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EPIC: WSBN
Market: AIM
52-week High/Low: 1.64p / 0.52p
Sector: Mining
Market Cap: 8.79M
Phone: +44 (0)77 0341 2817
Address: G1 Haven Court, 5 Library Ramp, Gibraltar.
Website: wishbonegold.com
Wishbone Gold PLC

Wishbone Gold PLC

Wishbone Gold Plc is an AIM listed company operating in the precious metals market through two strategies. It has a wholly owned precious metals trading business centred in Dubai, United Arab Emirates. The Company also holds four exploration licences in North East Queensland, Australia, in an area covering over 34,000 acres known for significant precious metal mineralisation.

We believe this dual exposure to the gold market, from exploration to trading, provides a unique investment proposition in the small cap arena.

The Board has a wealth of experience in numerous sectors including technology, healthcare and retail, in addition to natural resource companies, where they have successfully executed strategies for growth by acquisition.

Wishbone Gold is traded in the ISDX Exchange HERE

Wishbone Gold PLC

wishbonegold.com

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Big picture - Why invest in Wishbone Gold PLC


Wishbone Gold PLC Snapshot

The Company’s three Wishbone licences are located in the highly prospective Mingela area which lies within the eastern outcrops of igneous and metamorphic rocks of the Ravenswood-Lolworth Province. The Ravenswood Granodiorite Complex outcrops throughout the area and is bounded by a large shear zone structure along which much of the gold mineralisation in the region is located.

 

Wishbone II, III and IV

The Company’s three Wishbone licences are located in the highly prospective Mingela area which lies within the eastern outcrops of igneous and metamorphic rocks of the Ravenswood-Lolworth Province. The Ravenswood Granodiorite Complex outcrops throughout the area and is bounded by a large shear zone structure along which much of the gold mineralisation in the region is located.

Infrastructure

The northern boundary of Wishbone II is located approximately 8km by road to the south east of Mingela, and is located some 80km, via the Flinders Highway, south of Townsville, Queensland. It is a further 24km to the southern boundary where it crosses the road.

The area in and around Wishbone II, III and IV has been explored for decades, though many sites within the tenements remain underexplored and untested.

Historical Deposits


The Mingela region is characterised by widespread shows of mineralisation, an occurrence shared with many mining districts that host major ore bodies, suggesting the geological setting is conducive for a major ore body to be present in the general area beyond those already discovered (i.e. rediscovered) such as the Mount Wright and the Welcome Discovery areas. The larger historical deposits found at or near the surface include:

  • The Welcome Mine – produced 91,000g (6,737 oz) of gold in 3,658 tonnes of ore @ 25 g/t. North Queensland Resources estimate the mine has a current shallow pit resource of 250,000 tonnes @ 3.0 g/t gold
  • Grass Hut Mine (1887-1910) – produced 68,000g (2,397 oz) of gold in 2,014 tonnes of ore @ 33.76 g/t;
  • New Caledonian Mine – produced 467,500g (16,500 oz) of gold at a grade of 30 g/t;
  • Mount Sulphide Mine (1934-1940) – produced 1,860g (66oz) of gold with grades up to 29.06 g/t and 21,210g (748oz) of silver with grades up to 331.4 g/t;
  • Althea/ Christian Kruck Mine – Gold Mines of Kalgoorlie estimates an indicated open-pit resource of 0.63m tonnes @ 3.1 g/t gold totalling approximately 2m grams (70,548oz) of gold;
  • The City of Melbourne Mine – workings returned 56,700g (2,000 oz) of gold in 1,983 tonnes of ore @ 28.6 g/t;
  • Kitty Cummings Mine – workings returned 4,650g (164oz) of gold in 340 tonnes of ore @ 13.68 g/t
  • King Solomon Mine – workings returned 2,737g (97oz) of gold in 45.7 tonnes of ore @59.9 g/t;
  • Rose of Allandale No.1 SW Mine – workings returned 2,644g (93oz) of gold in 73.12 tonnes of ore @ 36.16 g/t


Previous exploration

As a result of recent discoveries at the Welcome deposit (located 10km west of Wishbone II) and others to the north-west, combined with new information made available regarding the Mount Wright Mine (20km south of Wishbone II) and the Mount Leyshon Mine (60km southwest of Wishbone II), a renewed interest has developed in the trend along which the Company’s Wishbone licences are located.

Exploration Strategy

The area in and around Wishbone II, III and IV has been explored for decades, though many sites within the tenements remain underexplored and untested. In addition, exploration activity over the last 20 years was undertaken using standard techniques including surface reconnaissance, geological mapping, rock and soil sampling, various methods of aerial and ground geophysics, bedrock drilling and coring.

