Wishbone Gold Plc is exercising its option to acquire the high-grade Silver Lake Project in Western Australia, significantly expanding its exposure to precious metals exploration in the region.
Rationale for the acquisition:
– Silver demand is projected to rise substantially driven by major increases in usage for electric vehicles, AI/Data centres and solar panels. These industries already account for around 50% of global consumption and are projected to increase beyond this.
– This is a significant tenement of 422 km2 with extensive surface-level silver mineralisation along a 35km structural corridor. In addition, numerous bentonite occurrences alongside phosphate have been recorded within the project.
– This is a shallow target with excellent rock chip results and a previous drill hole grading 2m @ 150 g/t Ag from 4m depth providing proof of concept.
– Silver Lake is an easily accessible location close to main roads and sea-port. The tenement terrain is flat and with the subtropical climate lends itself to near year-round drilling.
The 422 square kilometre project hosts extensive silver mineralisation along a 35-kilometre structural corridor and includes a series of historical high-grade results, including rock chip samples grading up to 847 grams per tonne silver.
Historic drilling at the project also returned intersections including 2 metres at 150g/t silver from a depth of just 4 metres, highlighting shallow mineralisation potential.
To complete the acquisition, Wishbone will issue 3,571,777 new ordinary shares at 29p each, valuing the transaction at approximately £1.04 million, equivalent to around A$2 million.
Admission of the new shares to trading is expected around May 29, 2026, after which the company’s total issued share capital will increase to 37,972,215 ordinary shares.
Management said initial work programmes will focus on reinterpretation of historical exploration data alongside field activities scheduled for June.
The company is targeting follow-up auger or air-core drilling during the third quarter of 2026 as it advances exploration across the project area.
