REG - Wishbone Gold PLC - Update on Red Setter Analysis

Wishbone GoldAnnouncement

16/03/2023 10:15

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RNS Number : 2228T  Wishbone Gold PLC  16 March 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

 

 

16 March 2023

 

Wishbone Gold Plc

("Wishbone" or the "Company")

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

 

Update on Red Setter Analysis

Paterson Range, Western Australia

 

 

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to announce an update on
the data analysis of the Red Setter project.

 

As previously announced Expert Geophysics ("EG") undertook a MobileMT survey
(see Note 1 below) in December 2022.  The data from this was processed during
January and February 2023.

 

Southern Geoscience Consultants ("SGC") completed data interpretation during
March 2023. This data has now been merged with previous datasets we have
published magnetic and gravity inversions, known geology and geochemistry and
data from the drill program undertaken last year. This has been turned into a
new 3D model some examples of which are shown in this release.

 

SGC and EG have identified two target areas, MMT- R1 and MMT - R2, (Figure 1).
At this stage of first phase interpretation efforts the focus has been on the
primary MobileMT targets in close proximity to the main Red Setter known
mineralised zone and magnetic target, and also those targets that are at a
relatively shallow depth (<500m), and adjacent to accessible locations
which have been cleared by Aboriginal Heritage.

 

MMT - R1

This target area is a conductive corridor that is situated immediately south
of drillhole WRSDD0010 and adjacent to drillhole WRSDD0011. Given the known
gold mineralisation intersected in both holes WRSDD0010 and WRSDD0011 and
clear structural breaks apparent in the detailed aeromagnetic/gravity data
within MMT - 1, the coincident higher conductivity zone between the two holes
looks compelling in the upper 200m depth (shallow level), as a priority target
for drill testing.

MMT - R2

Another key target zone, MMT - 2 is a well-defined, discrete conductive
central unit striking NW-SE and is coincident with a gravity low corridor also
at relatively shallow depth.

 

Figure 1 - MMT Interpretation / Two Primary Targets - MMT_R1 and MMT_R2 with
AMAG/Gravity/MMT Isosurfaces, AMAG TMI1VD Imagery and Existing Drillhole
Collars

 

 

 

Figure 2 - 3D MMT survey project combining magnetic/ gravity inversions,
drilling, geology and geochemistry.

 

Richard Poulden, Wishbone Gold's Chairman, commented;

"The MT dataset adds a whole new dimension to the exploration process. We are
further reviewing the remodelled data with a third specialist group prior to
finalising a drill program. We will make further announcements as this work
progresses"

 

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)

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.

 

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

 

 

Competent Persons Statement

The information presented herein that relates to results from the MobileMT
survey is based on information compiled and reviewed by Russell Mortimer, a
Competent Person, who is a Member of The Australian Institute of Geoscientists
and fairly represents this information. Mr Mortimer has sufficient experience
relevant to the style of mineralisation and type of deposit under
consideration, and to the activities undertaken, 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 Mortimer consents to the inclusion in this
report of the matters based on his information in the form and context in
which it appears.

 

 

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