TIDMWSBN
RNS Number : 4952P
Wishbone Gold PLC
18 February 2021
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR")
Please click the following link to view the figures and
illustrations included in the below announcement:
https://wishbonegold.com/images/2021/02/WSBN_RNS_Red_Setter_High_Resolution_Magnetic_Survey_Results_10jq210218.pdf
18 February 2021
Wishbone Gold Plc
("Wishbone" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources
/ AQSE: WSBN
Multiple New Shallow Gold Targets Defined at Red Setter
Project
Patersons Range, Western Australia
Highlights:
-- 3D inversion of the Red Setter ultra-detailed magnetics has
delineated 3 highly magnetic bodies over an expanded area now
covering 3km x 1km.
-- Largest individual priority 1 magnetic target has a 1500m
strike length with a width of 400m and starts at around 75m from
surface.
-- Magnetic survey reveals that all magnetic targets are much
shallower than 150m-250m depth previously modelled.
-- The relatively shallower target depth is strongly
advantageous both from an exploration and future development
potential perspective.
-- The Red Setter Project is located 13km south-west of Newcrest
Mining's Telfer Gold-Copper Mine and 60km west of Newcrest and
Greatland Gold's Havieron discovery.
Wishbone Gold Plc is pleased to advise that the detailed
high-resolution magnetic survey recently flown over the Company's
Red Setter Project has delineated multiple highly prospective
magnetic targets over a much larger 3km x 1km area than previously
interpreted. The magnetic inversion modelling completed by Terra
Resources on the higher resolution data has indicated that the
targets are considerably shallower than previously modelled based
on the older regional datasets.
Richard Poulden, Wishbone Gold's Chairman, commented, "The
prospectivity of Red Setter has been greatly improved with this
high-resolution magnetic survey, as the strength and size of the
magnetic targets has significantly exceeded our original
expectations in terms of understanding of the geometry and
prospectivity. It is also very encouraging that the indicated
target depth to the top of the structures is far shallower than
previously modelled. We are now planning a detailed IP to target
sulphide mineralisation and prepare for the maiden drilling
programme. Further updates will be provided to the market upon
finalisation of the program design and contracting of various
specialists."
Simon Beams, the Managing Director and Principal Geologist of
Terra Search, commented, "The detailed magnetic survey
substantially expands and enhances Red Setter. There are some very
promising indications of a large hydrothermal system, with
similarities to the new Havieron gold/copper discovery in the area.
The previous drilling on the main 1.5km long target intersected
similar alteration, and the right pathfinder metal indicators,
peripheral to the main target. We now have multiple untested
high-order magnetic targets across the entire prospect."
Terra Search, Wishbone's prime Australian exploration
consultants, who have considerable exploration experience in the
nearby Havieron gold discovery, have concluded a technical review
on the Red Setter Project's ultra-detailed airborne magnetic survey
conducted by MAGSPEC Airborne Surveys Pty Ltd and the processing
and interpretation work conducted by Value Adding Resources (VAR),
and report as follows:
The Red Setter Project is situated on the 57.4km(2) wholly owned
Exploration Licence EL45/5297 and is located 13 km south-west of
Newcrest Mining's Telfer Gold-Copper Mine and 60 km west of
Newcrest and Greatland Gold's Havieron discovery (Refer Figure
8).
MAGSPEC Airborne Surveys Pty Ltd recently completed a high
resolution and ultra-detailed airborne magnetic survey across the
entire Red Setter Project. The survey was completed on 100m line
spacing and covered a total of 666 line-kilometres.
Processing of the significantly high-resolution magnetic
datasets (Refer Figure 2), by VAR, has revealed that the magnetic
bodies occur much closer to surface relative to their previous
reported 150m-250m depth that was modelled on the wider spaced
regional magnetic datasets. The relatively shallower target depth
is strongly advantageous both from an exploration and future
development potential perspective.
The highest priority magnetic bodies within Red Setter (Referred
to as Targets A, B and C in Figure 1) cover an expanded area of 3.5
km in strike length and 1 km in width. The highest order Target A
occurs over a strike length of 1500m with a width of 400m and
occurs within 50-75m of surface. Results of this modelling shows
several north plunging magnetic bodies within this anomaly of
equivalent susceptibility (possibly pyrrhotite alteration) to that
evident at both Newcrest Mining and Greatland Gold's Havieron and
RioTinto's Winu discoveries .
Figure 1: 3D Inversion Model of the Magnetic Anomaly at Red
Setter (left)
and Horizontal Gradient Magnitude RTP TMI image (right) - see
link above to view
The 3D magnetic inversion (Figure 1) looks at the required shape
of magnetic bodies of a particular magnetic susceptibility to
produce the observed disturbance in the earth's magnetic field. The
3D magnetic inversion has used magnetic susceptibility values
consistent with the Havieron deposit. The series of plunging bodies
could represent alteration systems associated with a hydrothermal
system.
The Paterson Range mineralisation is generally associated with
pyrrhotite, pyrite, gold and copper and have discrete magnetic
signatures. The core of the magnetic responses is most likely to
host higher grade mineralisation.
Figure 2: Regional Magnetic VD1 (left) versus Recently Acquired
High Resolution MagneticVD1 (right) - see link above to view
VAR focused their processing of the dataset and interpretation
on the area shown in Figure 3.
The historical drilling has not tested the core of the magnetic
response at the high priority Target A (Figures
3 to 7). Figure 7 shows a planned hole to test the core of Target A.
Figure 3: 3D magnetic Inversion processing area (left) and
sections (1 and 2) locations with historic drilling locations - see
link above to view
Three historic RC drillholes, drilled by Encounter Resources
with EIS support from the WA Government in the vicinity of, but
adjacent to some of the magnetic anomaly, penetrated the Permian in
2 holes indicating an approximate depth of cover under 100m in this
area at least.
These holes returned low geochemical responses, but petrology
showed evidence of alteration assemblages of albite and calcite
with similarities to the system at the Havieron area. None of the
holes tested the Magnetic anomaly as shown in Figures 4 & 5.
The holes intersected shales below the Permian cover with some
pyrite. These were anomalous in several key pathfinders including
Gold, Copper, Lead, Zinc, Cobalt, Arsenic, Bismuth, Molybdenum and
Mercury. The combination of the alteration and geochemistry is
considered highly encouraging, particularly given the main
geophysical anomaly remains untested below these historic
holes.
Figure 4: Long Section through the modelled Magnetic body
showing existing adjacent drilling projected onto the section. -
see link above to view
Figure 5: Cross Section through the modelled Target A magnetic
body and adjacent drilling. - - see link above to view
Figure 6: Cross Section along Target A with 3D Mag and historic
drilling - see link above to view
Figure 7: VAR proposed drill hole location into Target A - see
link above to view
Figure 8: Location map of Red Setter Project (EL45/5297)
relative to the Telfer Gold Mine and the Havieron
Gold/Copper discovery. - see link above to view
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.
END
For further information, please contact:
Wishbone Gold PLC
Richard Poulden, Chairman Tel: +971 45 846
284
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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