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Pin to quick picksWishbone Regulatory News (WSBN)

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Option to acquire 100% of Lithium and Gold Project

22 Nov 2023 07:00

RNS Number : 3007U
Wishbone Gold PLC
22 November 2023
 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR

 

 

 

 

22 November 2023

 

Wishbone Gold Plc

("Wishbone" or the "Company")

 

Exclusive Option to acquire 100% of new Lithium and Gold Project in the Pilbara Region of Western Australia

 

 

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to announce it has secured an exclusive option to acquire 100% of the Crescent East Lithium and Gold Project, located in the prolific gold area of Mosquito Creek, in the Pilbara Region of Western Australia. The site is 260km south-east of Port Headland, the main point for the region's lithium exports.

 

Highlights:

 

· Crescent East Lithium and Gold Project is located in the heart of the prolific Western Australian lithium mining area:

o 180km from the Wodgina and Pilgangoora Lithium Mines

o 100km from the Global Lithium Archer deposit

· The tenements are well endowed with gold - samples from within the project area have shown historical rock chip results including:

o 95.5g/t gold ("Au"), 91.8g/t Au, 117g/t Au (original + 2 assays) (#800284)

o 5.83g/t Au (#610058)

o 4.71g/t Au: (#610059)

o 4.33g/t Au (#610060)

· Gold nuggets up to 78.5 ounces (2.44kg) recovered from special prospecting licenses being operated by prospectors within tenement E46/1463

· A geological field crew with expertise in the area has mobilised to site, for immediate due diligence work.

 

Richard Poulden, Wishbone Gold's Chairman, commented:

"This is a very exciting new opportunity for Wishbone. Lithium is one of the hottest sectors in Australia and in the mining sector at the moment with the Pilbara responsible for some of the biggest new lithium mines and discoveries. To option such a sizeable project that combines lithium and gold, located in the heart of the new lithium mining epicentre is a major extension of Wishbone's exploration projects. Gold areas in the Pilbara are usually seen as good geological settings for new lithium discoveries. Due diligence will be completed over the coming weeks and we look forward to seeing the results."

 

The Terms of the Transaction are as follows:

 

The option price is the payment of £25,000 in shares at a price of 2.15p per share to the current owner Mining Equities Pty Ltd. If the acquisition proceeds following due diligence, the purchase price will be £400,000 also payable in shares at a price of 2.15p per share.

 

The project tenements:

 

The Crescent East Project covers 157km2 (Figures 1, 2 and 3) and is composed of three exploration licences all owned by Mining Equities Pty Ltd:

E46/1463 (granted) - has tenement expenditure of $23,000 p.a.. The licence expires on 16/3/2028 and can be renewed.

E46/1464 (granted) - has tenement expenditure of $20,000 p.a.. The licence expires on 20/3/2028 and can be renewed.

E46/1294 (application)

 

Project Geology

 

The Crescent East Project sits within the Mosquito Creek Belt and is a typical Archaean turbidite-dominated, metasedimentary thrust belt in which gold mineralisation is structurally controlled, with known pegmatites on the fringes of the basin near Nullagine, at White Quartz Hill.

 

Lithium mineralisation throughout the Pilbara appears to be in close association with gold deposits. To date, exploration throughout the Mosquito Creek area for lithium has been very limited. With a number of significant lithium projects around historic gold mining centres, the Crescent East Project area offers an early stage entry into the heart of the area that is driving lithium exploration in Western Australia.

 

The known gold mineralisation is controlled by faults and quartz vein arrays that appear to have channelled gold-bearing fluids away from broader shear zones, which are located nearby and recognised as the major conduits for regional-scale fluid flow.

 

In the Nullagine Goldfield the single strongest indicator for gold is density of quartz vein stockwork and the amount of sulphide minerals those veins contain.

 

Vein quartz stockwork occurs prolifically at many locations within the project, however, there are also many other factors additionally needed to be present that contribute to the gold grade and mineralisation extent for a stockwork system to develop sufficiently to become an economic gold resource.

 

The project area is largely underlain by east-west trending, steeply dipping, interbedded sandstones, siltstones and shales of the Archaean Mosquito Creek Formation. Several north trending dolerites cross cut the sediments throughout the tenement. The Mosquito Creek sediments trend east-west in the tenement with a series of west-north-west structures cross cutting the sediment package.

 

Figure 1: Project Location, Access, and major Lithium Projects

Figure 2: Project Location, Access, and major Lithium Projects, over magnetics

 

Figure 3: Tenement Map

 

 

For more information on Wishbone, please visit the Company's website.

www.wishbonegold.com.

