TIDMWSBN
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 .
Appendix
*
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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