News Feed Item

Wishbone Gold-2014 Growth Strategy

GIBRALTAR, GIBRALTAR -- (Marketwired) -- 01/08/14 -- Wishbone Gold (PINKSHEETS: WISHY) ('Wishbone' or 'the Company'), an exploration company focussed on precious metals, is pleased to set out an overview of the Company and detail its growth strategy and objectives for 2014.

Wishbone Gold was established by Richard Poulden, a successful resources entrepreneur, to acquire and develop quality gold projects. It listed in 2012 with two exploration properties and has now doubled this to four covering 34,700 hectares in a proven gold producing region of north east Queensland, Australia. It has identified new gold and polymetallic mineralisation on both of the initial licences. Most recently, the Company has secured a share exchange agreement with Global Resources Investment Trust plc (or 'GRIT'), a new company founded by a group of highly successful fund managers to focus exclusively on investing in the junior mining sector. GRIT plans to list on the main market of the London Stock Exchange. This milestone agreement provides Wishbone with an injection of working capital and an important new strategic investor which will support its investment policy to acquire and develop precious metal assets.

The driving force behind Wishbone's strategy is the firm belief in the significant medium to long term upside potential of the precious metals market, particularly gold. The retrace in the gold price over the past 12 months has created an ideal opportunity for Wishbone to identify and acquire quality assets which are currently in distress, due to insufficient capital for development or similar symptoms of the current investor fatigue prevalent across much of the resources market. Wishbone is targeting a significant gold portfolio through which to gain exposure to the sector recovery which the Board believe is inevitable.

Wishbone's high conviction in the upside potential of gold is based on two main factors. Firstly, it is impossible to inject as much liquidity into the world financial system as has been done under the various Quantitative Easing programmes without inflation following. Secondly, the rapid increase in the quantity of gold purchased by China. Since September 2011 the country is thought to have purchased more than 2,116 tonnes of gold(1), equating to approximately 80% of the entire annual mined world gold output.(2)

The Wishbone board brings with it a pedigree in the acquisition and growth company sectors. Chairman Richard Poulden has had a long and industrious career in building companies through acquisition; with Sirius Minerals and Alliance Medical being just two of his best known success stories. Poulden has surrounded himself with a similarly experienced team, ensuring that he has access to the most attractive opportunities and the ability to execute them efficiently.

The Board's confidence in the long term value accretion potential within the resources sector is one shared by the GRIT team. This common belief in the fundamentals of the natural resource market, and the opportunities inherent in downturns of the commodities cycle, puts the Wishbone team in good company. Wishbone will benefit from the share exchange as it provides the Company with access to capital through the sale of its shares in GRIT to fund both the development of its current portfolio and the evaluation of additional opportunities in the gold space. This is an innovative financing mechanism for a listed company, in a climate where ready access to capital is at the forefront of many investors' minds. In addition, GRIT also has the added dimension of providing Wishbone with an active partner within the resource investment arena.

The Wishbone team is continually assessing the suitability of new gold properties and measuring them against the investment criteria set by the Board to maximise the potential for value accretion. The stipulations for the successful investment profile are centred on de-risking development, and are focused on attractive geology and metallurgy where exploration data already exists. With this in mind, the Board supports the "closeology" argument. To paraphrase, "the best place to find any natural resource is where someone else has already found it". Fitting this principle perfectly are Wishbone's four Queensland properties. Results from Wishbone's first exploration field season at its Queensland assets, known as Wishbone II, Wishbone III, Wishbone IV and White Mountains, have supported this strategy, demonstrating some exciting gold and polymetallic mineralisation.

The latest results for Wishbone II, published in October, reconfirmed the Board's conclusion that the Hanging Valley target represents a priority prospect that contains multiple polymetallic veins located perpendicular to a major geological trend known as the Alex Hill Shear Zone. The latest work has defined extensions to the previously identified polymetallic DAB vein system as well as a parallel vein with grades of 1.25% copper, 0.12g/t gold, 476ppm molybdenum and 262ppm arsenic. High gold grades, including samples of up to 25.2 g/t gold, were also returned from rock chip samples on the previously discovered Haughton Bluff Creek West vein system and regional stream sediment sampling returned strongly anomalous results up to 27.7ppb gold in the area.

In addition to Hanging Valley, the Oaky Mill prospect is another highly prospective target where significant areas of copper and gold mineralisation have been discovered by soil sampling. Samples from 17 outcrops returned grades greater than 1% copper and a further eight returned grades greater than 0.5%m. A standout sample demonstrated high grade anomalies of 4.83% copper and 0.23 g/t gold. In addition, stream sediment samples defined elevated gold levels up to 11.7ppb gold. The Company is now planning to continue the delineation of surface gold anomalies and define drill targets at both Hanging Valley and Oaky Mill.

At the White Mountains licence, the Company has identified elevated gold-antimony arsenic bearing siliceous breccias. Recent exploration results have produced rock chips sampling 0.18g/t gold and 0.16g/t gold with strongly anomalous antimony and arsenic geochemistry. This zone appears to extend a further 1-2km to the north of the Edwards historical antimony mineral occurrence which returned a follow up rock chip sample of 14% antimony with 0.66 g/t gold and elevated arsenic. The Company is planning additional exploration programmes to evaluate the wider resource potential of this prospective property.

By applying modern exploration practices, coupled with the extensive historical data available across the Wishbone II, III, IV and White Mountains tenements, the Company has demonstrated the value upside of these gold properties. When considering both the potential of its current portfolio and the Board's desire to gain further exposure to the precious metals sector, 2014 is set to be a busy year for the Wishbone team, one in which much progress is expected to be made in delivering on the Company's objective to be a consolidator of quality gold assets.

(1) www.zerohedge.com

(2) www.gold.org

Wishbone Gold plc
Richard Poulden
Executive Chairman
+971 504 524 994

Wishbone Gold plc
Clive Hyman
+44 7802 634163
[email protected]

Northland Capital Partners Limited
Louis Castro
+44 20 7796 8800

Northland Capital Partners Limited
Lauren Kettle
+44 20 7796 8800

Beaufort Securities Limited
Chris Rourke
+ 44 20 7382 8300

Beaufort Securities Limited
Guy Wheatley
+ 44 20 7382 8300

St Brides Media & Finance Ltd
Frank Buhagiar
+44 20 7236 1177

St Brides Media & Finance Ltd
Susie Geliher
+44 20 7236 1177

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: implemen...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER give you detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPO also offers s...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
@DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises - and delivering real results.
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
DXWorldEXPO LLC announced today that Dez Blanchfield joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Dez is a strategic leader in business and digital transformation with 25 years of experience in the IT and telecommunications industries developing strategies and implementing business initiatives. He has a breadth of expertise spanning technologies such as cloud computing, big data and analytics, cognitive computing, m...
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...