TIDMWSBN
RNS Number : 2086E
Wishbone Gold PLC
04 November 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")
Please click the following link to view the figures and
illustrations included in the below announcement:
https://wishbonegold.com/images/2020/11/WSBN_RNS_Gold_Targets_Identified_Havieron_Telfer_Project_bf2s201104.pdf
4 November 2020
Wishbone Gold Plc
("Wishbone" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources
/ AQSE: WSBN
GOLD TARGETS IDENTIFIED - HAVIERON / TELFER PROJECT
Wishbone Gold Plc (AIM: WSBN), the London listed precious metals
trading and exploration company, advises that it's independent
geological consultants in Australia, Terra Search Pty Ltd ("Terra
Search"), have identified four magnetic targets of considerable
size covering 2.4km by 400m on its Patersons Range Project in the
Havieron and Telfer region of Western Australia. Significantly,
these targets are much shallower than the Havieron discovery, with
the top of the magnetic targets ranging from 150m to 250m below
surface.
In addition, Wishbone advises that it has now completed its
legal and technical due diligence on the Patersons Range Project
tenements and will now move to close the acquisition on the terms
announced on 5(th) October 2020.
Terra Search, who have considerable exploration experience in
the nearby Havieron gold discovery, have concluded a technical
review on the 57.4km(2) tenement EL 45/5297, which comprises a
major part of the 67km(2) tenement package being acquired. EL
45/5297 is located only 13 km south-west of Newcrest Mining's
Telfer Gold Mine and about 60 km west of Newcrest and Greatland
Gold's Havieron discovery.
Terra Search concluded:
-- Modelling of the available Government magnetics by
independent geophysics consultants, Terra Resources, shows several
north plunging magnetic bodies of equivalent susceptibility
(possibly pyrrhotite alteration) to those evident at both the
Havieron discovery and Rio Tinto's Winu discovery in the Patersons
Range area.
-- The four main magnetic targets cover an area of 2,400m x
400m, which when compared to the 500m x 300m Havieron footprint, is
a significant potential target zone.
-- Depth to the shallowest feature on the tenement is estimated
to be at 150m below surface. The deepest feature is interpreted to
be 250m below surface.
-- The Permian cover in the area, is estimated to be around 100m
in depth on E45/5279 compared to the 400m Permian cover at
Havieron.
Richard Poulden, Wishbone Gold's Chairman, commented,
"The Terra Search and Terra Resources analysis of the
prospectivity of the major tenement in the Patersons Range Project
is highly encouraging. The identification of an untested 2,400m
long by 400m wide set of magnetic targets at depths starting at
only 150m is a very exciting prospect for Wishbone. The interpreted
depth of the Permian cover of around 100m, as opposed to the 400m
cover at Havieron, is also significant. Historically only two
previous shallow drill holes, off to the side of the structure,
appear to have tested below the 100m thick Permian cover. Both of
these holes encountered evidence of alteration and base metals
mineralisation. Wishbone advises that it now intends to fast-track
exploration efforts here, and have therefore instructed its
Australian lawyers to move to close the transaction earlier than
originally anticipated."
In their report to Wishbone, Terra Search concluded that
inversion of the broad spaced available Government magnetic data
has produced potential targets with a similar signature to those at
Havieron. A new close spaced high power detailed magnetics and
gravity is recommended as the next phase of exploration, and this
work could further delineate drill targets in this area. A drilling
programme could then be formulated to test the full range of
geophysical targets on the licence.
Figure 1: Overall Pictorial Summary of E45/5297 - see link above
to view
A magnetic inversion on the wide spaced government magnetics was
also undertaken by Terra Resources and the data is attached (Figure
2). Results of this modelling shows several north plunging magnetic
bodies of equivalent susceptibility (possibly pyrrhotite
alteration) that is evident at both Newcrest Mining and Greatland
Gold's Havieron and RioTinto's Winu discoveries . Depth to the
shallowest feature on the tenement is estimated to be at 150m below
surface. The deepest feature is interpreted to be 250m below
surface . Previous shallow drilling failed to test the magnetic
targets as shown in Figure 3.
