Wishbone Gold said it had made good progress in the year to end December 2022, with the focus this year to follow up ground studies carried out during the off-season.
In particular, Wishbone highlighted a survey in April that identified its Red Setter prospect as an analogue of Newcrest's Telfer mine located only a few kilometres away.
“The significance of this is that Telfer is a major deposit with low (but viable) grades across a large area which contrasts with Greatland's Havieron project which is a high-grade deposit within a much smaller area than Telfer or Red Setter.
“Both types of deposit are equally viable as has been shown with the long-term success of the 20m oz plus of gold mined from Telfer.”
Richard Poulden, chairman said: "We saw some very promising results from our extensive drill programmes and continue to believe that we hold land that has significant potential which underpins the inherent value in the group.
“Our confidence was highlighted by the acquisition of acreage at Cottesloe East at the start of this year which also has good prospectivity and is strategically located.”
Losses for the year were £1.1mln (£1.2mln) with cash balances at the year-end of £1.45mln.