The share price of Wishbone Gold (AIM: WSBN) surged by 80 percent after it identified targets of ‘considerable size’ in the Havieron and Telfer region of Western Australia.
In a statement today, WSBN noted that independent consultants Terra Search have found four magnetic targets covering 2.4km by 400m within the respective region. It is now looking to fast-track its exploration efforts and close the transaction earlier than anticipated as it instructs its Australian lawyers.
Wishbone Gold also drew reference to the the closeness of the exploration licence to Newcrest and Greatland Gold’s Havieron discovery – noting it is about 60km west.
Commenting on the promising findings from the consultants was Richard Poulden, Wishbone Gold chairman:
“The Terra Search and Terra Resources analysis of the prospectivity of the major tenement in the Patersons Range Project is highly encouraging. The identification of an untested 2,400m long by 400m wide set of magnetic targets at depths starting at only 150m is a very exciting prospect for Wishbone. The interpreted depth of the Permian cover of around 100m, as opposed to the 400m cover at Havieron, is also significant. Historically only two previous shallow drill holes, off to the side of the structure, appear to have tested below the 100m thick Permian cover. Both of these holes encountered evidence of alteration and base metals mineralisation.”
The share price of WSBN is currently at 11.50p following today’s surge.