Wishbone Gold PLC (AIM:WSBN, AQSE:WSBN) has released the results of further analysis undertaken by Expert Geophysics of the Red Setter project in Australia.
Under some geological assumptions yet to be tested, Expert Geophysics have now stated that after examining recent magnetotelluric surveys it interprets the Red Setter structure as a potential analogue of the plus-26mln ounce Telfer deposit, Newcrest's major gold-copper mine, which lies 15 kilometres northeast of Red Setter.
"We can see a very prominent dome structure in the south of the Red Setter area, expressed in the corresponding highly resistive anticline in depth and extended in NW-SE direction,” Expert Geophysics stated in its report.
In a statement, Richard Poulden, Wishbone Gold's chairman, added: "Expert Geophysics have produced a fascinating conclusion to their work that we may well be looking at a similar deposit to Newcrest's Telfer Mine only 15 kilometres northeast of us. We will proceed with additional heritage surveys for the newly defined drill areas and further refine the targets and look to start drilling the major new targets as soon as the extreme summer heat in the area abates."