Member Info for 5085

Manifesto, at the start of the year all you kept harping on about was the upcoming placing, it was imminent. You even had the gaul to say if it didn’t happen you would apologise. lolololol, you fool. You are just an ‘old’ investor who did your nuts here and could never get over it.

1. Assumptions for Strike Zone Scaling

Parameter Value / Assumption

Strike length 4,000 m

Average width 20 m (typical for narrow to moderate vein/porphyry targets)

Average depth/thickness 150 m (mineralized zone thickness from drill intercepts)

Density 2.7 t/m³

Weighted grades Au 0.77 g/t, Cu 0.19%

In-situ value per 1,000 t ore USD 140,000

2. Ore Volume Estimation

Volume (m³):

4

,

000

𝑚

×

20

𝑚

×

150

𝑚

=

12

,

000

,

000

𝑚

3

4,000m×20m×150m=12,000,000m

3

Ore tonnage:

12,000,000 m³ × 2.7 t/m³ ≈ 32,400,000 t

3. Total In-Situ Value

In-situ value per 1,000 t: USD 140,000

Ore tonnes: 32,400,000 t

Total in-situ value:

32

,

400

×

140

,

000

USD (divide t by 1,000 for scaling)

≈

4

,

536

,

000

,

000

USD

32,400×140,000 USD (divide t by 1,000 for scaling)≈4,536,000,000 USD

✅ Approximate total in-situ value: USD 4.54 billion

Oaky Mill prospect – geological interpretation

Structural setting

Oaky Mill lies along a north-west structural trend extending from the Mt Wright–Ravenswood gold mine.

It also sits on a conjugate north-east fault system related to that major structure.

This kind of structural geometry commonly hosts:

• gold-bearing quartz veins

• intrusion-related copper-gold mineralisation.

________________________________________

Mineralisation style

Exploration found:

• pervasive secondary copper mineralisation

• quartz veins with gold

• magnetic and gravity anomalies.

Key surface results include:

• 7.32 g/t Au rock chip

• multiple samples >1 % Cu

• 4.83 % Cu with 0.23 g/t Au in greisen alteration.

Geochemical sampling also showed:

• anomalous gold in stream sediments

• copper-gold associations across a broad area.

________________________________________

Deposit model possibilities

Based on alteration and metal associations, Oaky Mill may represent:

1. Porphyry-style Cu-Au system

2. Iron-Oxide Copper Gold (IOCG) style

3. Gold-bearing shear zone veins

Later drilling elsewhere in the licence found potassic alteration (K-feldspar, magnetite, chlorite) typical of intrusive systems.

________________________________________

Potential

Positive geological indicators include:

• Structural continuation from a producing gold district

• Strong copper geochemistry

• Large area of alteration and mineralisation

• Coincident magnetic/gravity anomaly

This suggests the possibility of a larger hydrothermal system at depth.

Technical assessment – Hanging Valley & Oaky Mill prospects

Regional geological setting

The prospects lie within the Mingela district of north Queensland, around 80 km south of Townsville, in the Ravenswood–Lolworth Province.

Key geological characteristics:

• Proterozoic–Palaeozoic igneous and metamorphic rocks

• Large regional shear zones controlling gold mineralisation

• Proximity to historical and operating mines in the Charters Towers–Ravenswood gold belt, which collectively contain >10 Moz of gold resources.

This is a structurally controlled orogenic gold district with additional potential for intrusive-related copper-gold systems.

________________________________________

Hanging Valley prospect – geological interpretation

Structural framework

Hanging Valley occurs at the intersection of two major structures:

• Alex Hill Shear Zone (E–W trending)

• NNW structural corridor linked to historic mining areas.

Structural intersections like this are often preferred sites for hydrothermal gold deposition.

________________________________________

Mineralisation style

Field work identified:

• Gossanous quartz veins

• polymetallic vein systems (DAB veins)

• copper, molybdenum and arsenic pathfinder elements.

Reported assays include:

• 25.2 g/t Au rock chip from quartz vein float

• 1.25 % Cu with Mo and As in polymetallic veins.

