Mineralised Base Metal System Confirmed- Cottesloe

Wishbone Gold PLC

01 November 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

 1^st November 2023

Wishbone Gold Plc

("Wishbone" or the "Company")

Confirmation of Mineralised Base Metal System at Cottesloe from Pre Collar Assays

Paterson Range, Western Australia

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), announces results of the pre collar Reverse Circulation ("RC") drilling at its Cottesloe Project. Cottesloe is considered highly prospective for precious and base metals.  This announcement follows on from the 18 September announcement and provides further analysis of the RC drilling referred to therein and is a precursor to the Diamond drilling programme as referred to in the 12 October announcement which is expected to commence shortly.

Preliminarily drilling indicates the relevance of Esso's drill data which included 0.25% Copper (Cu), 4.6% Lead (Pb), 0.97% Zinc (Zn) 165 g/t Silver (Ag) and 0.26% Cobalt (Co), as announced by the Company on 27^th April 2023.

Richard Poulden, Wishbone Gold's Chairman, commented:

"These assay results from the RC drilling are encouraging as we are yet to hit the target mineralisation zone. With electric vehicle battery metals increasingly important it is great to have a project with potential like this. We are now preparing for the diamond drilling program as announced on 12^th October to get underway which is partially funded by the Western Australian Government. The potential scale of Cottesloe and these promising drilling results merit the future exploration of this area and we look to the future with confidence."

Highlights:

·    Encouraging results from the first stage RC pre-collar drilling program.

o Results include anomalous zones within pyritic shale horizons up to 4684 g/t Zinc (Zn) and 1880 g/t Cobalt (Co).  Elevated Lead (Pb) to 577 g/t and up to 13 g/t Ag were also returned.

·    Strong Zinc and Cobalt anomalism in pre collar hole 23CTRC0005 within weathered sulphidic shales with 1400 g/t Zn, 243 g/t Co over 78m from 12m depth. This includes 6m at 3500 g/t Zn and 1300 g/t Co from 50m. The above had support of Silver (Ag), Manganese (Mn) and Phosphorus (P) which are all good indicators of a base metal hydrothermal system.

·    The level of anomalous values is consistent with the development of a significant basin related hydrothermal system consistent with a sediment hosted base metal deposit.  The geology includes prospective stratigraphy including thick sulphide rich zones and the presence of anomalous pathfinders such as Mn, Ba and P is also highly encouraging.

·    Diamond drilling to start in the coming weeks.

·    Diamond drilling costs are to be 50% funded by the Western Australian Government's EIS scheme up to a total of $220,000 of direct drilling costs. 

·    Nifty mineralisation style is being targeted at Cottesloe. Nifty has produced more than 700Kt of copper metal with a further 940Kt in resource.

Comments on Reverse Circulation pre-collar drilling at Cottesloe:

Results from the first stage pre collar program completed in September have now been received.  The program included 2 holes, 23CTRC001 and 23CTRC005, which encountered zones with pyritic black shales in both holes.  23CTRC001 intersected pyrite over a wide zone from 72-148m with the zone from 112-121 metres showing the strongest sulphide zone.  This zone showed anomalous base metals and Manganese (Mn), Phosphorus (P) and Nickel (Ni).  23CTRC005 intersected pyritic shales towards the base of the weathered zone (89-90m) within partly ferruginous clays interpreted to be weathered pyritic shales from 12m.  The best intercept was:

·    78m @ 1400g/t Zn and 243 ppm Co from 12m in 23CTRC0005 incl
6m @ 3500 g/t Zn and 1300 g/t Co from 50m

There was also stronger pyrite within black shales from 124-145m, with disseminated pyrite throughout the hole.  This zone also had highly anomalous Zinc.

The limited information gained to date is highly encouraging with a thick zone of anomalous sulphidic shales present in both holes, confirming the overall exploration model for a major sediment hosted system.

For more information on Wishbone, please visit the Company's website.

www.wishbonegold.com.

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For further information, please contact:

Wishbone Gold PLC
Richard Poulden, Chairman	Tel: [phone]
Beaumont Cornish Limited
(Nominated Adviser and AQUIS Exchange Corporate Adviser)
Roland Cornish/Rosalind Hill Abrahams	Tel: [phone]
SP Angel Corporate Finance LLP
(Broker)
Ewan Leggat / Kasia Brzozowska	Tel: [phone]
Soho Communications Ltd
(Financial PR)
George Hudson	Tel: [phone]

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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