Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Good move Cela. Personally I like the risk/reward odds here and think the Terra Search aeromag/IP/previous drill data on the targets at Red Setter look very promising. I have a high risk tolerance and am happy to hold for several years to see whether Wishbone can prove up a resource at one of its exploration tenements, but if short term volatility is a concern I think you made the right move.
Lack of observational reporting means nothing.
Greatland did not rns any observations from their first drill hole on Havieron, HAD001, and that hole included bonanza grades of 100g/t gold and 4.1% copper.
One of the larger Investors here is Myles McNulty. He regularly posts his investment theses on Twitter and his personal website. I find this very helpful reading BUT there is a risk that some PIs might blindly follow his lead and mirror some of his publicised investments without really forming their own view or understanding of the investee companies.
McNulty has had a variable few months, with notable underperformance both here and with AVCT. It is possible that PIs who follow McNulty without doing their own research are either panic selling, having lost faith in McNulty’s investment ideas, or are being forced to sell if they have opened positions on margin at materially higher levels.
With a relatively illiquid stick like MKA, this could contribute to volatility.
I certainly agree with that Cela and hopefully we hear something in the next week or so. UFO released results for several holes at once. If Red Setter results are interesting, hopefully we will get an update within a day or two of hole 1 results being released from the lab.
Greatland had an excellent release today - the nearby area has some phenomenal deposits...
Not true Cela. UFO started drilling Elizabeth Hill in August 2021 - some 4 months prior to Wishbone - and have only just announced assay results this week. Just goes to show the current waiting period is entirely as expected.
I think there are very valid reasons for taking time to update the market.
1) Xtract is performing 100% diamond drills so they can report visual observations of the core - Wishbone is 100% RC so it may not be as easily make informed comments about what they are seeing come out of the ground until assays are received.
2) The resource Xtract is drilling has been extensively drilled in the past by a major with numerous past assays, so reasonable inference can be made about observed mineralisation and what it signifies - the magnetic anomaly on Wishbone's tenement has never previously been intersected with drilling (per Wishbone's previous RNS), so there would be more guesswork involved if commenting on the output pre-assay.
3) Wishbone's news releases for this drill entirely consistent with most exploration drillers at this stage. Few companies release RNS updates as routinely as Xtract - they are unusual. It is the assay labs that will take the most time to analyse results, not the physical drilling.
RC is faster and cheaper per metre drilled than diamond drilling. No need for diamond drilling at this stage as preliminary targets are shallow and easy to test with RC. If potentially commercial grades are discovered, I would image they will explore deeper targets which might necessitate diamond drills.
Cela - hopefully this is different. We know from the 2014 historic drill report that two of the drill holes above the mag anomaly had their highest copper readings right at the end of the holes, and according to Terra Search these holes did not penetrate and test the actual anomaly, merely intersecting the outer bounds of its footprint. There is a clear inference imo that the higher copper readings could indicate that the anomaly is copper bearing. In light of this, I think it is definitely price sensitive information as to whether the mag anomaly is copper/gold bearing on this occasion. I I don’t think there is any scenario where not publishing drilling results would be permissible without breaching AIM rules. My expectation is that RP will need to announce results, although the question as to whether this is on a hole by hole basis, or as a batch release of multiple holes (which will take longer), remains open…..
Sorry, one was the wrong vid posted below. These are the two relevant ones to RC:
https://www.youtube.com/watch?v=zbPsyOyWoLQ&t=0s
https://www.youtube.com/watch?v=N-enWwgp4ic
Two helpful short videos explaining RC drilling how the geos operate at the drill site:
https://www.youtube.com/watch?v=VF3_TqN6AQA
https://www.youtube.com/watch?v=N-enWwgp4ic
Cela - this is RC drilling, not diamond drilling, so the drill material recovered from the hole will be in the form of rock chips in bags. Whilst the drill crew will likely have some indication of the composition of the material from on-site XRF machines, it is not as straightforward as diamond drilling to say "we have observed xxx metres of mineralisation" (like GGP did in HAD005, which was a diamond drill hole), as Wishbone's drillers have no solid core to check and photograph.
On this basis I think it would be highly unlikely that Wishbone would want to make any announcement prior to assay results being received. To do so would potentially mislead the market because preliminary observations based on rock chips are clearly not going to be very accurate. I agree with the previous poster that news is unlikely before end Jan 2022, at the very earliest, as we know labs in Australia are busy and there has been the Christmas shutdown. I'm thinking more likely mid-Feb 2022. Wishbone may be able to fast track initial assays if they have access to the Newcrest labs at the Telfer mine (we know from a previous RNS that the drill crew are operating from the Telfer mine camp), but the lab used by Wishbone has not yet been disclosed as far as I am aware.
Your username is mentioned Mirasol. TW claims that you and others he names from a report he has seen may have been investigated by UJO and, among other things, you may have been sent an email which helped the investigating firm to gather your IP address to determine approximate location.
I have no holding here but take an interest in this reported bizarre behaviour by the management!
2014 drilling managed 620 metres in just four days (although a lot of that was AC drilling through the softer cover sequence).
They must have comfortably completed the first hole in the first period of drilling and have the drill material in hand.
Anyone know if Wishbone have any agreement to use the Newcrest lab on site at the Telfer mine for analysis work?
Why stress now that drilling is underway?
Everything is on track. I think it is impressive that they have organised a drill campaign to operate in December. I assumed the hot season would preclude any work until the start of Feb.
Nice big drill targets, shallow depths, just need to wait to see what comes out of the ground.
Agreed. Great comms and progress re the main asset, along with some potentially excellent exploration upside across their other licences still to come.
My take on initial drilling, based on Havieron's early days, is that the top cover sequence will be drilled extremely quickly, say within 48 hours of commencement. Following this, the drilling team will have a decent idea within another day or two whether they have hit significant mineralisation in the modelled magnetic body based on visual inspection of the drill hole material and preliminary handheld XRF readings as dirt comes out of the ground.
For prudence, I think it likely that RP will likely be hesitant to RNS before first assays, even if mineralisation is observed. GGP was able to RNS the visible mineralisation in their first truly excellent discovery hole HAD005 because they had already drilled and received copper-gold bearing assays on earlier holes, so had high confidence that the mineralisation was significant and potentially economic. I'm not sure this would be the case with the very first hole in a drilling campaign.
Interesting times. Good luck all.
In the early days of drilling at Havieron, GGP made announcements concerning visible mineralisation observations pre assay testing (see GGP’s RNS on 1 Oct 18). Just depends what they see and how RP chooses to play it.
You are reading the tr1 wrong. Just look at the “shares in issue” shown on this site and you will see the total is 215m. I’m sure Stewart is a wealthy guy but he has not added £18m of shares over the past few weeks!
Not sure about him adding 60m shares - think you are looking at the change in total shares in issue.
I make it that he has added 300k shares since his last tr1
Hello Lucky, still here. I'm sitting at 2.5% after rebalancing my portfolio a few months ago. It seems there was a misunderstanding with IG about who is responsible for filing TR1's held via nominee. Evidently they notified the company but given the lack of filing, it would seem they do not file the TR1 on behalf of their clients. Anyway, since I'm under 3%, it would be misleading to file a TR1 now. I'm very encouraged by the latest updates so I'm sitting on my hands eagerly awaiting updates. I am very bullish about the potential for copper and large porphyry deposits which will be highly leveraged to future copper price appreciation. Like most here, I'm hopeful that the SE IP anomalies come up trumps.