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> "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 £400,000 for the lease and found £160,000 worth of gold during due diligence? That must of been a kick in the balls to the seller"
Unless the seller put £160k of tempting gold chunks there to convince the buyer to part with £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 £400,000 for the lease and found £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 — 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, there’s infrastructure to consider — find a Havieron next door to Telfer surrounded by road, rail, a port, power, water (perhaps too much) and that’s 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
WSBN had already signed their option to aquire the lease before they undertook their due diligence
That means the licence holder was obliged to sell this ground to WSBN for the agreed option amount regardless of what they found.
WSBN got the geos onto the license and as results have come back so good they exercised their option.
The tenements are within the Mosquito Creek Basin area which is attracting heightened exploration interest from several companies, include Novo Resources.
Novo's exploration leases, which have had successful recent exploration, have several major structures which continue into the Wishbone leases
Their market cap is £58m
I'm only guessing, but if you don't explore/mine, or further explore/mine, a tenement, over a certain period of time, then you often have to surrender it. I'm not saying that's the case here, but it's one possibility.
If it is so prolific in gold nuggets, why was it sold to WSBN?
Just as a side point, as an investor in any gold mining company, I always like to check with them, on a regular basis, like shareholder meeting, where any gold nuggets are located, stored, and inventoried.
"Due diligence at the site revealed "significant gold nuggets" of up to 78.5 ounces, and historical chip results at Mosquito include 117 grammes of gold per tonne of ore"
If there are significant gold nuggets already discovered of 78.5 ounces
@$2050/oz present price of Gold.
The company has already recovered gold nuggets valued at $160,925 from just the initial field work and due diligence whilst collecting surface samples.
Clearly an exciting prospect indeed and undoubtedly within a highly endowed gold region.
I'd say the chances of ongoing exploration success at Mosquito Creek look really very promisng here.
Cashed up now for the next planned drill program
located in the prolific gold area of Mosquito Creek, in the Pilbara Region of Western Australia.
Due diligence already completed ahead of drill program
· Geologists confirm the presence of significant gold nuggets on and within the Crescent East tenement package.
· The tenements are well endowed with gold, with historical rock chip results from within the project area that include:
o 95.5g/t gold ("Au"), 91.8g/t Au, 117g/t Au (original + 2 assays) (#800284)
Crazy cheap market cap here atm considering all the various land packages and cash held + Government grants.
Managed to grab some ORR recently on its lows around 3m m/cap when no one wanted it.
It's flown up 400% since.
Won't be surprised to see the same SP reaction here as we head into the next sessions fieldwork and even then at 12m m/cap will still be cheap.
Expecting Gold and Silver to go on a Major rally as rate roll over this year and funds pour back into these junior Goldies.
Happy to be loading up down here.
GLA
WSBN to follow this route in time imo
https://twitter.com/GreatlandGold/status/1753297802812121389
Well small caps do need to raise cash to survive. In fact it's their raison d'etre to be listed on AIM, so any placing above the current depressed prices is good imo. Let's face it everyone has had the opportunity lately to acquire stock at ridiculous levels (imo) recently compared to historic prices. :o).
Sounds like a strategic corporate investor
GLA
Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), is pleased to announce it has raised £300,000 gross to one corporate investor at a price of 1.2 pence per share and will be issuing a total of 25,000,000 new Ordinary Shares of 0.1 pence each (the "Ordinary Shares").
This small placing will provide additional working capital for the Company but importantly will primarily be used to initiate exploration operations at the new Mosquito Creek property in the Pilbara.
Richard Poulden, Wishbone Gold's Chairman, stated:
"When raising fresh equity the board is mindful of dilution especially when share prices are depressed but has decided to do this micro-placing to secure the exploration funds needed for the recently acquired and very exciting Mosquito Creek gold and lithium project in Western Australia. The summer season, which is both hot and wet, is coming to an end in the Pilbara and we are preparing to mobilise our exploration teams back out into the field as the weather starts to cool down. We see Mosquito Creek providing real value to Wishbone Gold shareholders in 2024."
Application will be made for the 25,000,000 new Ordinary Shares, which will rank pari passu with the existing Ordinary Shares in issue, to be admitted to trading on AIM and the AQSE Growth Market ("Admission"). Dealings are expected to commence on or about 8 February 2024 and the issue is subject only to Admission.
There’s the code 1 RNS
Raised 300k to single investor at premium 1.2p
The old 1 code trade! News next week or weaner finally buying in 😂
The location of operations with WSBN is a brow raiser when you compare with GGP
Also WSBN operating out of the same camp
Can't be the only one that's noticed that these ridiculous orchestrated drops in AIM company MCAPS are becoming the norm. Pushed so low on nothing but lack of overall liquidity that a technical bounce on news becomes obvious. Been buying here and Kod but it could've been BMN, or POW or many others in the mix on my hit list. GLA. :o).
Just done the same
Ridiculously low sp, IMHO!
The WSBN tenements in WA alone, with absolutely nothing, are worth considerably more than this sp, and, what's more, in the most desired, prospective, gold/copper areas in the world right now, and the safest jurisdiction. Topped up again @ 1.09p. No brainer!
Technical bounce possible here.
They are looking to finance the project in two phases
-phase 1 spent US$ 4 billion
-phase 2 spent US $ 3 billion
Yes- billions