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22 August 2023
Wishbone Gold Plc
("Wishbone" or the "Company")
Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources / AQSE: WSBN
Drill Rigs Mobilised to Cottesloe then Red Setter
Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to announce that specialist drill rigs and support trucks have been mobilised to its Cottesloe Project to start drilling the targets identified during the research programs undertaken earlier this year.
After the rigs finish drilling at Cottesloe they will mobilise to Wishbone's Red Setter Project, 35km to the north, and follow up to find the source of the mineralisation from last year's drill program and progress the analytical research previously undertaken on this property.
Strike Drilling is conducting both drill programs and it has conducted numerous other campaigns in the Paterson Range with great success.
As previously announced, the Cottesloe Project contains a basinal syncline of the Broadhurst Formation. This formation consists of a package of carbonaceous shales and siltstones with known pyritic horizons. The pyritic horizons have formed into gossanous ironstones at the surface and these have returned extensive base metal anomalism in the 0.1-1.1% Copper (Cu), 0.1-3.8% Lead (Pb), 0.1-0.4% Zinc (Zn), and 2-80g/t Silver (Ag) ranges. Other anomalous elements include Barium (Ba), Manganese (Mn), Cobalt (Co), Nickel (Ni), and Lead (Pb). Rotary Air Blast ("RAB") and Reverse Circulation ("RC") drilling in the keel of the syncline has confirmed extensive anomalies in the oxidized zone. Base metal anomalies with highest grades over 2 metre samples were 0.25% Copper (Cu), 4.6% Lead (Pb), 0.97% Zinc (Zn), 165g/t Silver (Ag) and 0.26% Cobalt (Co) with anomalous zones extending up to 34m as reported on the 17 July 2023.
Richard Poulden, Wishbone Gold's Chairman, commented: "We are excited to begin the drill program on both Cottesloe and Red Setter based on the extensive analysis of both properties. We believe we have the possibility of a major resource and look forward to proving it up."
The Cottesloe Project:
As previously reported on 3 March 2021, the Cottesloe Project is located around 55 km south of Newcrest's Telfer Gold Mine and about 35 km south-east of Wishbone's Red Setter Project in the Paterson Range province of Western Australia. The Project consists of three tenements totalling 50 blocks covering an area of 165km2 and is considered highly prospective for precious and base metals.
key terms of the option agreement:
1. under the terms of the option agreement, alien can acquire an additional 39% interest in the projects from windfield metals pty ltd (windfield) through paying the following consideration to windfield:
a. £60,000 cash payable on signing of the option agreement;
b. 260,000,000 ufo shares issued at a deemed price of £0.0067 pence each (deemed issue price) on exercise of the option; and
c. 100,000,000 share purchase warrants, exercisable at 1 pence each before 31 december 2025,
together, the upfront consideration,
2. alien will free-carry windfield's remaining 10% shareholding in the projects until completion of a bankable feasibility study on either the brockman or han**** ranges projects.
3. the option agreement is subject to various standard conditions precedent and contains standard warranties on both alien and windfield.
4. if, within 60 months of executing the option agreement, alien disposes of its interest in the projects, the company will pay windfield a performance payment in addition to the upfront consideration (performance payment).
5. the performance payment is calculated by:
a. in the event of a tenement sale: 50% of the value uplift attributable to the projects;
b. in the event of an ipo/spin-out event on a recognised stock exchange: 50% of the value uplift attributable to the projects; or
c. in the event a decision to mine is made: 50% of the project valuation uplift attributable to the projects.
in each case, the uplift payments are reduced by 50% of the incurred project expenditure.
as part of the transaction alien has agreed to transfer its interest in the projects to its wholly owned subsidiary, ioca, which will become the manager of the projects.
in the 12 months to 31 december 2021 the projects incurred costs of us$1.5m with alien funding 100% of the projects and as such 100% of the costs are reflected in the accounts. the carried value of the hamersley project as at 31 dec 2021, being the last audited financial statements, was us$2,025,320.
A lot of the rise in SP in these junior explorers took place during the pandemic and the aftermath during lock down and furlough people had money to spend and nothing to do. People comparing the past SP rises on trivial news to future expectations are going to be disappointed
Bishop @ Yes i saw that ouch, bounced something like 80% on day they announced dewatering to fall back @ flat same day, One of the pumpers that buddies up with Max mentioned the jump as a comparison to possible Alien moves
Never mentioned it tanked
MisterPositive @ RP will just sell it on the cheap imo he is clue less
the first to drill results prove it .
All the ramping we have 2 drill rigs he knows what he is doing lol
The only time they knew what they were doing was when they posted that photo of the core
Elizabeth Henson is a director of .spreads herself about a bit
Current
Alba Minerals Ltd, Future Metals Ltd, Ixia Advisors Limited, 71 Chetwynd Road Management Ltd,
Timespot Property Management Ltd, Interlock Limited, Future Metals NL
Got a few wrong but when people are already invested in a share well out the money and start popping on
we heard a rumour ,or from the horses mouth.
With this shares track record it sets alarm bells off
Expect another round of missing the boat
Real tip line this
Surginater
Posted in: WSBN
Posts: 666
Price: 15.75
No Opinion
RE: Sells?18 Jun 2021 15:01
Now it’s been dwindling down for a week or so when drilling starts it will probably only go back up to 20p
Gingertom1
Posted in: WSBN
Posts: 181
Price: 18.25
Strong Buy
JV will be the main boost18 Aug 2022 11:52
Newcrest will be all over this , Telfer mine processing desperate for quality ore as they are relying on Havieron next year to stop it becoming a massive costly drain on profits. Havieron has the quality but getting it out in real quantity will be tough as it is so deep.
A nearer shallower resource (15km away) would be far easier to bulk mine , even if quality lower than Havieron.
Lets hope the gold we saw was real and lots of it near the surface.
Hold for gold
GLA GT1
Gingertom1
Posted in: WSBN
Posts: 181
Price: 16.25
Strong Buy
Profit taking by traders19 Aug 2022 10:27
Along with all other reasons some traders will be taking their weekly profit this morning. No such thing as a bad profit as they say. We wont have much news in the next week or so I guess so they will be off looking for the next 10% win.
However they will be back perhaps as early as this afternoon ready for another 5% or more next week.
Hold for gold if you can and add on the dips.
GLA GT1