Ankündigung • Nov 16
Wishbone Gold plc Announces Exploration Plans for the Red Setter Project in the Patersons Ranges in Western Australia
Wishbone Gold Plc announced that main licence recently acquired in Western Australia has now been named the Red Setter Project, and the Company's Australian consultants, Terra Search Pty Ltd, have been commissioned to commence an exploration programme on the high priority magnetic targets recently identified by Terra Resources, as previously announced. The first phase of exploration will comprise: A close spaced arial magnetic survey over the entire area of the tenement in the suite of recently acquired tenements. A selective Mobile Metal Ion ("MMI") geochemical sampling programme over the key target zones. The Company plans to implement this initial work programme over the coming months. Exploration efforts will focus on the 57.4km2 tenement EL 45/5297 (now referred to as the "Red Setter Project" or "Red Setter"), which comprises a major part of the 67km2 tenement package recently acquired by Wishbone. The Red Setter Project 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. Wishbone reported on the 4th November 2020 that their independent consultants at Terra Search Pty Ltd. 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. 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. A magnetic inversion on the wide spaced government magnetics was also undertaken by Terra Resources and the data is attached. Results of this modelling shows several north plunging magnetic bodies of equivalent susceptibility (possibly pyrrhotite alteration) that is evident at both Newcrest Mining and Greatland Gold's Havieron and RioTinto's Winu discoveries. 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. Previous shallow drilling failed to test the magnetic targets. The 3D magnetic inversion looks at the required shape of magnetic bodies of a particular magnetic susceptibility to produce the observed disturbance in the earth's magnetic field. The 3D magnetic inversion has used magnetic susceptibility values consistent with the Havieron deposit. The series of plunging bodies could represent alteration systems associated with a hydrothermal system. The sections across the magnetic anomaly show the position of the deeper drilling in relation to these bodies. The drilling has not penetrated the main targets, but potentially show signs of hydrothermal activity with Calcite and albite alteration. The two previous RC drill holes that did penetrate the Permian cover intersected calcareous bedrock and a magnetite bearing mafic dyke. Petrological work confirmed the presence of magnetite and sporadic base metal sulphides within the dolerite, and it was concluded that the weakly mineralised dolerite dyke is the source of the Stirling magnetic anomaly and the low levels of base metal anomalism in the surrounding sediments. The strong magnetic anomaly at Havieron was interpreted to reflect the strong sulphide component, however modelling during 2019 indicated that this was not the case, and that the source was situated deeper than the drilling that was being undertaken at the time. Terra Search Forward Exploration Recommendation: At E45/5297, it is further recommended that the historic shallow RC drill chips be tracked down and reviewed, with an aim to determine the nature of the alteration and to investigate the potential for hydrothermal mineralisation (pyrite and chalcopyrite present in the dolerite were assumed to be native to the intrusion by previous workers). Whole rock geochemistry could be used to determine the affinities of the dolerite, to determine if it is compositionally as a source of introducing sulphide mineralisation. Separation of magnetite, and testwork to determine whether it is hydrothermal or igneous in origin would further add to the understanding of mineralisation potential. If it can be reliably captured, magnetic susceptibility values would provide valuable data to feed into the geophysical work proposed below. Re-modelling of the magnetic anomaly, preferably with the collection of new close spaced detailed ground or airborne magnetic data and gravity, would be recommended. The depth to the top of the anomaly is constrained by drilling, and magnetic data from the existing chips would provide a useful start point. 2D and 3D inversions of magnetics and gravity should provide targets for follow-up drilling to enhance the first pass inversions completed on the wide spaced magnetics. Due to the existing wide spaced 400m spacing for the current magnetic data, further targets may be identified with a closer spaced survey. It is also recommended that a new geochemical programme be undertaken using MMI and or Ionic leach over the entire tenement area. If the review of existing reports, completion of geophysical modelling and investigation of existing RC chips are favourable, drill testing will be the most successful exploration technique in this area. RC testing of the magnetic feature is not yet complete. The magnetic anomaly has known strike extent that has not been tested. Pending modelling outcomes, the strike extent may be in the order of 2,400m. Havieron has a footprint of about 500m x 300m with a limited distal geochemical signature, which would require a drill spacing of around 250m x 125m as an effective test. The regional 'grain' of NW - SE would be anticipated in any mineralisation here, so an RC program of holes at 100m spacing, on sections spaced 200m apart, with sections oriented NE - SW would be an effective first pass test. Given the Permian cover sequence, requiring 100m of drilling to test basement, holes would likely need to be 150m depth as a minimum.