Business
Granted Two Highly Prospective Gold Licences
Granted Two Highly Prospective Gold Licences.
About this update from Wishbone Gold Plc
[{"type":"text","content":"\n \nRNS Number : 8332A Wishbone Gold PLC 26 March 2013 \n \n\n \n \nWishbone Gold Plc / Index: AIM / Epic: WSBN / Sector: Natural Resources\n26 March 2013\nWishbone Gold Plc ('Wishbone Gold' or the 'Company')\nGranted Two Highly Prospective Gold Licences in NE Queensland\n \nWishbone Gold, an exploration and acquisition company focussed on precious metals, is pleased to announce that, further to the announcement of 17 September 2012, it has been granted two highly prospective gold licences, covering a total area of approximately 23,600 hectares, adjacent to its Wishbone II licence in north-east Queensland. The granting of these new licences, known as Wishbone III and Wishbone IV, consolidates the Company's position in the established gold region of north-east Queensland, and is in line with the Company's strategy to expand its portfolio of viable gold prospects to create shareholder value. \n \nWishbone IV\nThe larger of the two licences, Wishbone IV, is contiguous to Wishbone II to the east and to the north. Wishbone IV covers an area of 20,000 hectares and includes the east-west trending Alex Hill Shear Zone and associated areas containing NE and NW trending faulted structures, and related splay faults. The area is located along the same major trend held by Resolute Mining, Ltd ('Resolute Mining'), located approximately 15km to the west of Wishbone II, where substantial gold mineralisation at depth was recently discovered at the Welcome Deposit, producing some \"exceptional first pass diamond drill intercepts\" including drill holes showing 18m @ 3.92g/t gold from a depth of 215m, 19m @ 4.52g/t from a depth of 359m, 113m @ 7.7g/t gold from a depth of 316m and 50m @ 3.87g/t gold from a depth of 298m. Resolute Mining is undertaking additional diamond drilling to test the vertical and lateral extents of this potential new deposit and also reported in 2012 that several other Mount Wright-style targets in the district are ready for ground geophysical work and/or drilling. For additional information, see page 33 of the Wishbone II Competent Person's Report which can be found at http://i2massociates.com/downloads/WishboneIIJuly10-2012Ver1.10.pdf. \n \nWishbone III\nThe Wishbone III licence, which covers some 3,600 hectares, is adjacent to the Wishbone IV licence to the nort...