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(Alliance News) - Wishbone Gold PLC on Wednesday said that the drill rig and support trucks operated by Strike Drilling have arrived at the Red Setter project in the Paterson Range of Western Australia.
As a result, the Australia-focused mining company said that drilling is underway on the newly cleared heritage areas.
Shares in Wishbone Gold were up 21% to 2.78 pence each in London on Wednesday morning.
This follows initial assay results last December, which confirmed the "geological observations of a broad hydrothermal system with gold and copper associated with quartz-carbonate-sulphide veins present within all lithology types, and often with breccia textures."
The drill targets are close to the main Red Setter known mineralised zone and magnetic target and adjacent to accessible locations which have been cleared by Aboriginal Heritage.
The Red Setter project is situated on Wishbone Gold's 57.4 square kilometre wholly-owned exploration licence EL45/5297. It is 13 kilometres south-west of Newcrest Mining Ltd's Telfer gold-copper mine and 60 kilometres west of Newcrest Mining Ltd and Greatland Gold PLC's Havieron gold-copper discovery.
"We are pleased to be continuing on from last year's successful drill program which confirmed a hyperthermal gold/copper system. The analysis done in the meantime has added greatly to our knowledge of the system and provides additional targets on which to focus," said Wishbone Chair Richard Poulden.
On Monday, Wishbone had announced findings of the first phase of the drilling programme at its Cottlesloe project, which is 35 kilometres south east of Red Setter. The findings reinforced those announced by the company in May that Cottesloe has significant mineralisation potential and is considered highly prospective for precious and base metals, it said.
By Greg Rosenvinge, Alliance News reporter
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