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3 times in the past week & still under the radar! This is going to explode on drilling campaign!
Nice silent riser
Particularly excited that 3 sets of drill results will be coming in back to back all in highly prospective zones.
Any of these drills has the potential to light the blue touch paper on a major breakout rally
Over the past few sessions it has certainly looked like positions are now starting to be steadily accumalated with all the newsflow anticipated over the coming months ahead.
GLA
Thanks for that PP. Just re-read the drill contract RNA’s. So we’ve got phase 1 at Red setter, phase 2 at Cottesloe and Wishbone II once weather permits in North Queensland. Defo gonna be back in profit!!! Anyone any idea on how long assay results are taking these days?
The labs in Queensland appear to be turning around work much more quickly in general vs the labs in Perth.
If all three drills are running in parallel we may see the first drill hole results from Wishbone II coming in first. But I wouldn't want to call it at this stage, as we don't know for certain which labs they have contracted with.
I expect we will learn a little more very soon as each drill program kicks off
Then expect more RNS updates to land on a fairly regular basis with accompanying interviews as we move into this news rich period.
Its worth bearing in mind that all the rig crews may also have XRF equipment on board that can provide live data results out in the field that the company may or may not choose to release details of such ahead of the formal lab assay results.
PP - agree with all you say but doubt whether any XRF data would be released - it really needs the independent labs to confirm or the company could be accused of misleading the market if they got it wrong. I do hope they are using this equipment though - it gives them quick feedback which they can incorporate into their drilling plan without necessarily waiting for the lab results to come back.
ATB
Agreed
If the crews have the XRF equipment with them analysing cores and samples as they are logged in the field, they will be able to more quickly refine the target zones as the drilling progresses.
Wishbone II has already returned high-grade surface rock-chip samples with assays at surface up to 25.2 grams per tonne gold (“g/t Au”) at the Hanging Valley prospect have been recorded and 7.32 g/t Au were recorded at the Oaky Mill prospect on the licence.
The Wishbone project is a sizeable land package of 14,700 hectares all 100% owned.
It's situated between two producing gold projects, Charters Towers Gold Project to the west and Ravenswood to the east which was recently sold for up to AUD 300 million.
These have combined inferred reserves of over 10 million (Au) ounces.
I'd expect initial drills focused at-:
> Grassy Creek
> One mile hill
> Hanging Valley
> Oaky Mill
Plenty to go at
GLA
Morning
To help answer your questions PP
The geochemical surface sampling programme used Ionic LeachTM, a technique using partial digest assaying by ALS Global Laboratories. This has been used very successfully by several companies in the Patersons Range, with overlying sedimentary cover, to identify potential gold and copper mineralisation at depth. The swale, the area between sand dunes, is geochemically sampled as part of the regolith, whereas sand dunes are not representative of the regolith and are not geochemically sampled. In areas where sand dunes are closer this can cause reduced sampling, as has occurred over the main magnetic geophysical target.
The Telfer Mine Corridor is characterised by responses in Au, Cu, Ag, Sn & W +/- Bi. Geochemical sampling programmes by several companies in the Patersons region have announced positive results and anomalies that are consistent with those being reported at the Red Setter Project.
At the Red Setter Project, through 30 -100 metres of Permian cover, the Ionic geochemistry is seeing coherent multi-sample responses in Au (Figure 3), Cu (Figure 4), Ag, Mo, Sn, W & Tl, plus other chalcophile elements. The AAC Index plot (Figure 2) has been found to be effective worldwide in defining prospective zones; it is an exploration Index developed based on empirical evidence of Au, As and Cu being inherent constituents of Archean mineralised shear zone systems.
These responses variably overlap, both partially forming distinct target trends within the overall target zone areas, as seen in Figures 2 - 4.
The 4 main target zones (Figures 2 - 5) are elevated in the below elements:
Target Zone 1: Au, Cu, W, Sn, Mo, Tl
Target Zone 2: Au, Cu, Ag, W, Sn
Target Zone 3: Au, Cu, Mo
Target Zone 4: Au, Cu, Ag, W, Mo
The highest priority magnetic bodies within Red Setter (Referred to as Targets A, B and C in Figure 1) cover an expanded area of 3.5 km in strike length and 1 km in width. The highest order Target A occurs over a strike length of 1500m with a width of 400m and occurs within 50-75m of surface. Results of this modelling shows several north plunging magnetic bodies within this anomaly of equivalent susceptibility (possibly pyrrhotite alteration) to that evident at both Newcrest Mining and Greatland Gold's Havieron and RioTinto's Winu discoveries.
"We see the potential for Cottesloe to host both precious metals and base metals based on historic exploration work. As Cottesloe is very close to Red Setter, the Company's exploration consultants Terra Search will run Cottesloe's exploration concurrently with our work at Red Setter and service the exploration efforts from the Telfer based camp."
Gold and copper and other precious metals in the soil samples in all targets at Red setter - similar geology to Telfer Havieron and Winu - the same geologists in Terra search
Wishbone 2 and red setter will be drilled concurrently - I’m expecting Red setter to start next week - t