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Wishbone Gold Shares Surge After Identifying 4 New High Priority Drill Targets

Sam Boughedda trader
Updated 19 Nov 2021

Wishbone Gold (LON: WSBN) shares have surged to levels not seen since September on Friday after it revealed drilling at Red Setter has commenced.

The company has identified 4 new high-priority drill target zones at Red Setter, located 13 km southwest of Newcrest Mining's Telfer Gold-Copper Mine and 60 km west of Newcrest and Greatland Gold's Havieron discovery in the Paterson Range.

In reaction to the announcement, Wishbone Gold's share price surged 39.5% to 11.3p.

The zones were identified from a 12km geochemical sampling programme.

A drill rig is scheduled to arrive at the site on approximately the 29th of November after the completion of track maintenance.

After a year of delays, Richard Poulden Wishbone Gold's Chairman was upbeat in his remarks:

 “This work extends and enhances the previous magnetic survey and new technology clearly enhances the magnetic anomaly which shows preceding green drill holes missing our intended deeper targets. The similarity of the results to known deposits in the region is very encouraging and enables more detailed targeting of our drilling programme. 

“Unfortunately, this year has been hampered with delays which were out of our control but we are happy to be finally drilling some of our many targets in the coming weeks.”

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.