Wishbone Gold PLC (AIM:WSBN, AQSE:WSBN), the precious metals exploration company, said it has acquired 100% of the tenement application in the Patterson Range, Western Australia.
Cottesloe East covers 19 blocks, which roughly equates to 62 square kilometres (km2), and is contiguous to the Cottesloe Project which is already owned by Wishbone.
Following the A$50,000 acquisition, Wishbone now owns 50 blocks in the project covering an area of 165 km2.
Assessments of the project so far suggest that anomalies on Cottesloe extend into Cottesloe East, and the new tenement contains the extension of the target sedimentary basin of the prospective Broadhurst formation.
"The silver and lead present in Cottesloe are critical for the production of batteries and thus for the push into electric vehicles across the world,” said Wishbone Gold chairman Richard Poulden in a statement.
“Combining the Cottesloe and Cottesloe East Projects creates a substantial holding with historic impressive drilling results providing a solid basis for further exploration," he added.
The Cottesloe project consists of one exploration licence and is considered prospective for precious and base metals.