Wishbone Gold shares surged on Monday after reporting drill results from its Red Setter Gold Dome Project in Western Australia.
Wishbone Gold shares have rallied in recent weeks in anticipation of a drill update, and investors have been rewarded with a very encouraging update. Shares were over 20% higher at the time of writing.
The first hole at the project has successfully intersected sulphide mineralisation at the predicted target depth.
Located just 15 kilometres southwest of Greatland Gold’s operating Telfer mine, the project has delivered early positive indicators. Drilling intersected zones of quartz-carbonate veining alongside sulphides, including chalcopyrite and pyrite, from approximately 520 metres depth.
The mineralisation appeared close to the 550-metre target depth identified by Mobile MT domal targeting, as interpreted by Expert Geophysics Limited in April. This proximity validates the geological model underpinning the exploration programme.
“The fracturing and evidence of sulphides from around 520 metres is encouraging,” the company stated. “We are seeing strong signs of mineralisation within the concept of a domal folded hinge structure, as predicted.”
Key geological indicators observed include changes in bedding of the host rock, extensive quartz-carbonate veining, and multiple sulphide zones throughout the hole. These features suggest the current drilling position sits peripheral to the main geological target.
The company now plans to collar a new hole 50-75 metres southwest of the current position. This adjustment aims to focus on what geologists believe represents the centre of the domal structure.
“Seeing the quartz-carbonate veining and sulphides at the expected target depth is highly encouraging at this early stage of the drill program,” said Ed Mead, Wishbone Gold WA director.
“Progress has been a little slower than originally expected due to the drill rig only drilling on day shift, however, processing of core on site and geological and structural logging is giving us real time information on the domal structural we are successfully targeting. This means that we are seeing the significant changes in the bedding of the host rock as we approached the 550m target depth, indicating folds associated with a dome. The zones of significant quartz-carbonate veining seen indicates the presence of hydrothermal fluids often associated with mineralisation. Chalcopyrite (copper sulphide), as blebs in the veining and within fractures, and some bleaching/alteration within the drill core is also seen as highly encouraging. Drilling continues.”