Wishbone Gold shares climb on mineral discovery at Red Setter mine

(Alliance News) - Shares in Wishbone Gold PLC jumped on Thursday after the mining company reported positive findings at its Red Setter site.

Wishbone is based in Gibraltar and operates mines in Australia, of which Red Setter is the flagship prospect.

The company said that drilling had yielded evidence of quartz-carbonate, chalcopyrite and pyrite at the site's first drill hole.

Shares in the company rose 9% to 1.03 pence on Thursday afternoon in London.

Breccia, or rock made of broken mineral fragments, was drilled at one Red Setter hole to a depth of 777 metres at an interval of 157 metres.

Quartz-carbonate veining and sulphides of chalcopyrite and pyrite were visible in drill assays from a zone that was between 520 metres and 777 metres deep.

As of Thursday, the drill core is in transit to Perth to be cut and analysed.

Wishbone suggested the mineral composition was more intense deeper in the hole, and may continue drilling there in future.

The firm's Western Australia Director Ed Mead said they "decided to call it a day for now" at the hole, until more drill pipes are delivered.

"Depending on what we see in the second hole, we will be in a position to extend the depth of this first hole later on in the program," he added.

By Holly Munks, Alliance News reporter

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