REG - Wishbone Gold PLC - Significant Cu-Au grades from Drilling at Halo QLD

Wishbone GoldAnnouncement

06/09/2022 14:00

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RNS Number : 4779Y  Wishbone Gold PLC  06 September 2022

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

 

 

6 September 2022

Wishbone Gold Plc

("Wishbone" or the "Company")

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

Significant Copper and Gold grades from drilling in Queensland, Australia

 

Confirmation from Wishbone first drilling program:

·   At Halo:

o thick intercepts of copper from surface such as 124m at 0.34% Cu, with
higher grades of 1%-2% copper in oxide and deep primary zones.

·   At Grassy Oaky:

o zones of high gold-silver-copper within a zone of strong alteration of
probable deep seated origin.

 

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to announce to the
market the results from the Wishbone II Gold-Copper initial drill program at
its 100% owned Wishbone II tenement in North Queensland. Highly encouraging
Copper-Gold-Silver drill results have been received at the previously
undrilled Halo and Grassy Oaky Prospects.

 

In June-July 2022, Wishbone Gold completed its initial reverse circulation
percussion drill program at Halo, Halo East, Grassy Oaky prospect areas within
EPM 18396, Wishbone II and Big Vein (EPM 19696 Wishbone IV). Results have been
received from Intertek laboratory which included significant Cu-Au (and silver
"Ag") mineralisation which was encountered at several of the prospect areas.

Figure 1: Reverse circulation percussion chip samples from primary copper rich
zone, hole 22WBRC021: 91m-92m, this zone returned 2m at 2.91% Cu, 4 g/t Ag
(91m-93m). Semi-massive chips of chalcopyrite associated with orange
K-feldspar, magnetite and chlorite (probably after secondary biotite). Typical
mineral and alteration assemblage from the potassic core zone of an intrusive
related mineral system.

 

Figure 2: Location of Wishbone Project, North Queensland, Australia.

Figure 3: Map showing locations of Reverse Circulation drillholes drilled by
Wishbone Gold May-June, 2022, Wishbone Project

Terra Search, the Company's prime geological consultants for Wishbone, report
that this initial drilling indicates a copper mineralised system at Halo,
where the central core of the system is associated with high temperature
potassic alteration manifested as K-feldspar, magnetite and chlorite after
probable secondary biotite alteration. The mineralisation style and alteration
assemblages are similar in nature to the centres of deeper level
porphyry/plutonic style or possibly Iron-Oxide Copper Gold (IOCG) systems. In
the first program of drilling at Halo, Wishbone has intersected thick zones of
copper from surface such as 124m at 0.34 % Cu, including oxide zones such as
19m at 0.99% Cu (Figure 4) and high primary copper grades at deeper levels
such as 2m at 2.91 % Cu, 4 g/t Ag which occurs within a broader copper zone of
13m at 0.78% Cu.

Highlights of the program below:

HALO SOUTH EAST BOUNDARY PROSPECT

 

A significant copper zone was drilled from surface in hole 21, shown in cross
section in Figure 5. The aggregate intercept from surface and mineralization
highlights are as follows:

 

Hole 021: 124m at  0.34% Cu. (0m-124 m)

This includes an oxide zone from surface/ (Figure 4):

·    19m at 0.99% Cu, 2 g/t Ag: (0m-19 m)

A primary zone containing some chalcocite supergene:

·    7m at 0.79% Cu, 3.5 g/t Ag: (19m-26 m)

Combined the oxide supergene transition zone:

·    11m at 1.29% Cu, 3.8 g/t Ag (15m-26 m)

Higher grade sulphidic primary zones associated with K-feldspar and magnetite
occur in deeper sections of hole 21:

·    12m at 0.20% Cu (75m-87m)

This Includes 1m at 0.78% Cu (79m-80m)

·    13m at 0.79% Cu (87m-100 m)

This includes 2m at 2.91% Cu, 4 g/t Ag (91m-93m)

·    16m at 0.12% Cu (100m-116m)

This includes 1m at 0.59% Cu (103m-104m).

 

Figure 4: Reverse circulation percussion chips from Halo SE, Hole # 21, copper
oxide zone containing abundant malachite (from 0m-19m).

