Wishbone Gold (AIM:WSBN), a precious metals mining company, has been added to the list of recent developments coming out of Western Australia’s large zons range region by notifying investors that it has signed a 45-day exclusive option to acquire 100% ownership of the three exploration wages.
The tenement house is made up of a combined 67 square kilometres, and the largest exploration license, EL 45/5297 (57.4 km square), sits 13km southwest of the Newcrest Mining (ASX: NCM) Telfer Gold Mine.
The second and third small licenses, El’s 45/5408 (6.38kmsq) and 45/5409 (3.19kmsq) are located 15km southeast of Telfer and approximately 25km southwest of Newcrest and Greadland Gold (AIM:GGP).
Wishbone says he agreed to pay the vendor a £50,000 option payment. The company has already begun due diligence.
Wishbone is excited to take a slice of Patterson Pie
Speaking about the acquisition options, Chairman of Richard Poden commented:
“Patterson’s range hosts some of the most exciting gold and copper mines and discoveries in the Pilbara region of Western Australia that have been created in recent years. As the best acreage is strictly retained, ensuring transactions on these assets is a very important development for Wishbone.”
“As I advised earlier, Wishbone already has advanced exploration assets in Australia, the geological consultants needed to advance all of its exploration programs are in place. We look forward to updating the market over the coming weeks on the progress of this very important transaction at the company.”
Investor’s Notes
Wishbone’s gold stock price, which began with a 19% rally, has eased slightly, but it still rally at 15.94% or 0.55p, with 4.00pa shares 05/10/20 11:45 GMT.
The MarketBeat community had a 57.92% “underperformance” rating on the stock prior to today’s update. Current prices are well above the 1.13pa share lowest point since the start of the year, but are still slightly short of the latest peak of 4.35p.