The Company commenced an exploration programme at Wishbone II, which included geochemical sampling and ground magnetic surveying, and highlighted the potential for gold and multi-element mineralisation at the Oaky Mill and Hanging Valley Prospects. Both prospects are associated with known gold-bearing structures; in Oaky Mill's case, the structure is along a trend that runs northwest from the producing Mt. Wright gold mine to the south. The other is the NE Structure that trends toward the Blue Doe historical mining area. The next phase of exploration activity will look to further define Oaky Mill, Hanging Valley and the NE Structure for the purpose of establishing potential drilling targets.

Fore more information please click here

 

 

White Mountain

The Granite Castle deposit on the western boundary of White Mountain has recently been drilled by others to confirm significant gold and silver in grades and tonnage of potential economic significance. In addition, at the centre of White Mountain is an intrusion of an Ordovician-Silurian granitoid which hosts a trend of deposits, namely the Diecon Mine (gold); Edwards prospect (antimony) and Northeast Workings (gold). These deposits lie along strike in a general east-west direction. In addition two granites, SDgul and SDgbg, which are both in contact with each other, and along which mineralisation has been reported, host numerous small gold deposits as well as small copper and antimony occurrences in the shallow subsurface.

Mineral Exploration

“After reviewing the historical mining and mineral exploration activities and associated company reports dealing with the known mineralisation within and to the west of the tenement area, we have concluded that the White Mountain tenement has substantial potential for mineralisation of potential economic importance.”


Historical deposits

White Mountain is centred over a highly favourable area of the Lolworth region and includes several polymetallic historic mines and advanced prospects for gold, silver, copper, lead, antimony, nickel, and molybdenum, all of which have been the subject of intermittent exploration over the past 40 years. Major historical production to date is as follows:

The Diecon Mine (1910- 1916) produced 68 tonnes of ore for 17,400g (614oz) gold at 255.9 g/t. Edwards Mine (1915) produced 310 tonnes of antimony ore. Little Wonder Mine (1913 -1915) produced 17 tonnes of ore for 669g (24oz) at 29.4g/t. Sunday School Mine (1914) produced five tonnes of ore for 268g (10oz) gold at 53.6 g/t. Bradley’s Jubilation and Clements Copper were copper prospects and the Northeat workings a gold prospect.

Location and Infrastructure

White Mountain is located west-southwest of Townsville, Queensland approximately 300km via the Flinders Highway. It is accessed at various locations from the northern side of the main highway and covers an area of about 4,800 hectares (18.5sq miles).

Supporting transport infrastructure is available in Charters Towers, which acts as the hub for exploration in the general area, about 180km to the east via the Flinders Highway. The Mt. Isa to Townsville Railway runs parallel to the Flinders Highway heading east to Charters Towers and Townsville and west to Conclury and Mt. Isa. This railroad carries mined ore and concentrates from the Mt. Isa Mines, and more recently from mines in the Cloncury area to Townsville.

Extracts from CPR:

“After reviewing the historical mining and mineral exploration activities and associated company reports dealing with the known mineralisation within and to the west of the tenement area, we have concluded that the White Mountain tenement has substantial potential for mineralisation of potential economic importance.”

“…a few of the companies did conduct detailed surface sampling, some of which produced favourable results.”


Previous exploration

A number of companies have been active in the general area. The first group consisted of the early miners of the 1800s and early to mid-1900s. The early explorers identified areas that remain of particular interest to present day exploration companies. These efforts were based on surface sampling and drilling to limited depths. Given the recent revival of gold prices many prospects are now being revisited.

The significance of the historical workings and recent exploration activities adjacent to White Mountain is that recognised shear zones in granite appear to be trending into the White Mountain EPM, especially in the southwest areas. This indicates the shear zones that occur in White Mountain are primary targets for follow-up exploration. The adjacent property reportedly hosts a JORC-compliant resource of 79,000oz of gold and 1.5m oz of silver located wholly within a 600m portion of a single, mineralised shear zone. The suggested target below the resource identified to date is projected by others to be about 350,000 tonnes amounting to more than one million oz gold and 21 million oz of silver or, assuming current precious metals prices, more than US$2bn in place, should such mineralisation be confirmed during drilling. This suggests that the White Mountain EPM offers favourable conditions for significant mineralisation of not only gold and silver, but also for other metals as well. Although the adjacent property to the west reported lead and zinc in addition to the gold and silver, White Mountain also appears to offer multi-metal targets involving sulphide mineralisation. These include antimony, copper, nickel, molybdenum, lead, zinc, and other metals, in addition to quartz-zone mineralisation associated with shear zones trending into White Mountain tenement from the west.

