Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Wishbone Gold (LON: WSBN) shares are rallying after its initial Program of Works (POW) for its Cottesloe Silver Project was approved by the Western Australian Government's Department of Mines, Industry Regulation and Safety.
The POW provides for drilling 20 reverse circulation drill holes to depths of 250m that will test for potential precious and base metals mineralisation on multiple targets previously identified from historical exploration.
The Cottesloe Project is located around 55 km south of Newcrest Mining's Telfer Gold Mine and about 35 km south-east of Wishbone's Red Setter Project in the Patersons Range province of Western Australia.
Wishbone stated that Cottesloehas one granted exploration license E45/4543 and is considered highly prospective for precious and base metals.
“We see the potential for Cottesloe to host both precious metals and base metals based on historic exploration work,” commented Richard Poulden, Wishbone Gold's Chairman.
“As Cottesloe is very close to Red Setter, the Company's exploration consultants Terra Search will run Cottesloe's exploration concurrently with our work at Red Setter and service the exploration efforts from the Telfer based camp,” he added.
Wishbone Gold's share price is currently trading at 18p, up 9.09% following the news.
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