Wishbone Gold PLC (AIM:WSBN, AQSE:WSBN) said it has exercised its option over the Crescent East lithium and gold project in Mosquito Creek, Pilbara, having found significant gold nuggets.
Lithium anomalies were also confirmed on the southern boundary of one of the tenements.
Richard Poulden, Wishbone Gold's Chairman, commented: “We are pleased to have exercised the option on the Crescent East project, and we will continue to secure more land in the highly sought-after Pilbara area.
“To have found gold and possible lithium structures before exploration has started is extremely promising."
The Crescent East Project covers 157 sq km and is composed of three exploration licences E46/1294 (application), E46/1463 (Granted) and E46/1464 (Granted).
Wishbone will issue shares for 2.15p per share or £400,000 to pay the vendors (Mining Equities and CSI One).