Wishbone Gold PLC Update on Red Setter Analysis (2228T)
March 16 2023 - 5:07AM
UK Regulatory
TIDMWSBN
RNS Number : 2228T
Wishbone Gold PLC
16 March 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
16 March 2023
Wishbone Gold Plc
("Wishbone" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources
/ AQSE: WSBN
Update on Red Setter Analysis
Paterson Range, Western Australia
Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to
announce an update on the data analysis of the Red Setter
project.
As previously announced Expert Geophysics ("EG") undertook a
MobileMT survey (see Note 1 below) in December 2022. The data from
this was processed during January and February 2023.
Southern Geoscience Consultants ("SGC") completed data
interpretation during March 2023. This data has now been merged
with previous datasets we have published magnetic and gravity
inversions, known geology and geochemistry and data from the drill
program undertaken last year. This has been turned into a new 3D
model some examples of which are shown in this release.
SGC and EG have identified two target areas, MMT- R1 and MMT -
R2, (Figure 1). At this stage of first phase interpretation efforts
the focus has been on the primary MobileMT targets in close
proximity to the main Red Setter known mineralised zone and
magnetic target, and also those targets that are at a relatively
shallow depth (<500m), and adjacent to accessible locations
which have been cleared by Aboriginal Heritage.
MMT - R1
This target area is a conductive corridor that is situated
immediately south of drillhole WRSDD0010 and adjacent to drillhole
WRSDD0011. Given the known gold mineralisation intersected in both
holes WRSDD0010 and WRSDD0011 and clear structural breaks apparent
in the detailed aeromagnetic/gravity data within MMT - 1, the
coincident higher conductivity zone between the two holes looks
compelling in the upper 200m depth (shallow level), as a priority
target for drill testing.
MMT - R2
Another key target zone, MMT - 2 is a well-defined, discrete
conductive central unit striking NW-SE and is coincident with a
gravity low corridor also at relatively shallow depth.
Figure 1 - MMT Interpretation / Two Primary Targets - MMT_R1 and
MMT_R2 with AMAG/Gravity/MMT Isosurfaces, AMAG TMI1VD Imagery and
Existing Drillhole Collars
Figure 2 - 3D MMT survey project combining magnetic/ gravity
inversions, drilling, geology and geochemistry.
Richard Poulden, Wishbone Gold's Chairman, commented;
"The MT dataset adds a whole new dimension to the exploration
process. We are further reviewing the remodelled data with a third
specialist group prior to finalising a drill program. We will make
further announcements as this work progresses"
Note 1: Magnetotellurics (MT) is a passive geophysical method
which uses natural time variations of the Earth's magnetic and
electric fields to measure the electrical resistivity of the
sub-surface.
https://www.ga.gov.au/scientific-topics/disciplines/geophysics/magnetotellurics
Electrical resistivity of rocks and minerals is an important
physical property to measure as part of attempts to understand
geological structure and processes. It varies by many orders of
magnitude, from very resistive crystalline igneous rocks, to very
conductive saline-filled sedimentary rocks. As measured by the
magnetotelluric method, the resistivity obtained is a bulk property
of a volume of Earth material and is associated with factors such
as rock composition, porosity and permeability as well as rock
fluid composition and temperature.
For more information on Wishbone, please visit the Company's
website https://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
Peterhouse Capital Limited
(Broker)
Lucy Williams and Duncan Vasey Tel: +44 20 7469
0930
Competent Persons Statement
The information presented herein that relates to results from
the MobileMT survey is based on information compiled and reviewed
by 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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