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(Alliance News) - Wishbone Gold PLC announced on Friday that initial results from its Cottesloe site in Western Australia "has highlighted significant mineralisation potential."
The Gibraltar-based, mining company is the sole owner of the Cottesloe project, although the drill phase, in which three holes were drilled, was 50% funded by a Western Australian government scheme that contributed USD220,000 towards the drilling costs.
The company said it found 7 grammes of silver per tonne and 561 parts per million of nickel in hole 04A.
Based on the information gathered thus far the company is optimistic that the site hosts a multitude of base metals that are critical to the development of lithium-ion batteries used in electric vehicles and energy storage systems integral to the global transition towards a sustainable future.
Wishbone Chair Richard Poulden said: "These results are spectacular and vindicate our original belief that Cottesloe has significant potential. For it to occur in the south highlights the scale of what we have in front of us for the entirety of the project. To have mineralisation, and zonation of minerals, from surface to 700m is truly incredible and the confirmed large scale mineralised system is clearly great news."
The company is now utilising information from the drill program results to enhance geophysical interpretations and the next phase of drilling will commence in the northern part of Cottesloe where Wishbone believes there to be "more promising mineralisation."
Shares in Wishbone were up 18% to 1.27 pence in London on Friday morning.
By Elijah Dale, Alliance News reporter
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