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Precious metals trading company Wishbone Gold PLC said on Tuesday it signed a drilling contract for the company's Red Setter gold and copper project in the Patersons Range area of Western Australia.
Wishbone shares were 8.9% higher at 8.60 pence each in London on Tuesday morning.
The first phase of the drilling contract is for 3,000 metres of drilling at Red Setter, with the second phase of the contract for an additional 7,000 metres, split between Wishbone's Red Setter Project and the Company's Cottesloe project to the south.
The Red Setter project is located 13 kilometre south-west of Newcrest Mining Ltd's Telfer gold-copper mine and 60km west of Newcrest and Greatland Gold PLC's Havieron gold-copper discovery.
Wishbone Gold's Chair Richard Poulden commented: ‘We are very pleased to have finally secured this specialist drill rig for our long awaited Red Setter drilling programme. All exploration companies have found it difficult to secure drilling services in Western Australia, especially with the Covid restriction in the state over the last year and the competitive backdrop experienced for miners and explorers in the current mineral exploration boom.
‘We are hopeful of having the rig on site and drilling at Red Setter before the end of May.’
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