Wishbone Gold PLC (WSBN.L) Drilling Preparations Underway at Red Setter

Drilling Preparations Underway at Red Setter

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· Road/ Track Maintenance currently underway and due to be completed approximately 24th November

· Drill rig scheduled for arrival approximately 29th November after completion of track maintenance

· 4 new high priority drill target zones identified over a combined strike of ~12km, from geochemical sampling programme

· The northern 40% of the tenement still remains to be tested – Scheduled early 2022

· Target zone 3 is the southern strike extension of the magnetic geophysical target

· Magnetic geophysical target remains a priority drill target with positive anomalies from samples received to date, due to sand dunes in the immediate area

· Remodelling of magnetic anomaly reveals missed target

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to announce preparation for drilling at Red Setter has commenced and independent consultants have reported that the geochemistry programme recently conducted, although only 60% completed to date, has defined 4 new high priority target zones for follow up drilling.

The Red Setter Project is situated on the 57.4km 2 wholly owned Exploration Licence EL45/5297 and is located 13 km south-west of Newcrest Mining’s Telfer Gold-Copper Mine and 60 km west of Newcrest and Greatland Gold’s Havieron discovery in the Paterson Range of Western Australia (Refer Figure 1).

As previously announced on 20th May 2021, Wishbone has obtained approval from the Western Australian Government’s Department of Mines, Industry Regulation and Safety (“DMIRS”) to drill up to 30,000 metres at Red Setter. Detailed access, logistics and drill site planning are in the final stages and will be targeting the magnetic geophysical targets as refined by the geochemistry analysis. Updates on progress and securing of a drill rig will be announced when completed.

The magnetic geophysical targets were covered by the 400m x 100m spaced geochemical sampling programme, however, due to sand dunes only 2 sample sites were appropriate for sampling, with both samples returning positive results.

The geochemical surface sampling programme used Ionic LeachTM, a technique using partial digest assaying by ALS Global Laboratories. This has been used very successfully by several companies in the Patersons Range, with overlying sedimentary cover, to identify potential gold and copper mineralisation at depth. The swale, the area between sand dunes, is geochemically sampled as part of the regolith, whereas sand dunes are not representative of the regolith and are not geochemically sampled. In areas where sand dunes are closer this can cause reduced sampling, as has occurred over the main magnetic geophysical target.

The Telfer Mine Corridor is characterised by responses in Au, Cu, Ag, Sn & W +/- Bi. Geochemical sampling programmes by several companies in the Patersons region have announced positive results and anomalies that are consistent with those being reported at the Red Setter Project.

At the Red Setter Project, through 30 -100 metres of Permian cover, the Ionic geochemistry is seeing coherent multi-sample responses in Au (Figure 3), Cu (Figure 4), Ag, Mo, Sn, W & Tl, plus other chalcophile elements. The AAC Index plot (Figure 2) has been found to be effective worldwide in defining prospective zones; it is an exploration Index developed based on empirical evidence of Au, As and Cu being inherent constituents of Archean mineralised shear zone systems.

These responses variably overlap, both partially forming distinct target trends within the overall target zone areas, as seen in Figures 2 – 4.

The 4 main target zones (Figures 2 – 5) are elevated in the below elements:

Target Zone 1: Au, Cu, W, Sn, Mo, Tl

Target Zone 2: Au, Cu, Ag, W, Sn

Target Zone 3: Au, Cu, Mo

Target Zone 4: Au, Cu, Ag, W, Mo

Importantly, the Ti geochemistry plots suggests new magnetic anomaly target zones now occur along the eastern contact of an extensive mafic unit.

The Wishbone consultants three-dimensionally remodelled and plotted previous drill holes using Voxler program at exact depth in relation to the target (Figure 6). The Gold grades in drill hole EPT2176 increasing from <1ppb to 6ppb 142-146m and Copper grades significantly increasing from averaging 34ppm from 100-142m to averaging 213ppm Cu from 142-147m (EOH). The deeper the holes penetrated the gold and copper grades increased when it touched the side of the anomaly.

(Figure 7) A zoomed in section of Figure 6 shows the previous green drill holes close to magnetic targets whilst only touching the side.

Richard Poulden, Wishbone Gold’s Chairman, commented, “This work extends and enhances the previous magnetic survey and new technology clearly enhances the magnetic anomaly which shows preceding green drill holes missing our intended deeper targets. The similarity of the results to known deposits in the region is very encouraging and enables more detailed targeting of our drilling programme. Unfortunately, this year has been hampered with delays which were out of our control but we are happy to be finally drilling some of our many targets in the coming weeks.

Competent Persons Statement

The Information in this report that relates to exploration results, is based on information compiled by Mr Allan Younger, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Younger is a consultant to the company. Mr Younger 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 Younger consents to the inclusion of this information in the form and context in which it appears in this report.

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


For further information, please contact:

Wishbone Gold PLC

Richard Poulden, Chairman

Tel: +971 4584 6284

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