Australia-focused precious metals firm Wishbone Gold (LON:WSBN) said it continues on the hunt for suitable acquisitions, while continuing exploration.
The group posted full year 2014 results today, which showed a pre-tax loss of $2.6mln compared to a loss of 660,000 in 2013.
Exploration in the last year has focused on the White Mountains prospect in Queensland and has highlighted the underexplored nature of this region on the western margin of the well mineralised North Queensland Charters Towers Gold Province.
"Significantly, there is very little previous drilling in the whole of the White Mountains area other than in Granite Castle to the west of our tenement," the firm said.
The prospect plays host to a zoned polymetallic hydrothermal system, the firm highlighted.
"We have documented previously that there are several small gold and polymetallic historical workings on the White Mountains tenement. In addition, just to the west, there are several drilled gold prospects, the notable one being Granite Castle which is an advanced exploration play with a JORC gold resource currently being assessed by Mantle Mining," said Wishbone.
Future exploration at the Edwards antimony-goldarsenic structure will focus on the extent of the outcropping and buried Au-Sb mineralised veining along the trend of exploration surrounding the property and the firm aims to delineate drill targets for the current year, it added.