Wishbone Gold (AIM:WSBN) has exercised its exclusive option to acquire the Silver Lake Project in Western Australia.
To exercise the option, Wishbone will issue around 3.57 million shares of £0.1 each at £0.29 per share, equating to £1.03 million ($1.93 million) to pay the vendors. The issuance of shares is expected to begin on or around 29 May 2026.
Silver Lake, covering 422km2, is located 1,000km north of Perth. The project site is accessed from either the Northwest coastal highway or the Minilya-Exmouth Road, and then on well-maintained unsealed station roads.
Initial activities will be conducted to enable Wishbone to advance towards an exploration drilling program. Wishbone has appointed Apex Geoscience for compilation and reinterpretation of historical geological, geophysical, and drill results.
Field crews are expected to be onsite next month to begin active exploration efforts, focusing on validating previously identified mineralised structures and targets.
Auger drill core or aircore equipment is also anticipated to be onsite in Q3 2026.
Chairman Richard Poulden says the company believes Silver Lake has potential to be a “high-value” opportunity, which complements its exploration work at Red Setter.
“Silver Lake broadens the company’s commodity exposure in the precious metals and strengthens its exploration pipeline,” Poulden says.
“Historic drilling and chip sampling has identified very promising shallow silver mineralisation along a 35km corridor. The historical data highlights the multiple opportunities for follow-up exploration, and this exciting project reinforces our commitment to the tier one mining jurisdiction of Western Australia.”
Wishbone Gold is an Australian explorer listed on the AIM market and the AQUIS stock exchange. The company’s project portfolio is located in Western Australia and Queensland.
Write to Aaliyah Rogan at Mining.com.au
Images: Wishbone Gold
