(Alliance News) - Wishbone Gold PLC on Wednesday announced the acquisition of the Cottesloe East tenement in the Paterson Range, Western Australia.
Wishbone Gold is a Gibraltar-based, Australia-focused mining company, with three major exploration properties and three minor prospects. Two of these are located in the Pilbara region of Western Australia.
The company said it has purchased 100% of the tenement application E45/ 6456, which is adjacent to its Cottesloe project.
The eastern tenement covers 19 block and 62 square kilometres, bringing its total project area to 50 blocks and 165 square kilometres. Wishbone said the acquisition was made by staking the ground at a total cost of GBP28,449.
Wishbone said it had examined the prospectivity of Cottesloe East, and would combine its data with that of the Cottesloe prospect and create an expanded exploration programme.
The company said analysis indicates that established Cottesloe anomalies also extend into the Cottesloe East prospect.
Chair Richard Poulden said: "The silver and lead present in Cottesloe are critical for the production of batteries and thus for the push into electric vehicles across the world. Combining the Cottesloe and Cottesloe East projects creates a substantial holding with historic impressive drilling results providing a solid basis for further exploration."
Wishbone shares were up 7.5% trading at 5.05 pence per share on Wednesday afternoon in London.
By Harvey Dorset, Alliance News reporter
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Wishbone (WSBN)