Wishbone Gold Plc announced that initial results from the diamond drill program at its 100% owned Cottesloe Project has highlighted significant mineralization potential. The information gathered to date is highly encouraging, confirming the overall exploration model for a major sediment hosted metals system focused on base metals and silver. The base metals identified are critical to the development of lithium-ion batteries used in electric vehicles and in energy storage systems integral to the global push towards lower carbon emissions.

This phase of the drill program has been focused on the southern part of the Cottesloe tenements. The entire project consists of three tenements totaling 50 blocks covering an area of 165km2 and is considered highly prospective for precious and base metals. The next phase of drilling will be in the northern part of Cottesloe where the Company believes there to be more promising mineralization.

Highlights: Highly anomalous Lead-Zinc & Silver point to the clear presence of hydrothermal fluids circulating through this basin sequence; Major structure/cavity intersected at 160-180m in hole 23CTRCD004A, which may be part of a large fault/thrust dominant structure running NW-SE just off centre from the basin fold axis; Downhole strip logs show highlighted key replacement zones. Notably Lead (Pb), Zinc (Zn) and Copper (Cu) increasing with Calcium (Ca) and Magnesium (Mg) decreasing which indicates the dolomitic shale (Ca, Mg) CO3 is being replaced by Pyrite, Sphalerite and Galena from a hydrothermal fluid. Elevated mineralization intersected in drill holes includes: Zinc (Zn)grades ranging from 0.1% - 1.1% in hole 02A; Lead (Pb) over 1% in hole 04A; Silver (Ag) at 7g/t in hole 04A and 2.1g/t in each hole 03; Nickel (Ni) 561ppm in hole 04A; Cobalt (Co) 445ppm in hole 02A and over 118ppm in both holes 03 & 4A; Lithium (Li) up to 184ppm in hole 04a and 161g/t in hole 03; Titanium (Ti) grades from 4,100ppm - 5,100ppm in all 3 holes; Barium (Ba) grades up to 2,288ppm in hole 02A; Lanthanum(La) 178ppm in hole 02A and 79ppm in hole 03; Vanadium(V) 395ppm in hole 02A, 451ppm in hole 03 and 514ppm in hole 04A.

High Potassium (K) 4.9% and Phosphorous (P) 0.4% throughout hole 04A. Three diamond holes were drilled at the Cottesloe project, testing prospective stratigraphy and gravity anomalies. Hole 23CTRCD004A was stopped at 327.4m depth after drilling difficulties due to a major structure/cavity intersected at 160-180m.

Basin stratigraphy has been confirmed to be highly suitable for sediment hosted base metal mineralization, similar to that at nearby Nifty (Cu) and Maroochydore (Cu-Co) and also the Mt Isa style (Zn-Pb-Ag) deposits. The density data from the drilling will be used to reinterpret the gravity now that more detailed data from the stratigraphy. Diamond drilling costs were 50% funded by the WA Government's EIS scheme up to a total of $220,000 of direct drilling costs.