Those sites already known such as at Thalanga and West 45 Mines, about 60km southeast of White Mountain, and others cited in the CPR have since been investigated in greater detail. Discoveries in the Thalanga area were made as a result of the application of standard exploration techniques, such as surface reconnaissance, geological mapping, rock and soil sampling and various methods of aerial and ground geophysics followed by deep bedrock drilling and coring. With the recent advances in geophysics, especially ground magnetics systems, complemented by new satellite imagery and combined with new and revised models of mineralisation, and based on nearby activities, the Board has elected to acquire and vigorously explore White Mountain.

Black Sand FZE

Black Sand is a new company licensed as a precious metals and gem trader in the UAE offering a secure supply chain from mine to trade.

Black Sand currently sources from South America, a major source of world gold, which offers a historically more secure political and economic environment in which to operate. Security firms cover the region for secure shipment to Dubai and banks are oriented to international trade. Suppliers are subject to extensive Due Diligence, and all suppliers are subject to vetting with the respective embassies.

All trading and supply authorisations are checked with Government and Trade Commissions. Supply contracts set out the precise terms of trade and volumes.

Black Sand currently operates in Columbia, Honduras, Chile and Peru.

UAE provides the ideal trading base, offering a high liquidity of gold into the marketplace. In 2013, 40% of the world’s physical gold was traded through Dubai. The UAE charges no company or personal tax, no import or export tax on gold or silcer, and offers an easily operational environment, politically stable climate from which to trade.

Strategy

The Board of Wishbone Gold believes gold and precious metals markets provide an attractive investment opportunity, and one that provides sustainable growth and exposure for shareholders.

The Board believes that the gold price will continue to strengthen in the medium to long tern, leveraged by increasing global demand, in particular from China and India, and from the role of precious metals as a hedge against inflation during a prolonged period of economic upheaval..

In 2016, the Company has added to the potential of it’s exploration potential by the acquisition of the UAE based gold trading business Precious Minerals I -

PMI brings existing supply agreements with Colombia and Honduras, and a strong pipeline of further deals.

The Board is acquisitive and strategies laterally, continually reviewing and evaluating precious metals projects globally.

Precious Metals International (incorporating Black Sand FZE)

Black Sand FZE, a wholly owned subsidiary of PMI is licensed as a precious metals and gem trader in the UAE offering a secure supply chain from mine to trade.

PMI currently sources from South America, a major source of world gold, which offers a historically secure political and economic environment in which to operate. Security firms cover the region for secure shipment to Dubai and banks are oriented to international trade. Suppliers are subject to extensive due diligence, and all suppliers are subject to vetting with their respective embassies. /p>

All trading and supply authorisations are checked with Government and Trade Commissions. Supply con-tracts set out the precise terms of trade and volumes.

PMI currently operates in Columbia, Honduras, Chile and Peru.

The UAE provides the ideal trading base, offering a high liquidity of gold into the marketplace. In 2013, 40% of the world’s physical gold was traded through Dubai. The UAE charges no company or personal tax, no import or export tax on precious metals, and offers an easy operational environment and politically stable climate from which to trade.

Strategy

The Board of Wishbone Gold believes gold and precious metals markets provide an attractive investment opportunity, and one that provides sustainable growth and an excellent exposure to precious metals markets for shareholders. The Board believes that the gold price will continue to strengthen in the medium to long tern, leveraged by increasing global demand, in particular from China and India, and from the role of precious metals as a hedge against inflation during a prolonged period of economic upheaval.

In 2016, the Company has added to the potential of its exploration potential by the acquisition of the UAE based gold trading business Precious Minerals International and its subsidiary Black Sand FZE -

PMI brings existing supply agreements with Colombia and Honduras, and a strong pipeline of further deals.

The Board is acquisitive and is continually reviewing and evaluating precious metals projects globally.

Richard O’Dell Poulden

Chairman & CEO

Richard, a qualified Barrister, has co-founded natural resources, healthcare, retail and internet-based technology companies where he has executed strategies for growth by acquisition in all sectors. Most recently Richard was Chairman and CEO of AIM quoted Sirius Minerals Plc where he oversaw the transformation of the company into a substantial potash company achieved through a series of company acquisitions in Australia, USA and the UK.

