TIDMWSBN
RNS Number : 3964F
Wishbone Gold PLC
16 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_Exploration_Plans_for_the_Red_Setter_
Project_nb6e201116.pdf
16 November 2020
Wishbone Gold Plc
("Wishbone" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources
/ AQSE: WSBN
EXPLORATION PLANS FOR THE RED SETTER PROJECT IN THE
PATERSONS RANGES IN WESTERN AUSTRALIA
Wishbone Gold Plc (AIM: WSBN), the London listed precious metals
trading and exploration company, advises that main licence recently
acquired in Western Australia has now been named the Red Setter
Project, and the Company's Australian consultants, Terra Search Pty
Ltd, have been commissioned to commence an exploration programme on
the high priority magnetic targets recently identified by Terra
Resources, as previously announced.
The first phase of exploration will comprise:
-- A close spaced arial magnetic survey over the entire area of
the largest tenement in the suite of recently acquired
tenements.
-- A selective Mobile Metal Ion ("MMI") geochemical sampling
programme over the key target zones.
-- The Company plans to implement this initial work programme over the coming months.
Exploration efforts will focus on the 57.4km(2) tenement EL
45/5297 (now referred to as the "Red Setter Project" or "Red
Setter"), which comprises a major part of the 67km(2) tenement
package recently acquired by Wishbone. The Red Setter Project 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. Refer to Figure 1 for location map.
Richard Poulden, Wishbone Gold's Chairman, commented,
"Wishbone advises that it intends to initiate exploration
efforts on our new Red Setter Project in the Patersons Ranges, now
that the Company has acquired this potentially exciting asset. Our
initial plans are to compile a new detailed subsurface picture of
the magnetic signature of the newly identified and untested 2,400m
long by 400m wide set of magnetic targets at depths starting at
only 150m in depth, as identified by our independent consultants.
In parallel to this work, we also aim to commence an MMI
geochemistry survey for gold and base metals, which has been
successfully used by other explorers and operators in the Patersons
Ranges area where new gold discoveries have been found buried deep
below surface."
Wishbone reported on the 4(th) November 2020 that their
independent consultants at Terra Search Pty Ltd 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.
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 Red Setter (E45/5297) -
see above link 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 above link to view
Figure 3. Sections through the magnetic inversion with
drillholes project to section. - see above link 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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