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Wishbone Gold (LSE:WSBN), an exploration and acquisition company focused on precious metals, is holding its Annual General Meeting (‘AGM’) later today.
At the meeting, Executive Chairman Richard Poulden will make the following statement:
“Since listing on AIM in July 2012, the Company has made a great deal of progress towards achieving our stated strategy of becoming a new consolidator of quality gold projects. The Board believes this to be an opportune time to execute this strategy with recent moves in the price of gold favouring acquisitive companies such as ours. Wishbone Gold came to AIM with two licences, Wishbone II and White Mountain, covering an area of 11,100 hectares in a known gold bearing and producing region of Queensland Australia. We have since added two additional licences in the same region, Wishbone III and IV, at low cost, trebling our area of interest to 34,700 hectares. In tandem, ground exploration programmes, including geological prospecting and surface geochemical sampling, on both Wishbone II and White Mountain have returned highly positive results, highlighting the rationale behind the acquisition of both Wishbone III and IV.
“On Wishbone II, we have identified two exciting prospects: Hanging Valley and Oaky Mill. Both are associated with known gold-bearing structures: in Oaky Mill’s case, the structure lies along a trend that runs northwest from the producing Mt. Wright gold mine to the south; while Hanging Valley is on a newly identified structure. On White Mountain, exploratory work has demonstrated proven mineralised trends to the west, including Granite Castle, extend along strike into the licence area. In tandem with this, geochemical sampling has indicated the presence of high grade gold – 3.5 g/t gold (Au) and copper (Cu) to 3.8%.
“The next twelve months will see us embark on the next phase of exploration activity on both Wishbone II and White Mountain which will look to further define the already identified prospects and delineate drill targets. We will also look to commence exploring the recently acquired Wishbone III and IV to define the prospectivity on each tenement.
“As stated in our Admission document, Wishbone Gold was established to be a consolidator of precious metals assets that meet defined investment criteria. To be considered, projects are firstly required to be located in areas of proven mineralisation and historic exploration or production data relevant to the licence area is available to be re-worked using advanced techniques. Due to the extensive experience and contacts of the management team, we continually have access to a number of projects which we then subject to a thorough evaluation before a decision to pursue further is taken. We are currently reviewing several potential acquisitions and will provide updates to the market as and when it is appropriate to do so. The management team’s strong network and knowledge will not only ensure access to quality gold and precious metals projects around the world but also to a range of diverse funding streams.
“Together with my fellow members of the Board, we would like to take this opportunity to thank our valued shareholders and reiterate our commitment to enhancing the value of our existing portfolio in addition to identifying and developing attractive new opportunities in the year ahead. I look forward to providing further news in this regard in the coming weeks and months.”
