Wishbone Gold Shares (LON:WSBN) Gain on Red Setter Project Announcement

Wishbone Gold shares (LON:WSBN) have gained 14% today as the company announced a significant expansion of the breccia pipe interval at its Red Setter Gold Dome Project in Western Australia, triggering positive momentum in the company's share price. The drilling program has intersected a 152-meter breccia zone within an overall 257-meter zone of quartz-carbonate veining and sulphides.

The drilling at Red Setter, located 15km southwest of Greatland Gold's Telfer gold mine, has reached a depth of 777 meters in hole 25RSDD001. Quartz-carbonate veining and sulphides, including chalcopyrite and pyrite, were observed from 520 meters, increasing in intensity to approximately 570 meters. The breccia pipe itself spans from 570 meters to 722 meters, with mineralization continuing to the end of the hole at 777 meters.

Markets reacted favorably to the news, viewing the expanded breccia zone as a promising indicator of the potential scale of the gold deposit. The presence of chalcopyrite and pyrite, both sulphide minerals often associated with gold deposits, further strengthens this positive outlook.

The current hole may be deepened later in the program, pending the arrival of additional drill pipe to the site. The drilling contractor is mobilizing the necessary equipment to enable drilling to depths exceeding 1,000 meters. Wishbone Gold is also exploring the possibility of running the drill program on a double-shift basis to accelerate progress.

The drill core is currently en route to Perth for cutting and assaying, with results expected to provide further insights into the grade and extent of the gold mineralization. The company plans to conduct a step-out hole to test the breccia pipe more towards the center of the system.

Ed Mead, Wishbone Gold WA director, commented, “We decided to call it a day for now at 777m depth in this first hole at Red Setter as we await the delivery of more drill rods to site to drill deeper safely. Depending on what we see in the second hole, we will be in a position to extend the depth of this first hole later on in the program.”

The ongoing drilling program at Red Setter represents a key value driver for Wishbone Gold. While exploration carries inherent risks, the initial results are encouraging and warrant continued monitoring as the company progresses towards resource definition.