Figure 5: Cross section of Halo SE drill traces with downhole Copper and
Sulphur assay results and highlights of drilling intercepts.

 

HALO NORTH PROSPECT

A significant copper zone was drilled from surface in hole 8 shown in cross
section in Figure 6. The aggregate intercept from surface and mineralization
highlights are as follows:

111m at 0.15% Cu (1m-112m)

This includes an oxide zone:

·    9m at 0.28% Cu, (4m-13 m)

And includes primary zones:

·    14m at 0.17% Cu (25m-39m);

·    6 m at 0.37% Cu (64m-70m);

·    15 m at 0.27% Cu (88m-103m);

·    2m at 0.56% Cu (135m-137m);

·    2m at 0.46% Cu (151m-153m)

Other zones of with oxide and primary copper mineralisation:

HOLE 002 HALO North

Primary copper zone:

·    2m at 0.16% Cu (35m-37m)

HOLE 003 HALO North

Oxide copper zone:

·    2m at 0.24% Cu (1m-3m)

HOLE 004 HALO North

Primary copper zone:

·    1m at 0.10% Cu (77m-78m)

·    2m at 0.10% Cu (94m-96m)

HOLE 024 HALO North

Primary copper zone:

·    10m at 0.34% Cu (37m-47m)

Figure 6: Cross section of Halo North drill traces with downhole Copper and
Sulphur assay results and highlights of drilling intercepts.

 

GRASSY OAKY PROSPECT

 

The drilling conducted at Grassy Oaky intersected the outcropping quartz
sulphide vein lode within a broad zone of strong quartz sericite alteration
(Figure 7) shown in cross section in Figure 8. The quartz textures, alteration
assemblages and multi-element association have many similarities with the
mesothermal granite hosted vein systems at Charters Towers and Hadleigh
Castle. The encouraging sign is the 30m thickness of strong sericite-quartz
alteration which suggests a greater size potential than the common narrow
granite hosted vein systems relatively common throughout the Charters Tower
Mineral Province. There is a fair chance that Grassy Oaky mesothermal style
mineralisation will extend to significant depths if the alteration and lode
thicknesses turn out to be comparable in thickness and style to those at
Charters Towers and Hadleigh Castle.

 

Hole 028

Broad gold-copper zone

9m at  0.75 g/t Au, 0.20% Cu, 8.6 g/t Ag. (44m-53 m)

·    2m at  0.3 g/t Au, 0.74% Cu, 32.2 g/t Ag. (44m-46m)

High grade gold :

·    1m at 5.72 g/t Au (52-53m)

Hole 025

Moderate copper zone

·    9m at 0.18% Cu, 5.6 g/t Ag. (83m-92m)

Hole 026

Moderate copper -gold zone

·    2m at 0.13 g/t Au, 0.28% Cu, 7.8 g/t Ag. (46m-48m)

 

Figure 7: Reverse circulation percussion chips (44m-49m) from Grassy Oaky

Hole # 28: Quartz pyrite chalcopyrite veining within strong silica sericite
alteration. Overall zone from 44m-53m returned 9m at 0.75 g/t Au, with 2m at
0.7% Cu, 32.2 g/t Ag between 44m-46m.

 

Figure 8: Cross section of Grassy Oaky drill traces with downhole Copper and
Sulphur assay results and highlights of drilling intercepts.

 

CITY OF MELBOURNE PROSPECT

 

During the planning of the drill program, rock chip sampling was carried out
at the historic City of Melbourne gold workings in the northern sub-block of
Wishbone 6 tenement (EPM27757). Excellent gold results were returned Table 1.
The City of Melbourne was one of the larger historic mines in the area,
producing gold in the 1900s. The mining dumps in the gold field stretch along
strike for 700m as part of several parallel lodes (Figure 9).

 

 

 

Figure 9: Photo Historic mine dumps and workings from the 1890's, City of
Melbourne.

 

Eleven rock chips samples of mine dump material and host rock types were
collected and are presented in Table 1. Seven (7) of the samples returned
elevated gold with six containing greater than 0.5 g/t Au up to a maximum high
grade value of 9 g/t Au.

 

Lead was high in some samples returning over 0.5% Pb, which is encouraging in
the context of the Charters Towers district where the highest grade gold is
often associated with high lead in the form of galena.

