Wishbone Gold Plc

Wishbone Gold Plc

December 18, 2014 09:30 ET

Activities Within and Around Wishbone Gold's White Mountain Property Confirms Potential

LONDON, UNITED KINGDOM--(Marketwired - Dec. 18, 2014) - As of September, 2014, Wishbone Gold (WSBN) (AIM:WSBN)(OTC PINK:WISHY) is pressing forward with their exploration team's evaluation of the White Mountain tenement (EPM 18393) in northeast Queensland, Australia, while continuing to monitor the activities of adjacent and surrounding exploration programs.

Activities continue in the White Mountain area with additional geological mapping and geochemical and ground magnetic surveys, in addition to evaluating new ground radar technologies in geophysics for the purpose of identifying geological anomalies as sites for future drilling.

As indicated in previous announcements regarding the White Mountain tenement by WSBN last year (September 4, 2013), Mantle Mining (Mantle) has extensive properties adjacent to WSBN's western boundary that have focused on drilling along three nearly vertical, mineralized shear zones oriented northwest by southeast.

The results of this drilling have shown gold mineralization along the shear zones with gold grades that could support high-volume, open-pit mining operations. Mantle is well along in the feasibility studies and have applied for six (6) mining development licenses (MDLs) from the Queensland Government.

All of these activities have direct and indirect impact on the value of WSBN's White Mountain property as all three of the clearly mineralized trends on the Mantle properties appear to extend into the White Mountain property. This is supported by the occurrence of historical mines along the projected trends and on the sampling conducted to date, such as at Hackett's Reef, Clements' Copper, the Diecon Mines, and the Edwards antimony historical showing.

The mineralized zones have been located by conducting induced polarization (IP), ground magnetics, and other geophysical methods followed by drilling. An IP line conducted by Mantle is also shown in Figure 1, which illustrates the intensity of the IP response associated with these shear zones and which the WSBN exploration team expects will continue into the White Mountain area. But the team also cautions that the mineralization may not extend with the same mineralizing character as that present on the Mantle Mining properties. However, the latter likely suspects the mineralization does continue because that company has applied for large, new tenement areas that surround WSBN's White Mountain property.

To view "Figure 1 - Geophysics in Exploration", please visit the following link: http://media3.marketwire.com/docs/984787-figure1.jpg

WSBN's exploration program is continuing with ground magnetic surveys focusing on the SW areas of the tenement across from the Mantle Mining developing mining operations in preparation for drilling. Anomalies are clearly evident in the Hackett's reef and Clements's Copper areas.

Field work completed during the 2013-2014 field season included a program of field evaluation and reconnaissance of the southwestern areas of the White Mountain tenement consisting of rock-chip sampling, soil sampling, stream-sediment sampling, and infilling ground magnetics surveys. The intersection of several structural lineaments coalescing within proximity of The Diecon workings are linked to strongly anomalous gold in stream sample results of 316 ppb and 276 ppb gold. To the south, the Edwards historical antimony mineral occurrence returned a follow-up rock chip sample of 14% antimony with 0.66 g/t gold and elevated arsenic. For Annual Report see (more).

To view "Figure 2 - Sample #3011332 of high-grade antimony", please visit the following link: http://media3.marketwire.com/docs/984787-figure2.jpg

Field work was also initiated on a north-south trending narrow siliceous breccia zone discovered by Dr. Simon Beams and Michael D. Campbell as part of the 2012 helicopter reconnaissance trip in support of the investigations for the White Mountain CPR. This outcrop was sampled during the 2013-2014 program along strike for approximately 100 meters with encouraging results including 0.18 g/t gold and 0.16 g/t gold (to compliment the previous result of 1.46 g/t gold), with strongly anomalous antimony and arsenic geochemistry. A limited soil sampling grid consisting of two east-west lines with sampling at 25 meters spacing proved effective in identifying the mineralized breccia zone as well as uncovering a similar vein 200 meters east with a returned rock chip sample of 1.12 g/t gold.

Summary of sampling in the area produced the following geochemical anomalies:

By Rock-Chip Sampling Anomalies:
Sample # 3011338: 1.12g/t gold; 1,490 ppm arsenic;
Sample # 3011332: 0.66g/t gold; 107 ppm arsenic; 14% antimony with high sulphur.
Sample # 3011336: 0.2% antimony; 146 ppm arsenic
Other samples: 1.4% nickel, 3,110 ppm zinc, 3,920 ppm copper, 73 ppm molybdenum, 206 ppm vanadium
By Stream-Sediment Sampling Anomalies:
Sample # 4029095: 276 ppb gold in -2mm sieved BCL sample
Sample # 4029094: 316 ppb gold in -80# sieved sample
Sample # 4029092: 20 ppb gold in -80# sieved sample
Sample # 4029098: 23 ppb gold in -80# sieved sample

By Soil-Sampling Survey Anomalies:

Highlights of the soil sampling survey over the Silica Breccia prospect include the following:

Sample # 4029111: 10 ppb gold; 102 ppm arsenic; 4 ppm antimony

WSBN is also focusing on innovative geophysical methods in addition to the classical geophysical technology to enhance any anomalies that may become candidates for drilling. The WSBN exploration team has recommended that an aggressive exploration program is merited for the company's White Mountain area.

Notes to editors:

This announcement has been reviewed by Michael D. Campbell, P.G., P.H., Executive Vice President and Chief Geologist/Hydrogeologist for I2M Associates, LLC., with offices in Houston, Texas and Seattle, Washington, who serves as an independent consultant to Wishbone Gold plc. Mr. Campbell is a Fellow of the Society of Economic Geologists (SEG), a Registered Member in the Society of Mining, Metallurgy, and Exploration (SME), a Fellow of the Geological Society of America, a Fellow of the Australian Institute of Geoscientists (AIG), a Fellow and Chartered Geologist of the Geological Society of London, and has been designated European Geologist by the European Federation of Geologists. He is also a Licensed Professional Geologist in the States of Texas, Washington, Wyoming, Mississippi, and Alaska, and was designated as a Certified Professional Geologist by the American Institute of Professional Geologists (AIPG) and a Certified Professional Hydrogeologist in the American Institute of Hydrology (AIH), among other societies and associations. Mr. Campbell has sufficient experience, which is relevant to the style of mineralization and type of deposits under consideration, to qualify as a "Competent Person" as defined in Clause 11 of the 2012 JORC Code and meets the definition of a "Qualified Person" as defined in the AIM Note for Mining, Oil and Gas Companies. I2M Associates, LLC prepared the Competent Persons Report dated July 10, 2012 (A 35 MB PDF).

The geological opinions are based in part on the advice provided by Wishbone Gold's exploration team consisting of its primary consultant, Terra Search Pty Ltd. in Townsville, Qld. and for its independent technical oversight functions provided by I2M Associates, LLC in Houston, Texas, USA.

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