This geochemical association suggests a hydrothermal vein system with polymetallic signature, potentially:

• orogenic gold veins, or

• distal intrusion-related Au-Cu system.

________________________________________

Potential

Technically encouraging indicators include:

1. Major shear zone intersection – classic control for gold deposits.

2. Multiple vein systems (parallel and crosscutting).

3. Strong geochemical pathfinder elements.

4. High-grade rock-chip sample (>25 g/t Au).

These factors indicate a genuine mineralising hydrothermal system.

I remember the days when a ton of people from EUA were giving stick to those on the GGP board – all stupid nonsense, and now look how things panned out.

MH01 is as bad as the EUA crowd were back in the day.

Bottom line: For a small junior like Wishbone, winning a high-quality, strategically located, contested tenement like E45/7169 is a major value-add — both as a real exploration asset and as a market/strategic signal. In Paterson terms, it could be as significant as a multi-million-dollar exploration licence with high discovery upside.

1. Strategic Significance of E45/7169

Aspect Importance

Location relative to Telfer The tenement is only 25 km NW of Telfer, one of Australia’s largest gold-copper mines. Being adjacent to this world-class corridor gives Wishbone proximity to proven ore systems, which is highly strategic for early-stage explorers.

Contiguity with existing projects E45/7169 can be added to existing access agreements and heritage arrangements with Greatland Gold. This creates a contiguous operational area for Wishbone, simplifying logistics, approvals, and permitting.

Greenfield potential The land has no documented historic mining or drilling, meaning Wishbone can define targets without legacy constraints, giving them first-mover advantage.

2. Value Added to Wishbone

A. Portfolio Expansion & Optionality

In exploration, size and continuity of tenement holdings are valuable because:

It increases the number of drill targets.

It allows for regional-scale geological modelling, improving targeting efficiency.

It strengthens negotiating power for joint ventures or partnerships.

Adding E45/7169 effectively grows Wishbone’s Paterson footprint by 67 km², which is significant for a junior with an existing ~Red Setter and nearby Cottesloe portfolio.

B. Access to Strategic Infrastructure

Proximity to Telfer and inclusion in the Greatland Gold access agreement reduces:

Mobilisation and drill costs

Regulatory friction

Community and heritage engagement overheads

This is a substantial operational and cost advantage compared to starting on completely greenfield, unaccessed land.

C. Exploration Upside

Underexplored, structurally prospective ground is rare in the Paterson Province, especially close to Telfer.

Securing this land gives Wishbone:

Potential for new high-grade discoveries

Targets that are analogous to Telfer/Havieron systems

First rights to drill and report results, giving a newsflow and market visibility advantage

D. Market/Investor Perception

Winning a contested ballot against larger companies (like Antipa Minerals) sends a strong signal to investors and the market:

Wishbone is a serious player in the Paterson Province

They are capable of competing for premium ground

This can increase investor confidence, potentially boosting share value, capital raising ability, and strategic partnerships.

3. Strategic Summary

Strategic Benefit Details

Geological leverage Access to underexplored land near world-class deposits (Telfer)

Operational efficiency Contiguous tenement with existing access and heritage agreements

Exploration optionality Greenfield targets with first-mover advantage

Market perception Winning over larger competitors validates capability and raises profile

Portfolio value increase Adds high-potential ground that could materially impact future valuation if targets are successful

Larger companies may overextend their applications: Sometimes bigger explorers apply for many blocks at once, reducing focus on any single one — smaller specialists can focus on one prime block.

Government policy preference: WA occasionally supports diversifying explorers to encourage innovation and discovery in greenfield areas rather than letting established miners dominate.

✅ Summary

E45/7169 was awarded via a contested ballot, not based on company size or wealth.

Wishbone qualified because it has technical experience, financial capacity, and existing heritage/access agreements.

Large competitors like Antipa Minerals had no advantage in the ballot system, which is designed to give smaller explorers a fair chance.

This approach benefits WA exploration by getting small, nimble explorers onto greenfield ground, which often leads to discoveries that large miners later develop.

