Wishbone Gold PLC - Gibraltar-based, Australia-focused mining company - Says updated results of exploration programme and modelling efforts at its Red Setter prospect, in the Paterson Range in Western Australia, confirm a significant gold system with a mineralised strike over 3 kilometres. Mineralisation includes 18 metres at 0.49 grams per tonne, 14 metres at 1.0 g/t and 25 metres at 0.28 g/t. Company has completed first stage of drilling six holes to target depths of between 400 metres and 500 metres. Expects the second of drilling, completing the holes to their final target depth with a diamond drill rig, to take place in 2024.
Chair Richard Poulden says: "Considering Telfer is one of the largest gold mines in Australia and has an average gold grade of only 0.5g/t, our experienced consultant geologists are saying that Red Setter looks highly promising as a gold project of real potential scale and size...We look forward to continuing this drill programme once the diamond drill rigs mobilise to site next year."
Current stock price: 1.90 pence, up 8.6% in London on Monday morning
12-month change: down 69%
By Emma Curzon, Alliance News reporter
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Wishbone (WSBN)