Wishbone Share News (WSBN)

(Sharecast News) - Precious metals exploration and trading company Wishbone Gold said on Monday that specialist mineral exploration consultants Terra Search had now been engaged to fast track the exploration work to prove up the potential of the gold and copper prospects within the mineral exploration tenements at White Mountain and Wishbone II, held by Wishbone in Queensland, Australia.
The AIM-traded firm said Terra Search had identified several high priority gold and copper-gold targets at both White Mountains and Wishbone that, in its opinion, had a "strong chance" of intersecting mineralisation of significant grade and thickness, which was targeted towards the company making a discovery.

An initial 38 reverse circulation percussion drill holes had been planned on the licences, as the first stage of exploration in known gold mineralised areas.

At Wishbone's White Mountain licence, a number of prospects were expected to be evaluated with drilling, including Sunday School East, the Diecon Anomaly, Hacketts Reef SE, Clements Copper, Edwards East, Edwards South and Bradleys Jubilation.

At the Wishbone II licence, it said the prospects that were scheduled to be drilled included Hanging Valley West, Oakley Creek North and Halo.

Wishbone said Terra Search had recommended new exploration methods to enhance the proposed drilling targets, which would include ground magnetics and soil sampling at Halo, and at White Mountains.

These programmes are seen as being of great advantage to maximise the chances of exploration success.

The soil sampling work planned for White Mountains and soil sampling and ground magnetics at Halo will add additional exploration targets.

Electrical surveys at the Halo prospect and Hanging Valley West were also being reviewed.

"We have refocused the group, cleared the historic debts and liabilities and now whilst our gold trading business effectively continues to be on hold as it has been since March due to the continuing Covid-19 international travel restrictions we can work on getting value for shareholders from some exciting gold exploration assets which fit perfectly with current market demand," said chairman Richard Poulden.

"Terra Search are Townsville based, and can therefore expertly manage and conduct this entire exploration programme on behalf of the company through the Covid-19 pandemic."

Poulden said they had worked on Wishbone's assets for many years, and were thus "well-versed" on previous exploration and analysis in the area.

"They have been tasked to fast track our exploration initiatives on the company's gold assets at White Mountains and Wishbone."

At 1225 BST, shares in Wishbone Gold were up 7.25% at 3.7p.