TIDMWSBN
RNS Number : 3007U
Wishbone Gold PLC
22 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
22 November 2023
Wishbone Gold Plc
("Wishbone" or the "Company")
Exclusive Option to acquire 100% of new Lithium and Gold Project
in the Pilbara Region of Western Australia
Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN) , is pleased to
announce it has secured an exclusive option to acquire 100% of the
Crescent East Lithium and Gold Project, located in the prolific
gold area of Mosquito Creek, in the Pilbara Region of Western
Australia. The site is 260km south-east of Port Headland, the main
point for the region's lithium exports.
Highlights:
-- Crescent East Lithium and Gold Project is located in the
heart of the prolific Western Australian lithium mining area:
o 180km from the Wodgina and Pilgangoora Lithium Mines
o 100km from the Global Lithium Archer deposit
-- The tenements are well endowed with gold - samples from
within the project area have shown historical rock chip results
including:
o 95.5g/t gold ("Au"), 91.8g/t Au, 117g/t Au (original + 2
assays) (#800284)
o 5.83g/t Au (#610058)
o 4.71g/t Au: (#610059)
o 4.33g/t Au (#610060)
-- Gold nuggets up to 78.5 ounces (2.44kg) recovered from
special prospecting licenses being operated by prospectors within
tenement E46/1463
-- A geological field crew with expertise in the area has
mobilised to site, for immediate due diligence work.
Richard Poulden, Wishbone Gold's Chairman, commented:
"This is a very exciting new opportunity for Wishbone. Lithium
is one of the hottest sectors in Australia and in the mining sector
at the moment with the Pilbara responsible for some of the biggest
new lithium mines and discoveries. To option such a sizeable
project that combines lithium and gold, located in the heart of the
new lithium mining epicentre is a major extension of Wishbone's
exploration projects. Gold areas in the Pilbara are usually seen as
good geological settings for new lithium discoveries. Due diligence
will be completed over the coming weeks and we look forward to
seeing the results."
The Terms of the Transaction are as follows:
The option price is the payment of GBP25,000 in shares at a
price of 2.15p per share to the current owner Mining Equities Pty
Ltd. If the acquisition proceeds following due diligence, the
purchase price will be GBP400,000 also payable in shares at a price
of 2.15p per share.
The project tenements:
The Crescen t East P r oject covers 157km(2) (Figures 1, 2 and
3) and is composed of three exp l oratio n licences all owned by
Mining Equities Pty Ltd:
E 46/1463 (granted) - has tenement expenditure of $23,000 p.a..
The licence expires on 16/3/2028 and can be renewed.
E46/1464 (granted) - has tenement expenditure of $20,000 p.a..
The licence expires on 20/3/2028 and can be renewed.
E46/1294 (application)
Project Geol o gy
The Crescent East Project sits within the Mo s quito Cree k Belt
and is a typ i ca l Arch a ea n turbidit e -domi n ated,
metasediment a ry thrus t belt i n whic h g o ld mineralisation is
s t r u cturally con t rolled, with known pegmatites on the fringes
of the basin near Nullagine, at White Quartz Hill.
Lithium mineralisation throughout the Pilbara appears to be in
close association with gold deposits. To date, exploration
throughout the Mosquito Creek area for lithium has been very
limited. With a number of significant lithium projects around
historic gold mining centres, the Crescent East Project area offers
an early stage entry into the heart of the area that is driving
lithium exploration in Western Australia.
T h e known gold mineralisation is controlled by f aults and
quart z vein arrays that appear to h ave chan n elled gold-bearin g
fluids awa y f ro m br o ader s h ear z ones, whic h are l o cate d
n e arb y and recognised as the major conduit s for regional-scal e
fluid flow.
In th e Nullagine Go l dfield th e singl e strongest indica t or
fo r g old is density of quartz vei n stockwo r k and th e amount
of sulphide minerals those veins contain.
Vein quartz stockwo r k occurs p r olifically at many locations
within the project, however, ther e are a lso many o t her factors
addit i onally ne e d e d t o be present that contribute to t h e
gold grade and mineralisation extent for a stockwork system t o
deve l op sufficiently to become an economic go l d resource.
The project area is l argely underlain by eas t -west trending,
steeply dipping, interbedded sa n dstones, siltstones and shales of
the Archaean Mosquito Creek Formatio n . Several n orth tre n ding
dolerit e s c r oss cut the sediments throughout the tenement. The
M osquito Creek sediments trend eas t -west i n the tenement with a
series of west - north-west struc t ures cross cutting the sed i
ment package.
Figure 1: Project Location, Access, and major Lithium
Projects
Figure 2: Project Location, Access, and major Lithium Projects,
over magnetics
Figure 3: Tenement Map
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
Soho Communications Ltd
(Financial PR)
George Hudson Tel: +44 7803 603130
Competent Persons Statement
The Information in this report that relates to exploration
results, mineral resources or ore reserves is based on information
compiled by Mr Edward Mead, who is a Member of the Australasian
Institute of Mining and Metallurgy. Mr Mead is a consultant to the
company and employed by Doraleda Pty Ltd. Mr Mead has sufficient
experience which is relevant to the style of mineralisation and
type of deposits under consideration and to the activity that he is
undertaking to qualify as a Competent Person as defined in the 2012
edition of the `Australian Code for Reporting Exploration Results,
Mineral Resources and Ore Reserves' (the JORC Code). Mr Mead
consents to the inclusion of this information in the form and
context in which it appears in this report.
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END
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