Previously Richard worked as a merchant banker at Samuel Montagu & Co Limited, and also as a management consultant at Arthur D. Little where he worked in their European strategy practise as well as co founding their Financial Industries Group. In the past Richard has been Executive Chairman of JMI Seed Capital and is currently Chairman of PCG Entertainment Plc, also quoted on AIM and Chairman of Black Swan Plc.

Jonathan Harrison

Non-executive Director

Jonathan, a chartered accountant with experience in quoted and unquoted companies, has past natural resource experience as Finance Director of Sirius Minerals Plc overseeing the financial aspects of the company through flotation and its series of acquisitions. He spent a most of his career working in senior financial positions within the hotel and leisure industry and during this time oversaw a number of IPOs and mergers and acquisitions.

George Cardona

Non-executive Director

George has held several non-executive positions on various Boards including mining companies Strategic Minerals plc, Siberian Coal Energy Co., EuroChem Mineral and Chemical Co., and K+S AG. He trained at Morgan Grenfell in London before it was acquired by Deutsche Bank in the 1990s. George worked as a Treasury desk officer for the Conservative Party from 1974 to 1979, before becoming a Special Advisor to HM Treasury. He subsequently became Head of Group Planning for HSBC Holdings in Hong Kong and London.

He founded and subsequently sold investment banking boutique Cardona Lloyd & Co. and has been a non-executive director of London listed investment trusts Close Finsbury Eurotech, Martin Currie Pacific, and of Renewable Energy Generation. He was also a director of the Cardona Lloyd Hedge Portfolio, listed on the Irish Stock Exchange.

Alan Gravett

Non-executive Director

Alan worked at Barclaytrust Limited, (then Barclays Bank Executor and Trustee Department) from 1965 to 1988, reaching the highest level in Gibraltar administering offshore companies and trusts, leaving in 1988 to join a large local trust corporation. He is now a freelance consultant based in Gibraltar but continues to be closely involved with company and trust structures for a range of international clients.

Michael Mainelli

Non-executive Director

Michael, a qualified accountant, has natural resources experience dating back to 1979 where earlier research work on mapping and satellite imagery led to him starting companies in seismology, cartography and oil and gas information for a Swiss firm. In the early 1980s Michael initiated and ran a multi-million dollar oil industry consortium (Shell, BP, Chevron and Elf Aquitaine were major partners) which culminated in the development of Geodat and MundoCart, an oil industry standard set of cartographic data. Michael’s previous roles include several years as a partner and board member of one of the leading accountancy firms directing global consulting work, and serving on the UK Ministry of Defence’s Defence Evaluation & Research Agency board.

In 1994, Michael cofounded Z/Yen, a commercial think-tank based in London with numerous finance and technology clients where he is currently Executive Chairman. From 2005, Michael has been a non executive director of AIM listed Sirius Minerals Plc. Michael is Emeritus Professor, Trustee and Fellow of Gresham College and a non-executive Director of the United Kingdom Accreditation Service.

Registered Office

Wishbone Gold Plc

G1 Haven Court

5 Library Ramp

Gibraltar

[email protected]

 

Press, Investor Relations

Damson Communications

128 Wigmore St, London W1U 3SA

+44 (0) 20 7812 0645

[email protected]

Nominated Adviser

Allenby Capital Limited

3 St Helen's Place

London EC3A 6AB

+44 (0) 203 328 5656

Broker

Beaufort Securities Limited

131 Finsbury Pavement

London, EC2A 1NT

United Kingdom

Auditors to Wishbone Gold Pty Limited

PKF (Gold Coast) Pty Ltd

Pty Limited Level 5, RSL Centre

9 Beach Road

Queensland 4217, Australia

Competent Person

I2M Associates LLC

1810 Elmen Street

Houston, TX 77019

United States of America

Legal advisers to the Company as to English Law

Pinsent Masons LLP

30 Crown Place

London EC2A 4ES

United Kingdom

Legal advisers to the Company as to Gibraltar Law

Hassans International Law Firm

57/63 Line Wall Road

P.O. Box 199

Gibraltar

Capita Registrars (Guernsey) Limited

Mont Crevelt House

Bulwer Avenue

St Sampsons

Guernsey, GY2 4LH

Depository

Capita IRG Trustees Limited

The Registry

34 Beckenham Road

Kent BR3 4TU

United Kingdom

Auditors

Benady Cohen & Co

21 Engineer Lane

Gibraltar

[email protected]

Wishbone Gold PLC Timeline

Newswire
February 09 2017

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