Magnetic Targets Of Considerable Size To Be Followed Up
Wishbone Gold Plc’s (AIM:WSBN) independent geological consultant Terra Search Pty Ltd has identified four magnetic targets of considerable size covering 2.4km by 400m on its Patersons Range Project in the Havieron and Telfer region of Western Australia.
Chairman Richard Poulden said that significantly, these targets are much shallower than the Havieron discovery, with the top of the magnetic targets ranging from 150m to 250m below surface.
In addition, Wishbone advises that it has now completed its legal and technical due diligence on the Patersons Range Project tenements and will now move to close the acquisition.
Terra Search, who have considerable exploration experience in the nearby Havieron gold discovery, have concluded a technical review on the 57.4 sq. km tenement EL 45/5297, which comprises a major part of the 67 sq. km tenement package being acquired. EL 45/5297 is located only 13 km south-west of Newcrest Mining’s Telfer Gold Mine and about 60 km west of Newcrest and Greatland Gold’s Havieron discovery.
Terra Search concluded:
- Modelling of the available Government magnetics by independent geophysics consultants, Terra Resources, shows several north plunging magnetic bodies of equivalent susceptibility (possibly pyrrhotite alteration) to those evident at both the Havieron discovery and Rio Tinto’s Winu discovery in the Patersons Range area.
- The four main magnetic targets cover an area of 2,400m x 400m, which when compared to the ~500m x ~300m Havieron footprint, is a significant potential target zone.
- Depth to the shallowest feature on the tenement is estimated to be at ~150m below surface. The deepest feature is interpreted to be ~250m below surface.
- The Permian cover in the area, is estimated to be around 100m in depth on E45/5279 compared to the ~400m Permian cover at Havieron.
“The Terra Search and Terra Resources analysis of the prospectivity of the major tenement in the Patersons Range Project is highly encouraging,” Mr Poulden said.
“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. Wishbone advises that it now intends to fast-track exploration efforts here, and have therefore instructed its Australian lawyers to move to close the transaction earlier than originally anticipated.”
In their report to Wishbone, Terra Search concluded that inversion of the broad spaced available Government magnetic data has produced potential targets with a similar signature to those at Havieron. A new close spaced high power detailed magnetics and gravity is recommended as the next phase of exploration, and this work could further delineate drill targets in this area. A drilling programme could then be formulated to test the full range of geophysical targets on the licence.
