Wishbone Gold (WSBN) has announced what it describes as “a big step forward for our plans to drill Red Setter and Cottesloe”. Sounds good – with those considered highly prospective projects in the Patterson Ranges area of Western Australia.
The considered ‘step’ is the signing of a Land Access Agreement with the Western Desert Lands Aboriginal Corporation. It is noted this allows the company to move forward with a Heritage Survey, following which it can finalise the access for the drilling programs with the Western Desert Lands Aboriginal Corporation – with they already approved by the Western Australian Government's Department of Mines, Industry Regulation and Safety.
Red Setter is located 13km south-west of Newcrest's Telfer Gold-Copper mine and Cottesloe 55km south-west of the Telfer mine and about 35km south-east of Red Setter. Wishbone most recently updated on Red Setter last month, noting a sampling programme was underway to refine drill hole locations with it knowing from magnetics of an excellent set of targets at depths starting at just under 150 metres over about 3 square kilometres.
It updated on Cottesloe even more recently, including that 7 geophysical targets varying in size up to 3.7km x 1.2km have now been identified to date from geophysics, with the geochemistry programme now expanded with a new sample programme to refine drilling targets. We noted David Lenigas further ramps away, linking the company’s exploration to Havieron, discovered by now £750 million market-capitalised Greatland Gold (GGP) and now in joint venture with Newcrest. However, though Wishbone’s is still early-stage stuff, there is clear project-level and further exploration encouragement against a market cap of circa £17 million. Continuing to make exploration progress, from a current 9.75p, the target is 20p to sell.
Filed under: Wishbone Gold, Umuthi, Memery Crystal, Ocado, JD Sports Fashion, Xaar, HotStockRockets
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