END

For further information, please contact:

 

Wishbone Gold PLC

Richard Poulden, Chairman

Tel: +971 4 584 6284

Beaumont Cornish Limited

(Nominated Adviser and AQUIS Exchange Corporate Adviser)

Roland Cornish/Rosalind Hill Abrahams

Tel: +44 20 7628 3396

SP Angel Corporate Finance LLP

(Broker)

Ewan Leggat / Kasia Brzozowska

Tel: +44 20 3470 0470

Soho Communications Ltd

(Financial PR)

George Hudson

Tel: +44 7803 603130

 

 

Competent Persons Statement

The Information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Edward Mead, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Mead is a consultant to the company and employed by Doraleda Pty Ltd. Mr Mead has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the `Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code). Mr Mead consents to the inclusion of this information in the form and context in which it appears in this report.

 

 

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END
 
 
UPDZZMZMKZDGFZG
Date   Source Headline
30th Sep 20201:28 pmRNSAnnual Financial Report
24th Sep 20207:29 amRNSUpdate on the Exercise of Conversion Warrants, TVR
7th Sep 20207:00 amRNSDrilling approved for Wishbone’s Australian Assets
1st Sep 20202:03 pmRNSUpdate on the Application for Block Listing
26th Aug 20204:41 pmRNSSecond Price Monitoring Extn
26th Aug 20204:35 pmRNSPrice Monitoring Extension
26th Aug 202011:16 amRNSIssue of Equity and Application for Block Listing
20th Aug 20207:00 amRNSFunding Raised to Expand Exploration Program
19th Aug 20207:05 amRNSGold Exploration to Commence on Australian Targets
30th Jun 20203:04 pmRNSTrading Update and Extension of Reporting Deadline
17th Jun 202010:24 amRNSHolding in the Company
2nd Jun 20207:00 amRNSIssue of Equity, Appointment of Broker and TVR
2nd Apr 20203:14 pmRNSResult of AGM
12th Mar 20204:33 pmRNSNotice of AGM
17th Feb 20207:00 amRNSAcquisition of Deferred Shares
21st Jan 20207:00 amRNSCapital Reorganisation
10th Jan 20203:56 pmRNSResult of EGM and Capital Reorganisation Update
7th Jan 202011:51 amRNSIssue of Shares
19th Dec 20191:06 pmRNSTrading Update and Notice of GM
30th Sep 20197:00 amRNSInterim Results
2nd Jul 201912:39 pmRNSResults of EGM
28th Jun 20197:00 amRNSFinal Results
11th Jun 20193:01 pmRNSNotice of EGM
4th Jun 20197:00 amRNSNEX Suspension
28th May 20194:17 pmRNSHolding in the Company
22nd May 201911:06 amRNSSecond Price Monitoring Extn
22nd May 201911:00 amRNSPrice Monitoring Extension
21st May 20194:41 pmRNSSecond Price Monitoring Extn
21st May 20194:35 pmRNSPrice Monitoring Extension
21st May 20192:31 pmRNSGeneral Trading Update
3rd Apr 201911:52 amRNSTotal Voting Rights
8th Mar 20194:41 pmRNSSecond Price Monitoring Extn
8th Mar 20194:36 pmRNSPrice Monitoring Extension
28th Feb 20194:30 pmRNSTotal Voting Rights
26th Feb 20192:42 pmRNSExercise of Warrants
7th Feb 20192:00 pmRNSChange of Nominated Adviser
29th Jan 20193:05 pmRNSExercise of Warrants
22nd Jan 20192:12 pmRNSCorrections of shares in admission
18th Jan 20199:00 amRNSPrice Monitoring Extension
11th Jan 20197:00 amRNSExercise of Warrants
3rd Jan 201911:08 amRNSResult of AGM
31st Dec 201811:40 amRNSExercise of warrants
31st Dec 20187:00 amRNSConversion of Sanderson Loan
21st Dec 20187:00 amRNSPlacing of New Ordinary Shares
19th Dec 20181:26 pmRNSWishbone and Partners Receive Honduras License
4th Dec 20187:00 amRNSNotice of Annual General Meeting of Shareholders
30th Nov 20187:00 amRNSTotal Voting Rights
19th Nov 20187:00 amRNSAlign Research Note
31st Oct 20181:38 pmRNSIssue of New Ordinary Shares & Total Voting Rights
22nd Oct 20182:05 pmRNSSecond Price Monitoring Extn

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