The share price of Wishbone Gold (LON: WSBN) gained by over 18 percent to go beyond 4p after the acquisition of an option in the Havieron / Telfer region which is close to the significant Greatland Gold Havieron gold discovery.
WSBN, the AIM-listed metals trading and exploration company confirmed it has signed an exclusive 45 day option to acquire acquire 100% ownership of 67 square kilometres of granted mineral exploration tenements in the Patersons Range region of Western Australia (Patersons Range Project).
The exploration licences are believed to be just 25km south-west of the new Havieron gold discovery operated by Greatland Gold and Newcrest mining.
Wishbone will pay the vendors £50,000 for execution of the option and should it wish to continue the projects, then it will pay the vendors an additional £183,333 in cash – which can be funded from its recent placing.
Commenting on the development was Richard Poulden, chairman of Wishbone:
“The Paterson Ranges host some of the most exciting gold and copper mines and discoveries in the Western Australian Pilbara region made in recent years. The best acreage is tightly held and thus to secure a deal on these assets is a very significant development for Wishbone. As previously advised, Wishbone already has advanced exploration assets in Australia and therefore has the necessary geological consultants in place to progress all exploration programmes. I look forward to updating the market over the coming weeks on the progress of this very significant transaction for the Company.”