Confirmation of Hydrothermal Gold and Copper System
Gold Grades (Au) up to 6.4g/t and Copper (Cu) over 2.27%
Red Setter Project, Patersons Range, Western Australia
Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to announce positive first assay results from the maiden drilling program at the Company’s Red Setter Gold-Copper Project in the Patersons Range area in Western Australia.
Initial assay results have confirmed the geological observations of a broad hydrothermal system with gold and copper associated with quartz-carbonate-sulphide veins (Figure 3) present within all lithology types, and often with breccia textures (Figures 4, 5 and 6).
A recently completed gravity survey (Figures 1 and 2) combined with the previously completed magnetic survey, indicates the scale of the hydrothermal system with structures extending over a strike in excess of 3km, with depths ranging from 50m->2,000m.
Mineralisation shows similarities to the Telfer system 13km to the Northeast of the prospect (Figure 7). Higher grade assays and wide intercepts received so far include:
· 14m at 1.0g/t Au and 0.2% Cu from 266m in WRSDD0008
Including 7m at 2g/t Au and 0.38% Cu from 273m
And 1m at 6.4g/t Au and 0.69% Cu from 273m
· 25m at 0.28g/t Au and 0.11% Cu from 195m in WRSDD0006
Including 1m at 5.4g/t Au and 0.26% Cu from 198m
· 3m at 0.18g/t Au and 0.82% Cu from 166m in WRSDD0006
Including 1m at 0.27 g/t Au and 2.27% Cu from 166m
· 1m at 6.48g/t Au and 15 ppm Cu from 246m in WRSDD0009
· 10m at 0.48g/t Au and 0.03% Cu from 117m in WRSDD0011
Including 1m at 3.2g/t Au and 0.06% Cu from 122m
Richard Poulden, Wishbone Gold’s Chairman, commented;
“We are extremely happy to have hit a mineralised system at Red Setter, with some initial wide spaced drill holes intersecting gold and copper mineralisation, over a current strike length of 2km. This remains open in all directions and indicates significant potential for size and scale. Every hole drilled so far has returned mineralised core indicating a broad hydrothermal system that has similarities to the 15moz Telfer gold system 13km to the north east.”
“I am also pleased to announce that an airborne Mobile MT geophysical survey is currently underway. The survey looks for sulphide enrichment and will assist with target refinement for further drilling as we look to pinpoint the core of the system.”
To date, 15 Diamond holes and one water bore have been completed for a total of 6,348m (Figure 2). Drilling was concentrated in the main magnetic anomaly area with 12 holes (1 hole has assays pending) with 3 holes drilled into the Northern magnetic target (assays pending). These initial 2 priority target areas were first drilled based on magnetic data, and then refined on information gained from a ground gravity survey, with geochemical targets yet to be assessed. The targets sit below 50-80m of sedimentary cover, which is significantly less than many targets in the province.
Gold results have been received for the first 11 drillholes along with preliminary pXRF results for Cu and a wide suite of minerals. A full list of significant intercepts is provided in Table 1. The Copper results are being confirmed for all samples returning greater than 500 ppm Cu and where chalcopyrite was observed using a 4 acid digest and OES finish. Results on these are expected in the next few weeks.
Assay results are highly encouraging with broad areas of results > 0.1 g/t Au (Fire Assay) and/or 0.1% Cu (pXRF) with anomalous zones in all holes to date. These levels of gold and copper confirm the presence of a large hydrothermal system over a strike length of at least 2km and a width of 400m. The integration of these results with the geological knowledge gathered and the geophysics results will help in defining the vectors to further mineralisation.
The extensive zones of mineralisation include quartz-carbonate sulphide veins with albitic alteration (Figures 3 – 6). Sulphides are pyrite-chalcopyrite with rare pyrrhotite, bornite and arsenopyrite. Initial geological interpretations based on the drilling and the geophysics indicate that the mineralisation is within a broad anticlinal structure with a north-east dipping, diorite intrusive dykes subparallel to the axis of the anticline.
A geophysical airborne mobile MT survey is currently underway, with the aim of mapping the conductivity of the entire Red Setter licence. This can potentially identify areas of higher sulphide content. This program has been brought forward due to the mineralisation identified to date, similarities to Telfer, and the availability of the survey system before it departs Australia. The system has been used successfully by other operators in the Patersons and was recommended by Southern Geoscience Consultants.
The Red Setter Project is situated on the 57.4km2 wholly owned exploration licence EL45/5297 and is located 13 km south-west of Newcrest Mining’s Telfer Gold-Copper Mine and 60km west of Newcrest and Greatland Gold’s Havieron gold-copper discovery (Figure 8).
For more information on Wishbone, please visit the Company’s website.
END
For further information, please contact:
Wishbone Gold PLC
Richard Poulden, Chairman
Tel: +971 4 584 6284