The 3D magnetic inversion (Figure 2) 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 sections below (Figure 3) across the magnetic anomaly
show the position of the deeper drilling in relation to these
bodies. The drilling has not penetrated the main targets, but
potentially show signs of hydrothermal activity with Calcite and
albite alteration.
Figure 2: 3D inversion on the magnetic anomaly showing potential
targets. - see link above to view
Figure 3: Sections through the magnetic inversion with
drillholes project to section. - see link above to view
The two previous RC drill holes that did penetrate the Permian
cover intersected calcareous bedrock and a magnetite bearing mafic
dyke. Petrological work confirmed the presence of magnetite and
sporadic base metal sulphides within the dolerite, and it was
concluded that the weakly mineralised dolerite dyke is the source
of the Stirling magnetic anomaly and the low levels of base metal
anomalism in the surrounding sediments.
Terra Search, the author of this report has some direct
experience with Havieron, having logged several thousand metres of
core on the project in 2019. Wallrock clasts within the breccias at
Havieron comprise fine grained, possibly hornfelsed, albite and
calcite altered rock from an undetermined (as at November 2019)
protolith. Mineralisation at Havieron is spatially associated with
a through-going dolerite that is generally barren (so assumed to be
late stage), however there are numerous altered, early dolerite
clasts and intrusives that are associated with locally spectacular
gold grades.
The strong magnetic anomaly at Havieron was interpreted to
reflect the strong sulphide component, however modelling during
2019 indicated that this was not the case, and that the source was
situated deeper than the drilling that was being undertaken at the
time.
Terra Search Forward Exploration Recommendation:
At E45/5297, it is further recommended that the historic shallow
RC drill chips be tracked down and reviewed, with an aim to
determine the nature of the alteration and to investigate the
potential for hydrothermal mineralisation (pyrite and chalcopyrite
present in the dolerite were assumed to be native to the intrusion
by previous workers). Whole rock geochemistry could be used to
determine the affinities of the dolerite, to determine if it is
compositionally favourable as a source of introducing sulphide
mineralisation. Separation of magnetite, and testwork to determine
whether it is hydrothermal or igneous in origin would further add
to the understanding of mineralisation potential. If it can be
reliably captured, magnetic susceptibility values would provide
valuable data to feed into the geophysical work proposed below.
Re-modelling of the magnetic anomaly, preferably with the
collection of new close spaced detailed ground or airborne magnetic
data and gravity, would be recommended. The depth to the top of the
anomaly is constrained by drilling, and magnetic data from the
existing chips would provide a useful start point. 2D and 3D
inversions of magnetics and gravity should provide targets for
follow-up drilling to enhance the first pass inversions completed
on the wide spaced magnetics. Due to the existing wide spaced 400m
spacing for the current magnetic data, further targets may be
identified with a closer spaced survey.
It is also recommended that a new geochemical programme be
undertaken using MMI and or Ionic leach over the entire tenement
area.
If the review of existing reports, completion of geophysical
modelling and investigation of existing RC chips are favourable,
drill testing will be the most successful exploration technique in
this area.
RC testing of the magnetic feature is not yet complete. The
magnetic anomaly has known strike extent that has not been tested.
Pending modelling outcomes, the strike extent may be in the order
of 2,400m. Havieron has a footprint of about 500m x 300m with a
limited distal geochemical signature, which would require a drill
spacing of around 250m x 125m as an effective test. The regional
'grain' of NW - SE would be anticipated in any mineralisation here,
so an RC program of holes at 100m spacing, on sections spaced 200m
apart, with sections oriented NE - SW would be an effective first
pass test. Given the Permian cover sequence, requiring 100m of
drilling to test basement, holes would likely need to be 150m depth
as a minimum.
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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