1. How the WA Government Awards Contested Exploration Licences

For new mineral exploration licence applications on Crown land (like E45/7169), the Department of Mines, Industry Regulation and Safety (DMIRS) uses a ballot system when multiple parties apply for the same ground:

Applications Submitted: Companies lodge an exploration licence application for the same block.

Eligibility Assessment: DMIRS checks that applicants meet minimum criteria:

Financial capacity to explore (not necessarily huge reserves of cash, just ability to carry out a reasonable program)

Technical competence / previous exploration experience

Compliance with regulatory requirements (e.g., environmental and heritage approvals)

Ballot Process (Contested Lots):

If multiple eligible parties apply, the licence may be awarded via a random ballot, rather than competitive bidding.

This is explicitly to give smaller explorers a fair chance at high-potential ground, avoiding monopoly by large incumbents.

In short: the process is legally randomized, not purely meritocratic by company size or market cap.

Reference: DMIRS WA Mineral Titles Bulletin

2. Why Wishbone Was Eligible and Awarded E45/7169

Meets all eligibility criteria:

Wishbone has existing exploration experience in the Paterson Province (Red Setter, Cottesloe), showing technical competence.

Financially able to undertake initial programs on the licence.

No preferential weighting for large ASX-listed companies in a ballot:

Even a large player like Antipa Minerals (ASX: AZY) had no extra advantage — in a ballot, all eligible applicants have an equal chance.

Strategic implications:

The WA government often encourages smaller explorers to operate in greenfield areas, because they are more likely to take early-stage exploration risk, whereas large miners may focus only on high-confidence targets.

3. Other Factors That Can Influence Awarding

Even though it was a ballot, sometimes DMIRS considers:

Factor Effect

Technical history in region Companies with prior experience nearby (like Wishbone) show they can manage logistics, heritage, and land access.

Environmental / heritage compliance Existing heritage agreements (like Wishbone already has with Greatland Gold) reduce regulatory risk.

Exploration plan realism Smaller explorers often propose focused and staged drilling programs, which may be more manageable for government oversight.

In this case, E45/7169 will be added to an existing access agreement with Greatland Gold, which could have strengthened Wishbone’s application over competitors who might not yet have access arrangements.

4. Why Larger Competitors Can Lose in a Ballot

Random chance matters: The ballot is literally a lottery among eligible applicants, so even a company with a $500 M market cap has the same odds as a $50 M explorer.

Antipa has a MC of £230m, no wonder Wishbone are delighted. This story is only just beginning.

Interesting times.

These results reinforce the geological model that Red Setter’s mineralised system could be structurally and mineralogically analogous to the Telfer-Havieron complex, albeit requiring further assays and deeper drilling to validate economic potential.

B. Tenement Portfolio Expansion & Strategic Movements

Wishbone has been systematically growing its Paterson presence:

In mid-2025, Wishbone applied for 12 new tenements (~174 km²) proximal to Red Setter and Telfer, significantly expanding its landholding in the region.

The contested ballot win for E45/7169 continues this strategy of strategic acreage aggregation in high-potential corridors near world-class deposits.

3) Regional Context – Antipa Minerals and Other Players

Although Antipa did not secure E45/7169, its activities in the Paterson and wider WA context are relevant.

Antipa’s work and prospects

Antipa Minerals has recently regained full ownership of its Wilki project after Newmont’s withdrawal, enabling independent drilling programmes at high-priority targets like Parklands and Jezabeel in early 2025.

Antipa’s larger Paterson province footprint also includes extensions and drill plans near major deposits like Minyari and interest in broader regional geology — but these are distinct from Wishbone’s Telfer-proximal ground.

This contrasts with Wishbone’s approach of expanding contiguous ground immediately adjacent to Greatland Gold’s Telfer tenure, reflecting slightly different strategic positioning within the same broad mineral province.

4) Assessment: Technical & Strategic Implications

Exploration Upside

Prospective geology: Red Setter drilling has highlighted alteration and mineralised breccias consistent with deeper systems, although assays are critical for vectoring targets.

New acreage value: Securing E45/7169 adds a contiguous block that can tighten geological models and prioritise new drill targets in parallel with Red Setter.

