TIDMWSBN
RNS Number : 8894G
Wishbone Gold PLC
30 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")
30 November 2020
Wishbone Gold Plc
("Wishbone" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources
/ AQSE: WSBN
EXCELLENT INITIAL RESULTS FROM EXPLORATION AT WHITE
MOUNTAINS
Wishbone Gold Plc (AIM: WSBN), the London listed precious metals
trading and exploration company, is pleased to announce that Terra
Search Pty Ltd ("Terra Search"), the Company's Australian
exploration consultants, have reported initial gold and copper
grades at surface from its White Mountains Project ("White
Mountains") in Queensland, Australia.
HIGHLIGHTS:
-- Grades up to 44 g/t Au (grams per tonne gold) returned from
NE Workings from stream sediments.
-- Grades up to 11.9 g/t Au reported from rockchips at NE Working.
-- Magnetic linears indicate that the gold bearing Sunday School
structure extends to the east. Just outside Wishbone's EPM, Terra
Search reports that Sunday School. contains grades of up to 8.3 g/t
Au and 87 g/t silver.
-- Edwards South reported rockchips up to 1.2 g/t Au from breccia zones.
-- Edwards South is estimated to have 1km - 2km strike potential.
-- Grades up to 15.82% Copper (Cu) and 4.7 g/t Au reported at Clements Copper.
-- Brady's Jubilation showed anomalous gold in the 62 ppb Au,
and silver in the 1-2 ppm Ag range.
Richard Poulden, Wishbone Gold's Chairman, commented.
"We announced in September that we were recommencing exploration
at both White Mountains and Wishbone II in Queensland. These are
excellent initial results from the Terra Search programme at White
Mountains and these are only the first results back from the assay
laboratory. I look forward to reporting further significant results
over the coming weeks as we prepare for a drilling programme at
White Mountains."
Terra Search have reported as follows:
"Active exploration is well underway on the Wishbone's White
Mountain property (EPM 18393) in North Queensland. In order to
tighten up future drill targeting and optimize the chances of gold
intersections; extensive surface geochemical samples have been
collected at White Mountains. Terra Search has collected rock chip
samples from outcrops, stream float and mine dump material of
interest. Some previously recognized gold anomalous streams have
been re-examined with both -80 mesh (silt fraction) and panned
concentrate stream sediment sampling. An extensive soil survey
involving the collection of fine (-80 mesh, 180 micron) and coarse
(-2mm +-80mesh) fractions is now also completed. All samples have
been submitted to Intertek Genalysis Laboratories in Townsville, an
international standard assay lab. Other exploration stages underway
include filling gaps in the existing ground magnetic coverage which
should help understand the trends and significance of gold bearing
structures. Evaluation of these White Mountains data sets will most
likely lead to trench evaluation followed by drill target
testing.
Appropriate Quality Control (QA/QC) samples have accompanied all
laboratory submitted batches and include coarse blank sand,
certified blanks, certified high and low gold and base metal
reference material (standards) and duplicate samples. QA/QC samples
have been checked on receipt of results from the assay lab and all
are in order and fall within the appropriate certified
accuracies.
To this date (25/11/2020), Terra Search has received and
verified the first batches of rock chip samples, stream sediments
and panned concentrates from the White Mountains project area.
Results of the extensive soil sampling program over the NE
Workings, Edwards-Brady's Jubilation, Diecon. Sunday School East
are awaited.
A summary and highlights of results to date are as follows:
Rockchip Samples:
At the NE Workings, sample 3017531 returned 11.9 g/t Au (eleven
point nine grams per tonne Au) from ferruginous material taken from
a small pit. Sampling in the same area (# 3019187) returned 3.02
g/t Au. These veins need to be traced to the north with trenching
and drilling
At Sunday School, Samples from the Terra Search data base
highlighted the Sunday School gold zone, occurring just outside
Wishbone Gold's tenement and extending into it. Rock chip gold
results of up to 8.3 g/t Au and 24 - 87 g/t silver ("Ag") were
returned from quartz veined sericite alteration zones aligned on an
east-west strike. Magnetic trends suggest the Sunday School
structure extends directly, or en echelon, eastward into the
Wishbone tenement and will need to be further evaluated.
Elevated gold was noted at Edwards South with rockchips of
silicified breccia zones returning 0.4 - 1.9 g/t Au, elevated
arsenic ("As") in the 431-1,884 ppm As range, anomalous antimony
("Sb") (244 - 682 ppm Sb range). The Edwards Structures are 1 to
2km long as delineated by magnetics. They are currently being
evaluated with soil sampling, with results awaited. Trenching would
seem the next step in advance of drill testing.
