Wishbone Gold shares gained 5.8% to 12.1p in early afternoon trading on Friday, after the group announced the commencement of drilling at its Red Settler Gold-Copper project in the Patersons Range region in western Australia.
The Red Setter project is reportedly based on the 57.4 kilometre 100%-owned EL45/5297 exploration licence and is located 13 kilometres south-west of Newcrest’s gold-copper mine and 60 kilometres west of Newcrest and Greatland Gold’s Havieron gold-copper discovery.
Wishbone Gold commented that the first phase of drilling would be for 3,000 metres, with the second phase of the operation for an additional 7,000 metres of drilling split between the Red Settler project and the firm’s Cottlesloe project to the south.
The mining group added that the track-mounted multi-purpose drilling rig would be capable of 150 metres reverse circulation and diamond core to 1,200 metres.
“We are very pleased for drilling to have started at Red Setter. It is exciting to be using DDSR’s multi-purpose rigs which should provide a much more efficient program. We will provide updates as the work progresses,” said Wishbone Gold chairman Richard Poulden.