Risks & Uncertainties

Assay timing: Many recent holes have been drilled but results are pending — these will materially influence forward plans and market sentiment.

Logistics & infrastructure: Remote access remains a challenge, mitigated by proposed road infrastructure but dependent on approvals and weather windows.

Strategic Positioning

Wishbone’s approach combines active drilling campaigns near Telfer analogues with strategic tenement expansion to capture untested structural corridors.

The contested ballot success demonstrates relative technical and commercial confidence to secure priority ground in competition with established exploration peers.

1) Latest Announcement on E45/7169 – Contested Ballot Win

Key facts

Wishbone Gold Plc has secured a 67 km² exploration licence (E45/7169) on crown land roughly 25 km north-west of the Telfer gold mine in Western Australia’s Paterson region. This area was contested and applied for by multiple parties, including ASX-listed Antipa Minerals Ltd (ASX: AZY) before Wishbone won the ballot.

The licence will be added to Wishbone’s existing access agreement with Greatland Gold (current owner and operator of Telfer) and is already covered by a heritage agreement, facilitating future on-ground work without needing new native title access navigation.

Operationally, Wishbone plans to compile and interpret existing geological data for E45/7169 in advance of its 2026 drilling season alongside its ongoing Red Setter programme — with assay results from the 2025 drill campaign expected imminently.

Strategic Importance

The new tenement materially expands Wishbone’s footprint around one of Australia’s most prolific gold-copper corridors, immediately adjacent (by modern regional terms) to Greatland Gold’s Telfer and the broader Havieron system analogues.

Winning the ballot over competitors like Antipa adds optionality in targeting untested structures and could generate new targets ahead of more advanced drilling campaigns.

2) Wishbone Gold’s Historical and Recent Exploration Footprint

A. Drilling & Target Development at Red Setter

Wishbone’s Red Setter Gold Dome Project — 12–20 km from Telfer — has been the principal focus:

Historical drilling & exploration

Multiple drilling campaigns have been conducted since at least 2022, including both RC (Reverse Circulation) and Diamond drilling.

Historical work identified broad gold and copper mineralisation extending over at least 3 km strike at Red Setter, interpreted as analogous to Telfer style systems.

Early intersections reported include gold-copper intercepts such as 14 m @ ~1 g/t Au & 0.2% Cu, with higher-grade sub-intervals also logged.

2025 drilling program progress

Wishbone commenced and expanded its 2025 drilling campaign with both diamond and RC rigs.

By late 2025, the programme had completed:

• Seven RC holes (~1,509 m) and six Diamond holes (~3,298 m), with assay results pending at the time of reporting.

• The campaign encountered logistical challenges due to remote access, prompting an application for a new ~30 km access road to the Nifty copper mine infrastructure — designed to reduce costs and ease drill site logistics for 2026.

Technical interpretation & alteration

Step-out drilling encountered deep brecciation and altered zones with sulphide mineralisation, indicating a potentially significant hydrothermal system.

These results reinforce the geological model that Red Setter’s mineralised system could be structurally and mineralogically analogous to the Telfer-Havieron complex, albeit requiring further assays and deeper drilling to validate economic

When Greatland sent their initial core samples from Patterson South to the lab the price of gold was $1,940oz. We are now 172% higher at $5,281. Good results here and the patient will be rewarded with life changing profits, which is how it should be. Traders are not shareholders.

1️⃣ How rising gold prices can delay assay releases

When gold prices rise sharply:

Increased drilling activity across the sector → labs get swamped with samples. This is especially true for juniors doing deep core drilling.

Priority shifts → larger producers may pay for fast-track assays, so smaller juniors’ results can be delayed.

Logistics → deeper holes generate more core, which takes longer to cut, prep, and send for assay.

Quality control & verification → labs may take extra time to ensure accuracy because high-value results are more market-sensitive.

Bottom line: even if drilling is complete, market and lab conditions can stretch the time to public release by several weeks to a few months.

