Wishbone Gold PLC (AIM:WSBN, AQSE:WSBN) said reverse circulation (RC) drilling has been completed at its Red Setter project and it plans to begin diamond drilling at its other Pilbara project, Cottesloe, in the next two weeks.
Samples from the Red Setter drilling have been sent off to the lab and assay results are expected in the next four to six weeks, the company said in a statement.
Chairman Richard Poulden hailed the completion of the Red Setter drill program “without event” and said the company is looking forward to the assay results providing further understanding of the hydrothermal system and the structure of the mineralisation.
Red Setter is located in the neighbourhood of Newcrest Mining’s Telfer gold project, as is Cottesloe, located 35km southeast.
Contractor Raglan Drilling will target the sedimentary exhalative base metal system at Cottesloe, said Wishbone, adding that the team has extensive experience in the area.
Last month, initial RC holes drilled there were said to have reinforced the view that the licence is potentially highly prospective for precious and base metals, with large sulphidic and pyritic shale zones encountered with widths over 70 metres.
“We are excited to start the diamond drilling campaign at Cottesloe which we anticipate will prove up a large base metal system,” said Poulden.
Costs of the diamond drill programme are to be 50% funded by the Western Australia government's enterprise investment scheme up to a total of $220,000 of direct drilling costs.