TIDMWSBN
RNS Number : 7935A
Wishbone Gold PLC
26 May 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
26(th) May 2023
Wishbone Gold Plc
("Wishbone" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources
/ AQSE: WSBN
Results From Enhanced Processing of MobileMT Across All
Cottesloe Properties
Paterson Range, Western Australia
Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to
announce an update on programmes since the release on 27 April 2023
which highlighted significant potential in reprocessed historic
drill and exploration data at Cottesloe.
Highlights:
-- 8 priority targets identified from MobileMT
-- Targets are all less than 400 metres below surface
-- Nifty mineralisation style is being targeted at Cottesloe.
(Nifty has produced more than 700Kt of copper metal with a further
940Kt in resource)
-- Gravity survey and 3D Inversion of aeromagnetic data to start
shortly to assist with refinement of targets
-- Heritage survey to start shortly
-- Drilling to start post heritage survey - timing and details to be announced in due course
Richard Poulden, Wishbone Gold's Chairman, commented;
"Historic drill and exploration data we released last month sits
mostly outside and peripheral to the new MobileMT anomalies thus
this further increases the prospectivity of this precious and base
metal project. The next work programme will refine drill targets
and the requisite heritage surveys. This forms the basis for an
exciting 2023 field season."
About Cottesloe MobileMT Targets and interpretation:
The interpretation of the Cottesloe MobileMT airborne
electromagnetic (MMT - passive EM) survey or Wishbone Gold PLC by
Expert Geophysics Limited has now been completed. The survey over
Cottesloe (E45/4543) comprised of 55 lines spaced 400 m apart and
flown in a NE-SW direction. The total size of the survey was 376
line-kilometres (143km(2) ). Wishbone Gold requested that Southern
Geoscience Consultants (SGC) review the resultant final data and
undertake enhanced processing and compilation of all final MMT
products into a 3D projection (Figure 1) alongside all other
available data - magnetics, drilling, heritage areas, geology and
geochemistry. Data interpretation and first phase drill targeting
for primary, shallow level anomalies is set out below.
Interpretation at this stage has been restricted to the central
fold target zone and immediate surrounding areas given time
constraints as to this coming season field activities and
coordination - site access.
Primary products utilised to define targets locally at the
Cottesloe project area have been the 2D final inversion results
(depth/RL slices and sections) plus the 3D project compilation
which includes existing drilling/soils/rockchips, geochemistry and
MobileMT stitched resistivity isosurfaces at appropriate
levels.
Eight primary MMT target areas (resistive zones) have been
outlined to date based on both MMT inversion results and their
spatial locations with respect to the other geophysical/geochemical
datasets - MMT_C1 to MMT_C8 - see below and Figure 2.
Given the "Nifty" style target being explored the initial
targeting has been focussed on defining localised resistive zones
within the MMT 2D inversion results above the 400m depth level.
These could represent areas of alteration/associated mineralisation
as has been observed elsewhere in the Nifty/Yeneena corridor and
therefore represent possible targets for future drilling campaigns.
A short discussion for each is provided below:
MMT_C1 is characterised by primarily a moderate to deeper level,
resistive zone elongate in a NW-SE sense and is clearly correlating
with the local fold closure/axis of the known main mineralised
units at Cottesloe. This unit is best defined in the 2D inversion
depth slices at >300m depth and should be assessed as to the
associated/interpreted geological unit present given local drilling
information present. Magnetic and gravity 3D inversion results once
completed should be assessed in detail to refine potential new
drill targeting.
MMT_C2 represents a more localised, moderate to deeper level,
resistive zone also situated within the local fold closure/axis of
the sequence 2kms SE of the main Cottesloe known mineralised zone.
This unit is best defined in the 2D inversion depth slices at
>300m depth and should be assessed as to the
associated/interpreted geological unit present given local mapping.
Magnetic and gravity 3D inversion results once completed should be
assessed in detail to refine potential new drill targeting in this
location. There appears to be no historic soils or drill testing in
this vicinity of the MMT target.
MMT_C3 represents a discrete, moderate depth level, resistive
zone also situated within a clear, local fold closure/axis of the
sequence 7-8kms SE of the main Cottesloe known mineralised zone -
well defined in the detailed aeromagnetic data. This unit is best
defined in the 2D inversion depth slices at 200-300m depth and
should be assessed as to the associated/interpreted geological unit
present given local mapping. Magnetic and gravity 3D inversion
results once completed should be assessed in detail to refine
potential new drill targeting in this location. There appears to be
no historic soils or drill testing near this MMT target.
MMT_C4 is characterised by primarily a moderate depth level,
fairly diffuse resistive zone elongate in a NW-SE sense situated
again within a local fold closure/axis of the sequence 4kms SE of
the main Cottesloe known mineralised zone. This unit is best
defined in the 2D inversion depth slices at 200-300m depth and
should be assessed as to the associated/interpreted geological unit
present given local mapping. Magnetic and gravity 3D inversion
results once completed should be assessed in detail to refine
potential new drill targeting in this location. There appears to be
no historic soils or drill testing near this MMT target.
MMT_C5 is defined by primarily a moderate depth level, discrete
resistive zone along strike immediately NW of the MMT_C4 target.
