London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Silly MCAP here imo, limited money is just chasing the boom stocks on a weekly if not daily basis. Totally out of favour sector until the worm turns. Only advice is to buy at all time lows and wait it out. GLA. :o).
I will make the same point I made before - if another company, based on sheer scale but grades of 0.26g/T, can look to make 40m ounces, then we have here a great chance in the projects we have to achieve positive outcome
The reason we are as low as we are is we have nothing the market finds interesting, the interest is not here and unless the companies starts to show improvements with PR and next set of results being good the share will continue at this level or even drop further.
I really hope something good comes soon.
The Paterson Region is attracting significant exploration interest.
With a market value of less than Ā£4m Wishbone Gold attracts the lowest market valuation of a group of Western Australian focused exploration companies (including itself) operating in the region which suggests that exploration success could trigger a meaningful re-rating.
COMPANY........................ MARKET CAP
Greatland Gold ...............400 mil
Capricorn metals ............1.6 billion
Genesis Minerals.............1.76 billion
Musgrave Minerals ..........115 mil
De Grey Mining ................1.357 billion
Calidus Resources ............69 mil
Ora Gold.............................7 mil
Ora Banda mining..............147 mil
AusGold ........................ .... .72 mil
Astral Resources ...... . .. ..... 34 mil
Alto metals ..........................23 mil
Maximus Resources ............7 mil
Black cat ..............................64 mil
Kairos Minerals ....................22 mil
Tarramin Australia.............. .34 mil
Kalamazoo Resources...........13 mil
PEER Average market cap 241 mil
Western Australian peers average market cap of 241m suggests that WSBN could have a significant re rating of the SP from the present lows.
I thought I recognised you from one or two of the other bb's!
If you scroll back through my posts, I actually reposted a few of my posts from the 1p days over on EEE and ORR just a few days ago on the GOLD discussion bb.
I remember when hardly anyone else was posting on there at that time as I was discussing it with another poster who is also invested
In EEE but rarely posts over there now.
It's really taken off since and the rest is history.
AGEOS has put together some excellent technical analysis from a geo perspective on both WSBN, EEE and OMI.
On the later there is a post where they have taken the data from the historical technical report from 2019 and resource model that already exists for APTA
They then took all fhe drill data post from fhe last few years to model a target/potential resource block model which I thought was an excellent post and demonstration of these bb's working at their best.
Well noted PPā¦.It was AGEOS posting previously that got me aware of wishbone as we are both holders of Empire from the circa 1p days and he is very knowledgable on geology.
Like rest of the market I was waiting here for the inevitable funding which was recently announced and it was quite positive as it was not at a discounted price (1.2p) and was not for a large amount and so I am hopeful that there is good news coming soon to propel the SP upwards from current lowly market cap.. Now I am just wanting to see these daily 1 million x 1.1p sell trades come to an end. I donāt think they are forward selling the placing shares as would make no sense to take an immediate loss, but who knowsā¦ā¦.Placing shares come to market on 8th Feb so will be interesting to see what happens when they are in play.
I recall you posting intelligently on OMI in the past for the benefit of others on the board. Thatās another oversold explorer with good assets who should come good in future. Appreciate your ongoing contributions here on wishbone.
*broker note
If anyone has any issues getting access to the broker nore, I'll look at posting up some info on here at some stage tomorrow
@28jaczar01
Good to see some more looking in and welcome.
Always the dumb money that offloads at fhe bottom or near to the bottom of the trading range, but If you look at the trades intra day across both the AIM market and also on the aquis market there has been little to no selling of any size at all over the past few sessions.
The spread has also been incredibly tight
.
Roughly 119/115.
I'd seen the after hours trades likely just books being rebalanced. Any PI selling looks to have exhausted.
The bid has actually been firming up over the past week with dummy quotes to sell moving from 1.08 to 1.10 to 1.12 to 1.15
No doubt plenty of other former holders who are out there also keeping a very keen eye on things who were in for the ride up to 20p last time
I have been in and out and got myself into a free ride on one of the many previous spikes.
Started scaling back in a few more in recently whilst we are down here and the funding has been sorted, as its always a difficult task trying to pick the absolute floor in a stock you want to be in that you has a habit of spiking up fast.
It can be a heartbreaker to put in the hours of research, have your finger over the button only to hesitate and then miss out as it goes on the multi day rally that you were expecting it too and instead of pulling back, it releases further good news and before you know it its 6-7p and that quote at 1.1ish didn't feel like such a bad idea after all.
If you get chance, take a look at the WSBN research Note published by the mining analyst John Meyer.
There is some good sector peer analysis of a dozen or so other exploration companies specifically operating in the patersons region where the EV/market cap analysis demonstrates a potential material re-rating for WSBN on a success case of anywhere between 10 x to 100 x times.
The sells are peanuts in the scheme of things to unfold here on the projects. GLA
Buyers having a nibble on AQUIS platform...a bit of volume and were off
@Nearvana
Yes, they have done well to get the WA government onboard as part of the EIS funded drilling grant.
