnetics, gravity, geochem and
drill combined with the new gravity information all point to the same area

 

Imagery below highlights the Cottesloe MobileMT targets (resistors) over
regional gravity where the station spacing was nominally ~2.5kms (Figure 1)
and over recent detailed gravity data (Figure 2) where the station spacing was
grid pattern 400x200m with infill to 200x200m. The significant increase in
gravity data resolution has provided a dramatic improvement to the delineation
of the basinal structure and central synclinal keel at Cottesloe. Where this
syncline reaches the surface there are significant base metal anomalies
consistent with large hydrothermal systems (Figures 1-3) as previously
reported on 27(th) April 2023.

 

Of particular interest are the two gravity highs coincident and
near-coincident with the MMT_C1 resistive target within the syncline where
historic drilling has shown significant base metal anomalies within the
weathered zone. The coincidence of highly anomalous base metal geochemistry,
gravity, resistivity and a favourable structural setting make this area a
compelling, high priority drill target. The additional image below highlights
the 3D gravity inversion results within the zoomed synclinal area providing
clear targets for drill testing (Figure 3).

 

The Cottesloe Project contains a basinal syncline of the Broadhurst Formation.
This Formation consists of a package of carbonaceous shales and siltstones
with known pyritic horizons. The pyritic horizons have formed into gossanous
ironstones at the surface and these have returned extensive base metal
anomalism in the 0.1-1.1% Copper (Cu), 0.1-3.8% Lead (Pb), 0.1-0.4% Zinc (Zn),
and 2-80g/t Silver (Ag) ranges. Other anomalous elements include Ba, Mn, Co,
Ni, and P. RAB and RC drilling in the keel of the syncline has confirmed
extensive anomalism in the oxidized zone base metal anomalies with highest
grades over 2 metre samples were 0.25% Cu, 4.6% Lead Pb, 0.97% Zn, 165 g/t Ag
and 0.26% Co with anomalous zones extending up to 34m.

 

The Broadhurst formation hosts the nearby Nifty and Maroochydore Sediment
hosted copper deposits in equivalent stratigraphic positions to Cottesloe.
Nifty is a world class Copper deposit with Global resources exceeding 99Mt @
1.63% Cu*. The tectonic setting and lithological package are similar also to
the Mt Isa Formation which hosts the George Fisher Zn-Pb-Ag deposit and the Mt
Isa Copper deposit. There are strong similarities geologically and
geochemically with other sediment hosted deposits also in Canada, at Sullivan
and Howards Pass, and in Europe at Meggen and Rammelsburg. These are all major
deposits, and this style of deposit contains significant proportions of the
world's base metal resources.

 

 

Figure 1 - Resistivity targets from last years' MMT survey on the old gravity
image from Cottesloe

 

Figure 2 - MobileMT Target with Detailed Recent Residual Gravity from the
recently completed survey

 

Figure 3 - 3D Gravity Inversion Results with Synclinal Target / MobileMT
MMT_C1 Target Area

 

Richard Poulden, Wishbone Gold's Chairman, commented: "The results of this new
gravity survey are very encouraging. By combining all existing data sets
comprising of magnetics, gravity, geochem and drill data with the gravity
information and have them all pointing to the same area highlights the
potential of our Cottesloe asset."

 

The Cottesloe Project:

As previously reported on 3 March 2021, the Cottesloe Project is located
around 55 km south of Newcrest's Telfer Gold Mine and about 35 km south-east
of Wishbone's Red Setter Project in the Paterson Range province of Western
Australia. The Project consists of is three tenements totalling 50 blocks
covering an area of 165km(2) and is considered highly prospective for precious
and base metals.

 

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

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

 

Appendix

*https://portergeo.com.au/database/mineinfo.asp?mineid=mn729
(https://portergeo.com.au/database/mineinfo.asp?mineid=mn729)

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

 J&H Communications Ltd
 (Financial PR)
 George Hudson                                             Tel: +44 7803 603130

 

 

Competent Persons Statement

The information in this report that relates to the reporting of exploration
results has been compiled by Mr David Jenkins, a full time employee of Terra
Search Pty Ltd, geological consultants employed by Wishbone Gold PLC. Mr
Jenkins is a Member of the Australian Institute of Geoscientists and has
sufficient experience in the style of mineralisation and type of deposit under
consideration and the activity which they are undertaking to qualify as
Competent Persons as defined in the 2012 Edition of the Australasian Code for
Reporting of Exploration Results, Minerals Resources and Ore Reserves ("JORC
Code"). Mr Jenkins consents to the inclusion in the report of the matters
based on the information in the form and context in which it appears.

 

 

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