This unit is best defined in the 2D inversion depth slices at
200-400m depth and should be assessed as to the
associated/interpreted geological unit present given local mapping.
Magnetic and gravity 3D inversion results once completed should be
assessed in detail to refine potential new drill targeting in this
location. There appears to be historic drilling and anomalous
rockchips present immediately along strike to the NW of this MMT
target zone.
MMT_C6 is characterised by primarily a moderate depth level,
fairly diffuse broader resistive zone elongated in a NNW-SSE sense
situated along the NE fold limb/sequence 1-2kms NE of the main
Cottesloe known mineralised zone. This unit is best defined in the
2D inversion depth slices at 200-400m depth and should be assessed
as to the associated/interpreted geological unit present given
local mapping. Magnetic and gravity 3D inversion results once
completed should be assessed in detail to refine potential new
drill targeting in this location. There appears to be no historic
soils or drill testing in this vicinity of the MMT target.
MMT_C7 represents a discrete, shallow depth-near surface,
resistive zone elongated in a NW-SE sense situated along the NE
fold limb/sequence 3kms E of the main Cottesloe known mineralised
zone. This unit is best defined in the 2D inversion depth slices at
<100-200m depth and should be assessed as to the
associated/interpreted geological unit present given local mapping.
Magnetic and gravity 3D inversion results once completed should be
assessed in detail to refine potential new drill targeting in this
location. There is limited historic drilling immediately SW of this
MMT target zone which should be assessed also.
MMT_C8 defined by primarily a discrete, shallow depth-near
surface, resistive zone elongated in a NW-SE sense situated along
the NE fold limb/sequence 2.5kms ENE of the main Cottesloe known
mineralised zone. This unit is best defined in the 2D inversion
depth slices at <100-200m depth and should be assessed as to the
associated/interpreted geological unit present given local mapping.
Magnetic and gravity 3D inversion results once completed should be
assessed in detail to refine potential new drill targeting in this
location. There appears to be no historic soils or drill testing in
this vicinity of the MMT target.
Recommendations by Southern Geoscience Consultants:
This first phase interpretation is focussed on the primary
MobileMT targets within the central Cottesloe folded sequence and
known mineralised units at relatively shallow depth (<400m).
The overall target fold sequence is primarily composed of
broader conductive units and given experience in this region and
the "Nifty" style target being explored the initial targeting has
been focussed on defining localised resistive zones within the MMT
2D inversion results above the 400m depth level. These could well
represent areas of alteration/associated mineralisation as has been
observed for similar targets in the Nifty/Yeneena corridor.
Defined MMT resistive target zones (MMT_C1 to MMT_C8) should be
assessed from a geological/geochemical perspective and ranked.
Ground checks should also be completed for the shallow/near surface
defined MMT resistive targets zones along the NE limb of the
Cottesloe fold sequence.
Historic exploration in the Nifty/Yeneena corridor has also
highlighted that local to semi-regional scale gravity surveying can
also be very useful as an additional technique to define either
shallow sulphide bodies, associated host units and/or
alteration/carbonates/dolomites. It is recommended that semi-
regional gravity is completed across the full Cottesloe target
sequence and then this data is processed/interpreted to define
additional targets and better refine/rank defined MMT target
resistive zones.
Detailed aeromagnetic data (50m lines) is available for the
majority of the target Cottesloe fold sequence and therefore it is
recommended that 3D inversion is performed to provide additional 3D
information as to magnetic source positions/geometries/fold
closures and structure to allow joint interpretation/refined
targeting with the MMT and gravity survey data once acquired.
Gravity survey over the project to assist with refinement of
targets.
Expanded geochemical sampling program to cover areas not
currently covered to generate more vectors for drilling post next
phase of drilling.
Figure 1 - Cottesloe GA 3D project compilation - all current
information - Plan View
Figure 2 - Cottesloe MMT Interpretation / Eight Primary Targets
- MMT_C1 to MMT_C8 with MMT 2D Inversion Depth Slice Imagery
(shallow <100m depth), existing drillhole collars/soils,
tenements and heritage areas
For more information on Wishbone, please visit the Company's
website.
www.wishbonegold.com .
END
For further information, please contact:
Wishbone Gold PLC
Richard Poulden, Chairman Tel: +971 4 584
6284
Beaumont Cornish Limited
(Nominated Adviser and AQUIS Exchange
Corporate Adviser)
Roland Cornish/Rosalind Hill Abrahams Tel: +44 20 7628
3396
SP Angel Corporate Finance LLP
(Broker)
Ewan Leggat / Kasia Brzozowska Tel: +44 20 3470
0470
Competent Persons Statement
The information presented herein that relates to results from
the MobileMT survey is based on information compiled and reviewed
by the Russell Mortimer, a Competent Person who is a Member of The
Australian Institute of Geoscientists and fairly represents this
information. Mr Mortimer has sufficient experience relevant to the
style of mineralisation and type of deposit under consideration,
and to the activities undertaken, to qualify as a Competent Person
as defined in the 2012 Edition of the Joint Ore Reserves Committee
(JORC) Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves. Mr Mortimer consents to the
inclusion in this report of the matters based on his information in
the form and context in which it appears.
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END
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