 

The mineralization style, quartz textures and alteration at City of Melbourne
are similar to those granite hosted, narrow but high grade plutonic level,
mesothermal vein systems which historically produced multi-million ounces of
gold in the Charters Towers district.

 

Table 1. Rock Chip Sample Results City of Melbourne, Wishbone 6 EPM27757.

 

 Sample #  Au g/t  Lith Description                                                              Sample Type  MGA_N    MGA_E
 3014637   2.24    Quartz vein through Sericite Altered Granite with minor pyrite sulphide       Mine Dump    7795798  466011
 3014638   0.10    Quartz Calcite veining through granite                                        Mine Dump    7795833  465957
 3014639   8.95    Narrow Quartz Veins through alt granite possibly sericite/ FeOx boxworks and  Mine Dump    7795802  466004
                   vugs in veining and alt granite
 3014640   0.50    Quartz sulphide rich vein                                                     Mine Dump    7795712  466084
 3014641   0.06    Sericite alt Granitic wall rock                                               Mine Dump    7795713  466084
 3014642   0.25    Narrow QV through sericite alt granite                                        Mine Dump    7795581  466186
 3014643   4.37    Gossanous Quartz with minor blebs of Galena and FeOx boxwork                  Float        7795965  465839
 3014644   1.69    Gossanous Quartz Vein with minor/trace galena/ Fe Ox boxworks and minor       Float        7795966  465841
                   sulphide
 3014645   0.78    Milky Quartz, very minor pyrite and trace galena, Large Mullock dump, medium  Mine Dump    7795808  465980
                   grained hornblende biotite granodiorite
 3014646   0.02    Strong sericite alt biotite granodiorite/ pit containing pink K feldspar      Mine Dump    7795882  465875
                   veining and alteration, MAG SUS =0.16
 3014647   0.01    Mafic Chloritic Dyke MAG SUS=0.1                                              Outcrop      7795882  465875

 

Wishbone Gold's Queensland exploration properties are situated in the highly
prospective Charters Towers-Ravenswood district in north Queensland's premier
gold province. They consist of 54 sub-blocks amounting to 174 km(2) of wholly
owned licences and located only 10km from the 5 million oz Ravenswood gold
mine.

 

Full technical details and news releases on the Wishbone II assets can be
viewed on the Company's website at
https://wishbonegold.com/projects/wishbone-ii-iv-vi/
(https://wishbonegold.com/projects/wishbone-ii-iv-vi/)

 

For more information on Wishbone, please visit the Company's website.
www.wishbonegold.com (http://www.wishbonegold.com)

 

Richard Poulden, Wishbone Gold's Chairman, commented, "We are extremely
pleased with the initial drilling program on our Queensland tenements, which
was designed to test areas with surface anomalies. Having hit several
mineralized intercepts of over 1% copper and broader zones of potassic style
alteration generally associated with the cores of intrusive related Cu-Au
mineralised systems is tremendously promising at this early stage.
Intersecting a 30m wide zone of strong alteration, associated with a
gold-copper-silver- lode system at Grassy Oaky is also exciting, especially
considering that these are the first ever drillholes into this prospect. We
look forward to exploring our Queensland tenements further over the coming
months."

 

Competent Person Statement:

 

The information in this report that relates to the reporting of exploration
results has been compiled Dr Simon D. Beams, a full-time employee of Terra
Search Pty Ltd, geological consultants employed by Wishbone Gold Pty Ltd to
carry out exploration over their White Mountain and Wishbone 2,4,6 EPMs. Dr
Beams has BSc Honours and PhD degrees in geology; he is a Member of the
Australasian Institute of Mining and Metallurgy (Member #107121) and a Member
of the Australian Institute of Geoscientists (Member # 2689).  Dr Beams has
sufficient relevant experience in respect of the style of mineralization, the
type of deposit under consideration and the activity being undertaken to
qualify as a Competent Person within the definition of the 2012 Edition of the
AusIMM's "Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves".

 

Laboratory analyses were completed at internationally recognised, independent,
commercial laboratories. Internal results reported here for the first time
have been accompanied by industry standard QA/QC checks.

 

 

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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