2️⃣ Effect on Wishbone Gold’s 2025 Red Setter campaign

Key dates:

Drilling started 21 July 2025

Hole 2 completed mid-October 2025 (~950 m)

Core dispatched for assay mid‑October

Under normal lab conditions: assays would likely take 6–10 weeks, meaning results could have been expected late November to early December 2025.

With the recent gold price surge:

Labs may be backlogged, particularly for deep diamond core.

Processing time could extend by 4–6 weeks, pushing preliminary results to late December 2025 – mid-January 2026.

Follow-up, collated results for additional holes may not be released until February 2026 or later, depending on lab throughput.

3️⃣ Comparison with Greatland Gold (Paterson South)

Greatland’s initial deep drilling (maiden campaign) ran late June → November 2023, with results out ~4½ months after drilling start.

At that time, the gold price was lower and drilling demand was moderate, so lab turnaround was more predictable.

If Greatland had faced a similar price-driven surge in assay demand, the 4–5 month timeline might have slipped to 5–6 months before results were released.

Implication for Wishbone: the recent gold price surge is likely delaying their results relative to the baseline Greatland timeline, meaning initial results could arrive 1–2 months later than they otherwise would have, especially for deep holes.

With junior gold miners, bad news is typically released quickly—often before all assays have returned from the laboratory, ensuring timely disclosure to the market.

They do not delay reporting while awaiting outstanding results.

In parallel, the company continues to advance key corporate and operational initiatives, including:

• Applied for 12 new adjoining exploration licences, a clear move to lock up prospective ground and prevent competitors from pegging around the core project

• Share consolidation undertaken to tidy up the capital structure and improve trading efficiency, which is common at this stage of a junior’s lifecycle

• Ongoing share register housekeeping aimed at removing legacy issues from earlier capital raisings and improving administrative efficiency

• Application has been lodged for a new access road licence, which is a practical requirement for sustained drilling and field work rather than a cosmetic exercise

• The company continues to work through permitting, environmental, and stakeholder engagement processes required to advance exploration

• Technical work is ongoing, including data review, target refinement, and planning of follow-up programs based on results to date

Why These Examples Matter for Red Setter

Based on the Australian precedent:

• Extended drilling followed by delayed assay results has precedent for companies that later released positive discoveries (e.g., Australian Mines).

• Delays do not necessarily indicate poor results — they often reflect operational and reporting strategy priorities common in deep exploration programs.

• Conversely, delays for projects with entirely negative outcomes often either (a) announce disappointing results quickly to reset market expectations, or (b) pivot to new targets — rather than staying in extended silence.

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Summary

Yes — there are Australian exploration examples where elongated assay timelines were followed by strong results. The Australian Mines Boa Vista program (ASX:AUZ) is the clearest recent analogue: deep drilling, delayed assays for a large batch of holes, and then very positive broad gold intercepts reported once multiple assays were ready

Before core samples are sent to the lab, a 1-metre core is cut in 2 vertically.

If high values are discovered it is normal for the re-testing to be done, often mandatory and the 2nd sample is generally dispatched to another lab.

🧠 Key Points — Complexity & Challenges

📊 Complexity

Sample prep is the most labour-intensive.

Fire assay requires precision, especially with trace metals.

QC is crucial and sometimes iterative.

⏱ Time Impacts

Lab backlogs can extend turnaround times significantly.

Explorers often schedule shipments to balance speed and cost.

🔁 Re-Testing

High values often must be re-assayed for confirmation.

Multiple assays reduce risk of false positives.

It appears there are people here with degrees in stating the obvious.

The company has a monster-sized asset (in theory) with thousands of samples at the lab, and people are saying the results of this drilling campaign are crucial. Of course the results are crucial, but guess what bozo's no one forced anyone to buy in here.

The results will be what they will be, how about relax and be paitent.

Summary of Current Position

Wishbone’s drilling program at Red Setter is fully underway, with multiple rigs and deep holes testing meaningful targets.

Capital structure housekeeping (deferred share cancellation) gives management flexibility and cleaner equity ahead of potential strategic transactions.

This mirrors the preparatory stage seen in other AIM junior miners that have eventually entered farm‑ins or major JVs — but a link to a confirmed JV offer will only come if results validate resource potential.