Wishbone Gold soars after discovering new targets at Patersons Range Project
(AIM: WSBN ) told investors that it has received ‘highly encouraging’ results from an analysis of the prospectivity of the major tenement in the Patersons Range Project.
The precious metals trading and exploration group said independent geological consultants, Terra Search, have identified four magnetic targets of considerable size covering 2.4km by 400m on the project which is in the Havieron and Telfer region of Western Australia.
The modelling showed several north plunging magnetic bodies of equivalent susceptibility (possibly pyrrhotite alteration which involves the removal and creation of magnetic minerals) to those evident at the Havieron discovery and Rio Tinto's Winu discovery.
The four main magnetic targets cover an area of 2,400m x 400m, which when compared to the ~500m x ~300m Havieron footprint and indicate ‘a significant potential target zone.’
‘Significantly,’ the company noted,’ these targets are much shallower than the Havieron discovery, with the top of the magnetic targets ranging from 150m to 250m below surface.’
Shares in Wishbone Gold have skyrocketed in value by almost 400% in the past three months and soared in early morning trading following the news by 73.08% to 11.25p.
Richard Poulden, Wishbone’s Chairman said the identification of the four magnetic targets is “a very exciting prospect for Wishbone,” adding that the interpreted depth of the Permian cover of around 100m, as opposed to the 400m cover at Havieron, is also significant.
“Historically, only two previous shallow drill holes - off to the side of the structure - appear to have tested below the 100m thick Permian cover,” Poulden told investors, adding, “Both of these holes encountered evidence of alteration and base metals mineralisation.”
Terra Search has concluded that inversion of the broad spaced available Government magnetic data has produced potential targets with a similar signature to those at Havieron.
Wishbone said it now intends to fast-track exploration efforts here, and has instructed its Australian lawyers to move to close the transaction earlier than originally anticipated.
Wishbone has now completed its legal and technical due diligence on the Patersons Range Project tenements and will now move to close its previously announced exclusive 45 day option which will see the group acquire 100% ownership of the Patersons Range Project.
Poulden has said the Paterson Range hosts some of the most exciting gold and copper mines and discoveries in the Western Australian Pilbara region made in recent years.
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