Wishbone Gold PLC (AIM:WSBN, AQSE:WSBN) shares jumped after the company published early results from pre-collar reverse circulation (RC) drilling at its Cottesloe project, which it said were encouraging as it is yet to hit the target mineralisation zone.
With diamond drilling to start in the coming weeks, the preliminary drilling gained results including anomalous zones within pyritic shale horizons up to 4,684 grammes of zinc per tonne of earth and 1,880 g/t cobalt, up to 577 g/t lead and up to 13 g/t gold.
The drilling indicated the relevance of historic drill data the company flagged in April.
Strong zinc and cobalt anomalism in pre-collar hole 23CTRC0005 was consistent with the potential development of "a significant basin related hydrothermal system consistent with a sediment hosted base metal deposit", the company said.
Chairman Richard Poulden said: "These assay results from the RC drilling are encouraging as we are yet to hit the target mineralisation zone."
He said the company is preparing to begin the diamond drilling program announced last month, part-funded by the Western Australian government.
"The potential scale of Cottesloe and these promising drilling results merit the future exploration of this area and we look to the future with confidence."
The shares jumped 8% to 2.37p in early trading on Wednesday.