Having the government on side is a big boost as from experience of other aussue exploration comps that once you successfully secure government funding for drill programs it opens the door for further rounds of successive grant funding and also the government would not be allocating tax payer funds to WSBN if they didn't see the merit in the project.
Quietly confident that 2024 will be a transformational year here with all the planned work programs at Cotteslow, Mosquito Creek and Red Setter
The Nifty deposit > 79mil Tonnes of ore
Cottesloe potential ore tonnage > 500 Million Tonnes.
Nifty deposit sold a couple of years ago by Green X to Cyprium Metals Ltd for $60 Million Dollars
Cyprium are looking to develop Nifty into an open pit mine.
Refer back to AGEOS post.... where the mineralisation at Cottesmoe (where our exploration is being joint funded by Australian Government)
Cottesloe potential ore tonnage > 500 Million Tonnes!!!
What could our Cottelsoe deposit be sold for if its potentially upto 700% larger than the Nifty deposit?
Some fantastic intercepts already recorded over large intersections at Cotteslow and Assay results from Diamond Drilling are due
Ā· Strong Zinc and Cobalt anomalism in pre collar hole 23CTRC0005 within weathered sulphidic shales with 1400 g/t Zn, 243 g/t Co over 78m from 12m depth. This includes 6m at 3500 g/t Zn and 1300 g/t Co from 50m
I got into EEE in the 1p days expecting them to search for some copper and gold and they ended up finding a.high grade Titanium discovery and 10 x bagged.
Are WSBN about to discover a Giant High Grade Base metals deposit and do the same or more?
-
My 10p Target by Mid year, might need to be revised upwards a fair bit and could come alot sooner than we think.
GLA
Must be due soon. Hope to pick up lots more at this price
GLA
Drilling update results must be due here very soon guys?
Anyone got more info?
We are dirt cheap here imo
Great respect for AGEOS, very knowledgeable, know him from his posts in Omi when I was invested there.
Portfoliopower
That's very interesting information and goes to show that prospectors need to get all ducks in a row or miss out big time
Thanks for sharing.
Btrw The new corporate investor of Ā£300k will hold approx 8% of the shares. Presumably their identity will be made public ?
@LW
Copy post below from AGEOS who has been providing the EEE bb with some excellent analysis over the past year.. below is his reference to Cottelsoe from a couple of months ago that is worth revisiting:
-
AGEOS
Posted in: WSBN
Cottesloe potential ore tonnage
6 Nov 2023 08:04
As the 18.09.2023 RNS āDrilling update for Cottesloe Projectā provided information sufficient to construct a 3D structural model of the system, it is possible from that to estimate the potential ore tonnage which is targeted by the ongoing drilling program. NE-SW cross-sections through the syncline, as shown in figure 4 [section A] and figure 5 [section B] indicate the ātarget zonesā within the āPyritic Black Shaleā horizons, whilst figure 6 [section C] provides data confirming the SE extension of the target zone primarily into a synclinal substructure on the northern limb of the main syncline. The map shown in figure 3 confirms a further SE continuation of the target zones mainly within the Pyritic Black Shale and concentrated in the closing axial-plane of the syncline.
The targeted zone is therefore approximately 3000m [NW-SE] x 800m [section A] tapering down to 600m near the closure of the syncline, ie 2.1M sq/m in area, and if we accept the thickness as shown in sections A and B as 60m average, the total target zone volume can be estimated as 126M cu/m. Calculating the tonnage is more problematic. However, the 01.11.2023 RNS referring to assays, indicates a base metal sulphide ore with a specific gravity of around 4.0, which assumes an average somewhere in the mid-range for hydrothermal base-metal sulphide ores. On that basis the target zone comprises approximately 500M tonnes of ore.
In comparison, as of 2022 Nifty [Cyprium Metals Ltd] had 79M tonnes of sulphide ore [total measured, indicated & inferred but 95M/t including oxide and chalcocite and the Maroochydore [Cyprium] copper/cobalt prospect had in 2016, a JORC estimate of 48M tonnes of oxide/ sulphide ore [total M+I+I]. From that the potential value of a multi-element base-metal mineral system at Cottesloe should be apparent to all and providing the initial assay results are at least maintained and the target zone is proven with ongoing drilling, that value should be eventually reflected in a substantially higher market capitalization than is current, and that is irrespective of Red Setter.
AGEOS
> "I would suggest that the company is well positioned to benefit from significant exploration upside potential throughout 2024".
Hope so; 2023 saw:
- Acquire more acreage at Cottesloe East.
- "Red Setter interpreted as potential analogue to the nearby Telfer Gold Mine says Canadian Based Expert Geophysics Group".
- Funding grant of A$220,000 from the Australian Government.
- Survey results at Cottesloe: "The existing data sets comprising magnetics, gravity, geochem and drill combined with the new gravity information all point to the same area".
- RC drilled Cottesloe and Red Setter.
