Wishbone Gold PLC (AIM:WSBN, AQSE:WSBN) said the first five reverse circulation (RC) holes drilled at Cottesloe in recent weeks have reinforced its view that the licence is potentially highly prospective for precious and base metals.
In a statement, Wishbone said large sulphidic and pyritic shale zones were encountered with widths over 70 metres.
Initial onsite X-ray results, meanwhile, showed elevated levels of copper, lead, zinc, cobalt, nickel, potassium, vanadium and titanium in the RC drill chips.
A thick sulphide zone in one of the holes confirms the architecture and target zones are consistent with the exploration model, it added.
Richard Poulden, Wishbone Gold's chairman, commented: "It is great news to have the first stage of the drilling program completed at Cottesloe which has highlighted again the significant mineralisation potential of this asset.
“The imminent diamond drilling work, partly funded by the Western Australian Government, should also reveal the scale of Cottesloe and the merit of the exploration model."
Cottesloe is 55km south of Newcrest Mining's Telfer gold mine and about 35km south-east of Wishbone's Red Setter Project in the Paterson Range province of Western Australia.