At Clements Copper, mine dump rock chip sampling returned 2.3
g/t Au and 4.7 g/t Au, anomalous silver (4 - 8 g/t Ag) elevated
arsenic (247 ppm As) and high-grade copper (15.82 % Cu: fifteen
point eight two percent copper, and 1.32 % Cu). The high-grade
copper zones occur in an east west trending shear zone in
schist/amphibolite/gneiss. As this area is characterised by
recessive outcrop, it is recommended that the next phase of
exploration includes trenching, which should optimise drill
targeting
Rock chipping of the Brady's Jubilation prospect confirmed the
results of explorers during the 1970 nickel boom era, with a highly
anomalous, and unusual geochemical association of elevated Nickel
(0.22% - 0.36% Ni), chromium (323 ppm Cr), arsenic (0.21% - 0.55%
As), copper (0.11% - 0.46% Cu), elevated antimony (150 - 686 ppm
Sb), and anomalous gold in the 62 ppb Au range, and silver in the 1
- 2 ppm Ag range. This geochemical signature indicates both an
ultramafic source (high Ni, Cr, Cu) accompanied by a signature from
the outer zone of a gold system with anomalous As and Sb. Brady's
Jubilation has similar pathfinder geochemistry to the Edwards
Prospect. The relationship of Brady's Jubilation to the Edwards
structure is still to be established. Thus, further work is
required to evaluate the Brady's Jubilation prospect.
Stream Sediments (-80 mesh silt fraction):
Current stream sediment sampling returned a major highlight from
a drainage at the NE Workings where a 44g/t Au (forty-four grams
per tonne Au) bulk stream sediment sample points to a high-grade
gold bedrock gold source that might represent an extension to the
north of the known NE Workings vein structures.
Follow up stream sediment sampling has returned some detectable
gold values (tens of ppb Au range), but the hard rock source has
not been tracked down and will probably require trenching and
drilling to locate.
Another positive discovery at the NE workings returned anomalous
-80 mesh stream sediment samples of 200 ppb Au in catchments
further to the north in a previously unexplored drainage. Again,
the source has still to be evaluated.
Panned Concentrate Sediments
Results to date of panned concentrate sampling were impeded to
an extent by lack of water. An orientation program showed generally
low results for gold, but this may have been a function of dilution
of heavy minerals by a coarse fraction. It is recommended that
further panned concentrates are panned down to a concentrate
dominated by heavy minerals. Elevated golds (40-100 ppb Au) were
returned from Diecon and NE Workings.
About White Mountains:
White Mountains is 100% owned by Wishbone and comprises a single
large 4,491-hectare Exploration Licence ( EPM 18393), located about
155km east of Charters Towers in Queensland.
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.
Major historical production to date is as follows:
-- The Diecon Mine (1910- 1916) produced 68 tonnes of ore for
17,400 grams (614oz) gold at 255.9 g/t Au.
-- Little Wonder Mine (1913 -1915) produced 17 tonnes of ore for
669 grams (24oz) at 29.4 g/t Au.
-- Sunday School Mine (1914) produced five tonnes of ore for 268
grams (10oz) gold at 53.6 g/t Au.
White Mountains occurs in the well-endowed North Queensland Gold
Province. In the adjacent tenement (not owned by Wishbone), just
1.5km to the west of the Wishbone Gold boundary, occurs the
east-west trending Granite Castle resource of 79,000 ounces of gold
and 1.5m oz of silver.
The information in this report that relates to the reporting of
exploration results has been compiled Dr Simon D. Beams, a
full-time employee of Terra Search Pty Ltd, geological consultants
employed by Wishbone Gold Pty Ltd to carry out exploration over
their White Mountain EPM18393. Dr Beams has BSc Honours and PhD
degrees in geology; he is a Member of the Australasian Institute of
Mining and Metallurgy (Member #107121) and a Member of the
Australian Institute of Geoscientists (Member # 2689). Dr Beams has
sufficient relevant experience in respect of the style of
mineralization, the type of deposit under consideration and the
activity being undertaken to qualify as a Competent Person within
the definition of the 2012 Edition of the AusIMM's "Australasian
Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves". Laboratory analyses were carried out at
internationally recognised, independent, commercial laboratories.
All results reported here for the first time have been accompanied
by industry standard QA/QC checks.
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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