Drilling hits strong alteration at Red Setter

Second drill hole step-out 200m south-west from Hole 1 with breccia zone at 520m

Wishbone Gold Plc is pleased to announce that drilling at the Company's Red Setter Gold Dome Project, located 20km south-west of Greatland Gold Plc's (AIM and ASX: GGP) Telfer gold mine in Western Australia (Figure 1), has now intersected multiple zones of brecciation and alteration with sulphide mineralisation starting at around 520m in its second diamond drill hole (Figures 2-12).

Although drilling at this second hole (#25RSDD002) is at an early stage, Wishbone sees the potential for a significant geological and mineralisation event at Red Setter.

Original expectations for this second hole were that drilling would potentially intersect the breccia and mineralisation as identified in the first hole (#25RSDD001) at a much deeper depth, as the step-out is 200m south-west from the breccia intercept in the first drill hole.

The second drill hole geology has showed significantly more heat alteration (metamorphism) than the first drill hole. Metamorphism is seen in the rock core as bleaching events that destroys the colour of the original sediments, which may grade in places to metasomatism due to hydrothermal alteration. Further drilling will define the scale of the system and the types of alteration to be assessed.

There are enough drill rods on site to drill this hole to around 1,000m should this second hole merit it. The first hole terminated at a depth of 777m still in strong brecciation.

The first drill hole core samples are at ALS Laboratories in Perth and have been cut, with sample preparation underway. Assaying will begin shortly and results expected in the coming weeks.

Ed Mead, Wishbone Gold WA director, commented: "These are encouraging early drill results. The depth of breccia, alteration and mineralisation in this second hole was expected to be much deeper than the mineralised breccia intercept from drill hole 1, as we are sitting downhole 200m south-west of the mineralised breccia seen in hole 1 at 550m depth. What we are seeing now from depths of around 560m to the current hole depth at 581m, indicates that there has been a significant geological and mineralisation event at Red Setter. Drilling continues and I look forward to presenting further updates on progress shortly."

Figure 2: Fracture in siltstone filled with pyrite, with fly for scale. (Core at 548.50m)

Figure 3: Fractures in siltstone and sandstone are filled with pyrite and trace chalcopyrite. (Core at 552.20m)

Figure 4: Breccia texture within deformed siltstone containing pyrite. (Core from 559.17m - 560.53m)

Figure 5: Pyrite with chalcopyrite in sandstone. (Core at 561.5m)

Figure 6: Metamorphism of the siltstone and sandstone creating more glassy and bleached appearance, with pyrite sulphide. (Core from 571.7m

Figure 7: Metamorphism of the siltstone and sandstone creating more glassy and bleached appearance, with carbonate vugs cross cutting bedding. (Core from 573m

Figure 8: Metamorphism and bleaching of sediments from 577.6m, then from 578.8 massive coarse grained carbonate vein with minor quartz concentrated on the edges of the vein. There is fine grained disseminated pyrite on the surfaces of vugs within the vein. (Core from 575-580m)

Figure 9: Metamorphism, with pyrite and bleaching of the core at 577.7m.

Figure 10: Massive coarse grained carbonate vein with minor quartz concentrated on the edges of the vein. There is fine grained disseminated pyrite on the surfaces of vugs within the vein. (Core at 579m)

Figure 11: Massive coarse grained carbonate vein with minor quartz concentrated on the edges of the vein. There is fine grained disseminated pyrite on the surfaces of vugs within the vein. (Core at 579.6m)

Figure 12: Metamorphism and foliation overprint starting to remove bedding within the sediment, including pyrite in core at t 577.3m.

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