LONDON, UK: Wishbone Gold Plc, a mining exploration company, has announced that it has secured an exclusive option to acquire 100% of the Crescent East Lithium and Gold Project, located in the Pilbara Region of Western Australia.
The project is situated in a prolific gold area and near some of the biggest lithium mines and discoveries in the country.
The Crescent East Project covers 157km2 and consists of three exploration licences. The project has shown historical rock chip results of up to 95.5g/t gold and gold nuggets of up to 78.5 ounces. The project also has potential for lithium mineralisation, as it sits within the Mosquito Creek Belt, a typical Archaean metasedimentary thrust belt with known pegmatites.
Wishbone Gold’s Chairman, Richard Poulden, said that the option was a major extension of the company’s exploration projects and that lithium was one of the hottest sectors in the mining sector. He added that due diligence would be completed over the coming weeks.
The option price is the payment of £25,000 in shares to the current owner Mining Equities Pty Ltd. If the acquisition proceeds, the purchase price will be £400,000, also payable in shares.