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18 Feb 2021 | 13:25

Wishbone Gold rises on Red Setter survey results

(Sharecast News) - Wishbone Gold said on Thursday that the detailed high-resolution magnetic survey recently flown over its Red Setter Project had delineated multiple, highly-prospective magnetic targets over a much larger three kilometre by one kilometre area than was previously interpreted. The AIM-traded firm said the magnetic inversion modelling completed by Terra Resources on the higher-resolution data indicated that the targets were "considerably shallower" than previously modelled based on the older regional datasets.

It said the 3D inversion of the Red Setter "ultra-detailed" magnetics delineated three highly magnetic bodies over the expanded area.

The largest individual first-priority magnetic target had a 1500 metre strike length, with a width of 400 metres, and started at around 75 metres from surface.

It said the magnetic survey revealed that all magnetic targets were "much shallower" than the 150 to 250 metre depth previously modelled.

The "relatively shallower" target depth was said to be strongly advantageous, both from an exploration and future development potential perspective.

Wishbone said the Red Setter Project is located 13 kilometres south-west of Newcrest Mining's Telfer Gold-Copper Mine, and 60 kilometres west of Newcrest and Greatland Gold's Havieron discovery.

"The prospectivity of Red Setter has been greatly improved with this high-resolution magnetic survey, as the strength and size of the magnetic targets has significantly exceeded our original expectations in terms of understanding of the geometry and prospectivity," said chairman Richard Poulden.

"It is also very encouraging that the indicated target depth to the top of the structures is far shallower than previously modelled. We are now planning a detailed IP to target sulphide mineralisation and prepare for the maiden drilling programme.

"Further updates will be provided to the market upon finalisation of the program design and contracting of various specialists."

At 1304 GMT, shares in Wishbone Gold were up 4.01% at 14.82p.
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