TIDMWSBN
RNS Number : 2987X
Wishbone Gold PLC
19 December 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
19 December 2023
Wishbone Gold Plc
("Wishbone" or the "Company")
Exercising option on Crescent East Lithium and Gold Project
in Pilbara Region of Western Australia
GOLD NUGGETS RECOVERED FROM DUE DILIGENCE
Issue of Shares and Total Voting Rights
Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN) , is pleased to
announce it has completed its due diligence on the Crescent East
Lithium and Gold Project (the "Crescent East Project" ), located in
the prolific gold area of Mosquito Creek, in the Pilbara Region of
Western Australia ( Figures 3 - 5 ), located 260km south - east of
Port Headland.
Highlights:
-- Geologists confirm the presence of significant gold nuggets
on and within the Crescent East tenement package. ( Refer to
Figures 1 and 2).
-- Option to acquire 100% of the tenements, as announced on 22
November 2023, will now be exercised.
-- Crescent East Lithium and Gold Project located in the heart
of the Western Australian lithium boom area.
o 180 km from the Wodgina and Pilgangoora Lithium Mines
o 100km from the Global Lithium Archer deposit.
-- The tenements are well endowed with gold, with historical
rock chip results from within the project area that include:
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).
-- Lithium anomalism confirmed on southern boundary of E46/1464
Richard Poulden, Wishbone Gold's Chairman, commented:
We are pleased to have exercised the option on the Crescent East
project, and we will continue to secure more land in the highly
sort after Pilbara area to cement Wishbone's future as a growing
player in this exciting area. To have found gold and possible
lithium structures before exploration has started is extremely
promising."
Wishbone's geologists have completed a due diligence site visit
to E46/1463, E46/1464 and E46/1294, which confirmed the presence of
gold on the Crescent East tenements (Figure 1) and also verified
gold nuggets recovered from within the Special Prospecting Licence
within the Crescent East project area . (Figure 2) .
Figure 1: Sample of nuggets found on the Crescent East tenements
(E47/1294 and E47/1463) confirming the presence of gold. The
central larger nugget weighs 4 grams.
The tenements are within the Mosquito Creek Basin area which is
attracting heightened exploration interest from several companies,
include Novo Resources, which has in recent years mined gold at the
Golden Eagle Mine. Novo's exploration leases, which have had
successful recent exploration, have several major structures which
continue into the Wishbone leases.
Novo has also explored for lithium with anomalism identified
immediately to the south of and contiguous to E47/1464. This needs
to be further explored by Wishbone with a geochemical sampling
program.
Within the project area, Wishbone geologists also visited (
Figure 6-9 ) historical mining areas, including Parnell South along
with several old mine adits and shafts, which are generally located
along major geological structures.
In 2004, Wedgetail Exploration undertook limited drilling which
confirmed gold mineralisation within E 46/1464. Approximately 200
soil and rock chip samples have been taken over both E46/1463 and
E46/1464.
A review of this data, along with analysing geophysical and
remote sensing data will be carried out prior to the next field
trip.
Figure 2: Gold from within the Special Prospecting License (SPL)
Coarse gold from dry blower operations
Project Tenure
The Crescen t East P r oject covers 157km(2) (Figures 3, 4 and
5) and is composed of three exp l oratio n licences E 46/1294
(application), E 46/1463 (Granted) and E46/1464 (Granted) . The
tenements are currently owned by Mining Equities Pty Ltd and will
be acquired by Wishbone Gold.
E 46/1463 (Granted) has tenement expenditure of $23k pa and
expires on the 16/3/2028 and can be renewed.
E 46/1464 (Granted) has tenement expenditure of $20k pa and
expires on the 20/3/2028 and can be renewed.
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, and the exploration
throughout the Mosquito Creek area for lithium being very limited
to date. 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.
Issue of Shares
Wishbone will issue 18,604,652 new ordinary shares of 0.1 pence
each (the "Ordinary Shares") at a price of 2.15 pence per share
which equates to GBP400,000 to pay the vendors (being Mining
Equities Pty Ltd and CSI One Ltd).
Application will be made for the new Ordinary Shares, which will
rank pari passu with the existing Ordinary Shares in issue, to be
admitted to trading on AIM and the AQSE Growth Market
("Admission"). Dealings are expected to commence on or around 22
December 2023.
Total Voting Rights
The Company's total issued and voting share capital upon
admission of the new Ordinary Shares will consist of 259,135,655
Ordinary Shares. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, securities of the Company.
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.
Figure 3: Project Location, Access, and major Lithium
Projects
Figure 4: Project Location, Access, and major Lithium Projects,
over magnetics
Figure 5: Tenement Map
Figure 6: Project Geology, with tenements and tracked (Cyan)
location of areas visited in the due diligence trip.
Figure 7: Parnell East Mine on E46/1464
Figure 8: Mine adit within E46/1294
Figure 9: Historic equipment E46/1294
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END
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(END) Dow Jones Newswires
December 19, 2023 04:42 ET (09:42 GMT)
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