This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR

 13 December 2022

Wishbone Gold Plc

("Wishbone" or the "Company")

Wishbone Gold Plc / Index: AIM: WSBN / Sector: Natural Resources / AQSE: WSBN

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 (Figure 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.

www.wishbonegold.com.

END

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Competent Persons Statement

The information in this report that relates to the reporting of exploration results has been compiled by Mr David Jenkins, a full time employee of Terra Search Pty Ltd, geological consultants employed by Wishbone Gold PLC.  Mr Jenkins is a Member of the Australian Institute of Geoscientists and has sufficient experience in the style of mineralisation and type of deposit under consideration and the activity which they are undertaking to qualify as Competent Persons as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves ("JORC Code"). Mr Jenkins consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Figure 1:  3D model of Gravity inversion showing the scale of multiple underground anomalies over 2km strike 

Figure 2:  Drillhole locations and summary of results to date, with magnetic and gravity anomalies

Figure 3: Mineralisation quartz-carbonate-sulphide vein WRSDD0006 395-396m - 5.29 g/t Au 0.06% Cu

Figure 4: Mineralised core WRSDD0008 276.25m with 1.37g/t Au and 0.72% Cu 

Figure 5: Mineralised core WRSDD0006 166.5-166.8m 0.27 g/t Au and 2.27% Cu

Figure 6: Core showing Au at 6.44g/t and Cu 0.70%

Figure 7: Example of Quartz-carbonate sulphide reef in drill core at Telfer (Source: Mike Porter 2019, Website: http://portergeo.com.au/database/mineinfo.asp?mineid=mn224)

Figure 8: Regional setting Red Setter Project

Table 1: Best intercepts summary, Wishbone 2022