Wishbone Gold, an exploration and acquisition company focused on precious metals, has applied for two additional licences covering an area of around 23,600 hectares which are situated alongside its Wishbone II licence in north-east Queensland.
The larger of the two licences, namely Wishbone IV, covers an area of 20,000 hectares and is located about 15km to the west of Wishbone II, where substantial gold mineralisation at depth was recently discovered, including drill holes showing 18m at 3.92g/t of gold from a depth of 215m.
The second licence, Wishbone III, containing around 3,600 hectares, is primarily an untested prospective target for shallow mineralisation.
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Both have easy access to major highways with maintained roads, and existing tracks to support aggressive exploration programmes.
Richard Poulden, Executive Chairman of Wishbone Gold, said: "The expansion of our mineral footprint in this highly prospective and previously producing area of north-east Queensland is a primary objective for Wishbone Gold. Should these applications be granted, our exploration team, in conjunction with a review of geophysical data, will commence a work programme which will include reconnaissance and rock-chip sampling of outcrops to identify target areas for follow-up ground magnetics and drilling.
"In addition to our Australian interests, the board also remains focussed on the acquisition of additional projects or businesses which meet our investment criteria. With a focussed strategy and highly experienced exploration team, I am confident that we have the right resources to identify attractive assets and execute successful transactions in order to build a substantial new gold development company."
The share price rose 15% to 2.88p by 15:01.
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