Wishbone Gold upbeat on latest drilling at Halo Project
By Josh White
Date: Friday 24 Jun 2022
(Sharecast News) - Wishbone Gold updated the market on the Wishbone II gold-copper drill programme on Friday, at its 100%-owned Halo Project in north Queensland.
The AIM-traded firm said drilling was proceeding to plan, with Terra Search logging copper mineralisation in the majority of holes drilled to date in the current phase.
It said that encouragingly, malachite-in-oxide sections and chalcopyrite-in-primary sulphide sections had been logged over "significant intervals" of several metres.
Several composition granitic and dioritic plutonic rocks were present, most of which are affected to some degree by hydrothermal alteration associated with intrusive-related mineralisation.
Wishbone said "conspicuous" red K feldspar alteration was noted, accompanied by disseminated and veined chalcopyrite and also chlorite and probable magnetite.
That mineral assemblage was "often present" in the higher-temperature core of intrusive-related mineral systems, such as higher-level porphyry style.
The general impression the company reported was that Halo was "possibly at the deeper plutonic level", however given the proximity to the five million ounce Ravenswood Gold Mine, elements of a similar high level intrusive system could also be present.
Wishbone said hole 21 was the most promising hole to date, with preliminary results indicating an oxide copper section of 20 metres, showing "high levels" of visible malachite.
An encouraging high grade primary copper zone occurred at depth in the hole, particularly prominent at 91 to 92 metres, where "abundant" disseminated chalcopyrite occurred within a K feldspar-altered granitic rock.
Samples from the first holes had been sent to the lab for analysis.
Wishbone said its Queensland exploration properties are situated in the "highly prospective" Charters Towers-Ravenswood district in north Queensland's premier gold province.
They consist of 54 sub-blocks, amounting to 174 square kilometres of wholly-owned licences, and located 10 kilometres from the five million ounce Ravenswood mine.
"The major copper intercepts are hugely important," said chairman Richard Poulden.
"Copper is going to remain one of the key strategic metals globally, possibly the most important one, in future years as we move to green sources of electricity.
"Copper is needed not only for transmission of electricity but also storage and is key in all these areas."
At 1209 BST, shares in Wishbone Gold were down 1.48% at 10p.
Reporting by Josh White at Sharecast.com.
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