TIDMWSBN
RNS Number : 1481Y
Wishbone Gold PLC
07 September 2020
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")
7 September 2020
Wishbone Gold Plc
("Wishbone" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources
/ AQSE: WSBN
Drilling approved for Wishbone's High-Grade Australian Gold
Assets
Further to the announcement of August 20 2020, Wishbone Gold Plc
(AIM: WSBN, AQSE: WSBN) the precious metals trading and exploration
company advises that specialist mineral exploration consultants,
Terra Search Pty Ltd ("Terra Search"), have now been engaged to
fast track the exploration work to prove up the potential of the
gold and copper prospects within the mineral exploration tenements
at White Mountain and Wishbone II held by Wishbone in Queensland,
Australia.
Terra Search have identified several high priority gold and
copper-gold targets at both White Mountains and Wishbone that, in
their opinion, have a strong chance of intersecting mineralisation
of significant grade and thickness which is targeted towards the
Company making a discovery.
An initial 38 reverse circulation percussion drill holes have
been planned on the licences, as the first stage of exploration in
known gold mineralised areas.
At Wishbone's White Mountain licence, the following prospects
are expected to be evaluated with drilling:
-- Sunday School East
-- The Diecon Anomaly
-- Hacketts Reef SE
-- Clements Copper
-- Edwards East
-- Edwards South
-- Bradleys Jubilation
At the Wishbone II licence, the following prospects are
scheduled to be drilled:
-- Hanging Valley West
-- Oakley Creek North
-- Halo
Terra Search has recommended new exploration methods to enhance
the proposed drilling targets, which will include ground magnetics
and soil sampling at Halo, and White Mountains (Edwards,
Deicon/Hackett-Granite Castle Extensions). These programmes are
seen as being of great advantage to maximise the chances of
exploration success. The soil sampling work planned for White
Mountains and soil sampling and ground magnetics at Halo will add
additional exploration targets. Electrical surveys (IP) at the Halo
prospect and Hanging Valley West are also being reviewed.
About the White Mountains Project:
White Mountains comprises a 4,491 hectares 100% owned
Exploration Permit located about 155km east of Charters Towers in
Queensland.
White Mountains is along strike from Maroon Gold Pty Ltd's
Granite Castle resource which may extend structurally and
geologically onto White Mountains. The Granite Castle deposit has
sufficient drilling to allow a JORC 2004 total resource of 77,200
ounces ("oz") of gold and 1,509,000 oz of silver.
White Mountains is centred over a highly favourable area of the
Lolworth region and includes several polymetallic historic mines
and advanced prospects for gold, silver, copper, lead, antimony,
nickel, and molybdenum, all of which have been the subject of
intermittent exploration over the past 40 years.
Examples of historic production are: The Diecon Mine (1910-1916)
produced 68 tonnes of ore for 17,400 grams (614oz) gold at 255.9
grams per tonne gold ("g/t Au"). Little Wonder Mine (1913-1915)
produced 17 tonnes of ore for 669 grams (24 oz) at 29.4 g/t Au.
Sunday School Mine (1914) produced five tonnes of ore for 268 grams
(10 oz) gold at 53.6 g/t Au.
About the Wishbone Prospects:
As previously reported regarding Wishbone II, high-grade surface
rock-chip samples with assays at surface up to 25.2 grams per tonne
gold ("g/t Au") at the Hanging Valley prospect have been recorded
and 7.32 g/t Au were recorded at the Oaky Mill prospect on the
licence.
The Wishbone II, III and IV Projects are a sizeable 14,700
hectare 100% owned group of Exploration Permits in the Mingela area
located about 80km south of the major Queensland port city of
Townsville. As previously reported by the Company, the area is
bounded by a large shear zone structure along which historical gold
mineralisation has been encountered.
The Wishbone II project is situated between two producing gold
projects, Charters Towers Gold Project to the west and Ravenswood
to the east, The latter gold project was recently sold for up to
AUD 300 million. These have combined Au endowment (historical
production and resources) of over 10million (Au) ounces.
Full technical details and news releases on the White Mountains
and Wishbone II assets can be viewed on the Company's website at
https://wishbonegold.com/.
Richard Poulden, Wishbone Gold's Chairman, commented,
"Wishbone Gold is excited to kick off an accelerated exploration
effort on its high grade gold assets in Queensland, Australia. We
have refocussed the group, cleared the historic debts and
liabilities and now whilst our gold trading business effectively
continues to be on hold as it has been since March due to the
continuing COVID international travel restrictions we can work on
getting value for shareholders from some exciting gold exploration
assets which fit perfectly with current market demand. Terra Search
are Townsville based, and can therefore expertly manage and conduct
this entire exploration programme on behalf of the Company through
the COVID-19 pandemic. They have worked on the Company's assets for
many years and are thus well versed on previous exploration and
analysis in the area. They have been tasked to fast track our
exploration initiatives on the Company's gold assets at White
Mountains and Wishbone."
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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END
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