Wishbone Plc has announced an option to acquire the Silver Lake project in the Carnarvon Basin of Western Australia, expanding its reach in Australia.
The proposed deal, which requires a cash payment of £100,000 (AU$190,000), would see the company issue 3,571,777 ordinary shares upon completion.
The Silver Lake tenement covers 422 square kilometres and features a 35-kilometre structural corridor known for surface-level silver mineralisation. Historical data from the site reveals high-grade potential, with rock chip samples returning results up to 847 grams per tonne (g/t) of silver at the Tarrawarra 1 prospect.
Other notable findings include 410g/t at Cardabia Creek 7 and 260g/t at Tarrawarra 3. Previous drilling at Cardabia Creek 6 also intercepted two metres at 150g/t of silver at a shallow depth of only four metres.
“The Silver Lake Project represents a great opportunity for Wishbone,” said Ed Mead, Wishbone Gold’s WA director.
“It is accessible all year round and has evidence of silver within the Giralia Siltstone in the top 10 metres from the surface. This is a shallow target with excellent rock chip results and a previous drill hole for proof of concept.”
The project’s location, situated approximately 135 kilometres south of Exmouth and 200 kilometres southwest of the major export port of Onslow, provides year-round accessibility via established road networks.
Beyond silver, the tenement also contains documented occurrences of bentonite and phosphate, further diversifying its resource potential.
Wishbone Gold’s Chairman, Richard Poulden, said the acquisition aligns with the company’s broader exploration strategy, which includes upcoming drilling programs at its Red Setter project.
“We see Silver Lake as a potential high value project with the shallow lateral formation that hosts the silver being able to be targeted with cheap drilling using auger equipment,” Poulden said.
As global demand for silver continues to rise, fuelled by its critical role in electric vehicles, solar panels, and data centre infrastructure, the company is positioning itself to capitalise on these high-value targets.
Once the option is exercised, the company plans to deploy low-cost auger drilling to rapidly test the shallow lateral formations across the basin.
