Wishbone Gold PLC (AIM:WSBN, AQSE:WSBN) said visual inspection of the core from drilling currently underway at its Cottesloe project in the Paterson Range, Western Australia, is encouraging.
The first diamond tail is at a current depth of 190 metres (m), within what is interpreted to be hanging wall shales and siltstones with some disseminated pyrite, Wishbone said in a statement.
A sulphidic breccia has been intersected over 7m with a strong pyrite matrix and siltstone clasts with minor chalcopyrite from around 128m, it added.
“It is highly encouraging to see a sulphidic breccia within the system, even with minor chalcopyrite, although the relationship between this and any mineralisation at depth or along strike is to be determined,” the statement added.
The target zone is expected to be encountered at approximately 250m and continue to a depth of 400m or deeper.
Assays will be completed after the drill program is complete and should take 6-8 weeks.
Richard Poulden, Wishbone Gold's chairman, added: "It is great news to have hit such interesting mineralisation and still not at target depth."