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(Alliance News) - Wishbone Gold PLC on Friday said the state government in Western Australia has approved its Cottesloe silver project to drill for precious and base metals.
The Gibraltar-based precious metals trader has been approved to dig 20 reverse circulation drill holes, 250 metres deep at the Cottesloe site. The project was approved by the state's Department of Mines, Industry Regulation & Safety.
Rock chip geochemical sampling at the Cottesloe site has reported up to 298 grams per tonne of silver. The site will be tested further for potential metal reserves, with target levels of each metal defined by prior exploration in the region.
The Cottesloe mining project is located in the Paterson Range region of Western Australia. The site is 35 kilometres south east of Wishbone Gold's Red Setter project and around 55 kilometres south of Newcrest Mining Ltd's Telfer gold mine.
Wishbone Gold Chair Richard Poulden said: "We see the potential for Cottesloe to host both precious metals and base metals based on historic exploration work. As Cottesloe is very close to Red Setter, the company's exploration consultants Terra Search will run Cottesloe's exploration concurrently with our work at Red Setter and service the exploration efforts from the Telfer-based camp."
Wishbone shares were trading up 5.6% at 17.42 pence each in London on Friday afternoon.
By Scarlett Butler; scarlettbutler@alliancenews.com
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