TIDMWSBN
RNS Number : 0069R
Wishbone Gold PLC
03 March 2021
`The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR")
Please click the following link to view the figures and
illustrations included in the below announcement:
https://wishbonegold.com/images/2021/03/WSBN_High_Grade_Silver_Acquisition_in_Patersons_Range01mq210303.pdf
3 March 2021
Wishbone Gold Plc
("Wishbone" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources
/ AQSE: WSBN
High grade Silver Acquisition in Patersons Range
92km(2) Cottesloe Project - 35 km south east of Wishbone's Red
Setter Project in the Patersons Range province of Western
Australia
High Grade Silver and Base Metals Potential
Cottesloe Project Highlights:
-- Rock chip geochemical sampling results reported up to 298g/t Ag
-- Multiple significant drilling results including:
o SCR225: 5m at 102g/t Ag from 14m
-- Including: 2m at 165g/t Ag
o SCR247: 2m at 73g/t Ag & 4.6% Pb from 8m
o EWP-2: 22m at 42.7g/t Ag from 8m
-- Including 8m at 72.13g/t Ag from 22m
o EWP-3: 18m at 29.3g/t Ag from 6m
o EWP-7: 20m at 35.9g/t Ag from 2m
-- Including 2m at 100g/t Ag from 8m & 4m at 69g/t Ag from
16m
o EWP-11: 4m at 41.25g/t Ag from 14m & 10m at 41.6 g/t Ag
from 24m
o EWP-12: 8m at 58.37g/t Ag from 20m
o EWP-24: 8m at 54.87g/t Ag from 40m
-- Mineralisation trends interpreted to be over a 12km strike
(Note the Information set out above has been extracted from the
mining portal of The Government of Western Australia Department of
Mines, Industry, Regulation and Safety.)
Richard Poulden, Wishbone Gold's Chairman, commented,
"With silver becoming increasingly in demand with the climate
change agenda initiatives, the silver potential is exceptional here
at Cottesloe. This project is a very exciting new acquisition for
Wishbone. The acquisition of this project more than doubles our
tenement size in the exciting Patersons Range region of Western
Australia. We see the potential for Cottesloe to host both precious
metals and base metals as very high, based on historic data
available through the Western Australian Government archives. The
Company is well placed to move quickly on the due diligence process
on Cottesloe, having recently completed the acquisition of our
three other tenements in the same area. Technical and legal due
diligence is underway and further updates will be advised as soon
as they become available."
Wishbone Gold Plc, the London listed precious metals trading and
exploration company, advises that it has signed an exclusive deal
to acquire 100% ownership of the 92.19 square kilometres Cottesloe
Project in the Patersons Range region of Western Australia (the
"Cottesloe Project"). This proposed acquisition will more than
double Wishbone's exposure in the well-endowed gold province of the
Patersons, increasing Wishbone's tenement holding to 159 km(2) from
67 km(2) .
The Cottesloe Project:
The Cottesloe Project is located around 55 km south of Newcrest
Mining's Telfer Gold Mine and about 35 km south east of Wishbone's
Red Setter Project in the Patersons Range province of Western
Australia. Cottesloe consists of one granted exploration license
E45/4543 and is considered highly prospective for precious and base
metals.
Further details on the prospectivity of these tenements and the
future exploration plans will be advised to the market in due
course.
Figure 1 : Cottesloe Project Location Plan - Patersons Range
Western Australia - click above link to view
Transaction details:
Wishbone has signed an exclusive option to acquire the Patersons
Range Project and has agreed to issue Alta Zinc Limited 600,000 new
ordinary Wishbone shares, at a deemed issue price of 14 pence per
share equating to GBP84,000, in consideration for the option. The
Option Term means the period until the approval of the extension of
term of E45/4543 which is due for renewal by 30 June 2021 .
Assuming that Wishbone proceeds to acquire the projects, Wishbone
will pay the vendors a cash payment of GBP35,000 to Mining Equities
Pty Ltd and issue Mining Equities Pty Ltd 600,000 new ordinary
Wishbone shares and Mr. David Lenigas 300,000 new ordinary Wishbone
shares. These 900,000 new ordinary shares (Acquisition Shares) at a
deemed issue price of 14p equate to GBP126,000. This gives a total
consideration in shares and cash of GBP245,000. In addition,
Wishbone will issue an aggregate of 600,000 warrants (Acquisition
Warrants) (being 400,000 warrants to Mining Equities Pty Ltd and
200,000 warrants to Mr. David Lenigas) to subscribe for one new
ordinary share in the capital of the Company. The Acquisition
Warrants will be exercisable for a period of 24 months from
admission of the Acquisition Shares at the price of 14 pence per
ordinary share.
END
For further information, please contact:
Wishbone Gold PLC
Richard Poulden, Chairman Tel: +44 7551 863
830
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
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