Wishbone Gold PLC (AIM:WSBN, AQSE:WSBN) has secured an exclusive option to acquire 100% of the Crescent East Lithium and Gold Project in the Pilbara Region of Western Australia, with chairman Richard Poulden describing it as a "very exciting new opportunity".
The project, situated in the gold-rich Mosquito Creek area, is 260km southeast of Port Headland, a key lithium export point. It covers 157 square kilometres and includes three exploration licences.
In terms of 'nearology', it is close to major lithium mines and deposits and has shown promising gold samples, including results of up to 95.5 grams per tonne (g/t) gold.
Additionally, gold nuggets weighing up to 78.5 ounces have been recovered within the project area. A geological field crew has been deployed for immediate due diligence.
Wishbone Gold's option agreement involves an initial payment of £25,000 in shares to Mining Equities Pty Ltd, the current owner. If the acquisition proceeds, the purchase price will be £400,000, also payable in shares.
Wishbone chairman Poulden said: "To option such a sizeable project that combines lithium and gold, located in the heart of the new lithium mining epicentre is a major extension of Wishbone's exploration projects.
"Gold areas in the Pilbara are usually seen as good geological settings for new lithium discoveries. Due diligence will be completed over the coming weeks and we look forward to seeing the results."
The Crescent East Project is within the Mosquito Creek Belt, known for its gold mineralisation associated with structural faults and quartz vein arrays.
The area's geology suggests potential for significant lithium and gold deposits, with exploration for lithium in the region still in early stages.
The project's geological setting, combined with the presence of gold, positions it as a potentially lucrative venture in Western Australia's mining landscape.