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(Sharecast News) - Wishbone Gold has exercised its option to acquire the Anketell Gold-Copper Project, it announced on Friday, under the agreement it reached in August.
The AIM-traded firm said Anketell is located about 85 kilometres north of its Red Setter Gold-Copper Project in the Patersons Range area of Western Australia.
As a result, it said it would issue 2,170,795 new shares at a price of 14.75p each, equating to £0.32m.
In addition, Wishbone would pay cash consideration of £50,000, as set out in the acquisition terms.
"As reported in the announcement of 26 September, the magnetics of the Anketell property have been modelled using typical susceptibility numbers," the board explained in its statement.
"This produced a modelled body of some one kilometre diameter that is an obvious target for exploration and drill targeting.
"The Paterson province hosts several other copper-gold orebodies including the Winu, Telfer, Havieron and Nifty deposits which are generally considered to be world-class."
Wishbone said the deposits varied in detail, but were likely to all have a genetic link to intrusive fluids.
"Hence, the company's interest in discrete magnetic anomalies such as is present at the Anketell property.
"Antipa's Citadel project surrounds the Anketell tenement and has several resources and prospects with Minyari-WACA, Calibre and Magnum.
"The Winu project sits approximately 40 kilometres to the north east of the Anketell tenement and provides a possible comparison model for copper-gold-silver veins within folded sediments above interpreted granitic intrusives."
At 1309 GMT, shares in Wishbone Gold were up 11.52% at 7.36p.
Reporting by Josh White for Sharecast.com.