- First drilling RNS "reinforce those announced by the company in May, namely that Cottesloe has significant mineralisation potential and is considered highly prospective for precious and base metals".
- Changed strategy at Red Setter, "Following the [...] opinion that Red Setter was an analogue of Telfer [...] the exploration program [...] is looking for broad spreads of mineralisation rather than single high grade bulls eyes."
- "Assay results from the [Cottesloe] RC drilling are encouraging as we are yet to hit the target mineralisation zone".
- Started diamond drilling at Cottesloe, 8th November.
- RNS'd "The first hole has already returned encouraging mineralised results", 13th November.
- "secured an exclusive option to acquire 100% of the Crescent East Lithium and Gold Project, located in the prolific gold area of Mosquito Creek".
- "Mineralisation over 3km strike at Red Setter".
-"Further Encouraging Visual Results at Cottesloe".
-Completed due diligence on the Crescent East Lithium and Gold Project and acquired it.
- went from 198,912,868 shares in Dec 2022 to 302,740,307 shares today.
- dropped from ~8.2p down to 1.2p share price.
And that's after a 2022 of "In Queensland, the Wishbone II project has almost doubled in size recently with the addition of Wishbone VI", "acquired the Anketell project and completed magnetic modelling over the large anomaly in the centre of the tenement which could prove to be notable", "RC drill program at Wishbone II and IV proceeded smoothly with copper and gold mineralisation found throughout multiple holes drilled".
> "Am I right in saying then that we paid Ā£400,000 for the lease and found Ā£160,000 worth of gold during due diligence? That must of been a kick in the balls to the seller"
Unless the seller put Ā£160k of tempting gold chunks there to convince the buyer to part with Ā£400k, lol.
Thats just how it goes sometimes in exploration.
It's so so important to ensure you have your ownership of licences & housekeeping all in order prior to any discovery announcements.
The guy who discovered Telfer mine just down the road from our licences called Jean-Paul Turcaud only ever got paid a mere $25,000 for what turned out to be a Tier 1 Multi Billion dollar mine and from what I gather spent years trying to claim further restitution without success.
A year or so later a small exploration Company called Dawn Day Minerals also claimed they had discovered Telfer but like Jean-Paul Turcaud both had failed to officially stake a claim and register a licence into their ownership thereby forfeiting any proper legal claim.
This left the gate wide open for a geologist
called Ronnie Thomson who worked for Dawn Day minerals, who then moved on to work for Newmont, in which position he informed David Tyrwhitt, then exploration manager for the company in Western Australia, about the promising gold samples that had been found.
Newmont paid Day Dawn just $15,000 for the maps of the deposit and Tyrwhitt staked out the claim in May 1972.
The rest is history....
WSBN have locked down full legal ownership of all our licences and with a Board of Directors that comprises a highly qualified barrister, a chairman of the World Gold Council and the Lord Mayor of the City of London (joining the BOD later in 2024)
I would suggest that the company is well positioned to benefit from significant exploration upside potential throughout 2024.
Am I right in saying then that we paid Ā£400,000 for the lease and found Ā£160,000 worth of gold during due diligence? That must of been a kick in the balls to the seller
The news that I am waiting for is those Cottesloe assays, which the RNS on 13 December stated:
"To have more visually encouraging results from the new holes drilled at Cottesloe is a great sign. We look forward to having the assays completed and mapping the mineralisation for next year's drill campaign to get a clearer view of the asset."
They can't be too far away now?
"Western Australia ā has to be top of the list in terms of consistency and staying power....because there is so much infrastructure and so many majors around, you only need to find a whiff of gold/copper or similar, and the majors will be happy to agree a deal which eventually ends with shareholders making money..."
"Other than the politics, thereās infrastructure to consider ā find a Havieron next door to Telfer surrounded by road, rail, a port, power, water (perhaps too much) and thatās a different story to a similar gold deposit in the middle of the Botswana bush."
https://investingstrategy.co.uk/mining/my-top-destinations-for-junior-exploration-companies-in-2024/
Hmmm, glad to be there too!
I think it was a good question to ask, had the due diligence not come back as good as it did, they wouldn't have proceeded to exercise their option to buy.
Timber Trader is also correct in that you do have to commit to a certain level of exploration work as this prevents all the Majors coming in sweeping up all the licences and simply sitting on them.
The present system works well to enable juniors to explore prospective land holdings and as we've seen recently with the likes of EEE and Azure minerals operating in the same region as WSBN, it only takes one decent drill program and 10x 20x 50x returns can be seen quickly.
I actually think the potential here from such a low market cap / oversold position could be a lot more with such a battered down share price.
Initial Target price of 8-10p+ by summer with some decent drill results coming in isn't unreasonable imo.
Then, If we then drill down to 800m-1000m + at Red Setter (well below the permian cover) similar to those Havieron drills (as is planned) that hit decent grades over wide intersections then sky's the limit really for year end SP targets.
Strong buy from these levels.
GLA
OK makes sense. Thanks for your answers