Member Info for Cebo-456

They will learn a lot from GGP, but that's not necessarily saying GGP made many mistakes. GGP gave up 70% of Haveiron for a free-carry on drilling to prove up Haveiron, WSBN do not have to.

The Gold price back then was around $1300 oz with many discoveries being border line comercial with gold price just about covering opex - meaning money to spend on exploration was hard to find.

Whilst Opex/lifting costs have increased a few % each year. Gold price has nearly tripled meaning profits are now many many muliples of what they were back then.

GGP have done extremely well for those who held through the noise from the start. I genuinely believe that Redsetter could give investers in WSBN a lot better return from here than even what GGP did - Mainly due to the Gold price today.

Up to 700m Casper but will be used to spud and go through the overburden. So that's possibly 7 holes at 500m before the Diamond drill rig takes over, a couple of bore holes at 100m for water for flushing etc. And a couple of Infill holes to 500m or to have a look at other Au, Cu targets on Red Setter.

The raise of 4m could be because a suitor is asking for 4 or 5 holes to prove up the geology and resources. This is what happened at GGP after they hit the sweet-spot for the first time on Haveiron on their 5th hole (Hav005) they then drilled another 4 holes before the JV partner took over all operations and costs.

LOTM-13 and others. This makes absolutely perfect sence to me.

The new rig drills on Reverse Circulation (much quicker and cheaper than diamond drilling - it will spud the holes, drill to probably about 500m (up to 700m) target (in about a week) and then our other rig will take over on Double shifts and continue at 150-200m per week. Potentially this means that they could be completing a 1000m drill every 3 weeks or so. In between it also allows the new rig to complete Infill holes, new targets and borehole for the water which is obviously required for the drilling.

What more do investors want at this moment in time - the Assays will be released when they are ready (hopefully this week) as the Comoany cannot sit on them for more than a day or so to do their checks. The uodate on the second (002) or sidetrack from 001 will come once they come out of the multi mineralised zones which will then likely call TD.

More than happy with this move - wishbone are now moving as fast as they possibly can now.

British Mike, the 1.5m was enough for drilling at the time - I suspect they now want to drill more holes given what the first two have unveiled - prove up the resources, verify the geological modelling of Red Setter whilst keeping 100% ownership.

Remember GGP took a JV to drill and gave away 70% of Haveiron for the pleasure. GGP's first 4 holes were not comercial - their 5th hole was possibly equivalent to what Wishbone 001 discovered.

So by raising another £4m - Wishbone cannot be low-balled on Red Setter like GGP were for a free carry on Haveiron.

Benzinio. Unless you were born later than 2007, the rig ain't older than you. That when that model was introduced and they were built for another 10 or 12 years after that - and the earlier ones will have been refurbished and more than fit for purpose.

Bots need little sleep.

Casper - and the RNS before Christmas.

The Company has been offered 3% of the in-situ value of the 5m oz Gold Discovery at Red Setter. This equates to approx £431million - or 12.5p per share.

The Board of Directors recommend shareholders reject this offer, believing that true value is 6% of the in situ-gold value and the offer does not take into consideration the £2billion in-situ Copper Value.

Of course we know this isn't going to happen because Red setter is going to be 10-15m Oz gold (not 5m) - similar to Telfer, worth 50p + per share 🤣😉😄

Oh well, it is Sunday and we can only hope.

Great words - just in a strange order 🤣

I think when we get an another update on hole 2 then the geology will become clearer - we already know that - The rocks in the second hole have been more effected by the heat - this indicates that the second hole is closer to the source of geological activity (hydrothermal system or intrusive body).

"Bleaching " that they talk about in the RNS and can be seen in the cores - this is visual evidence in hole 2 that hot fluids have passed through those rocks - the Bleaching is caused by hyrothermal fluids - the fluids that carry gold, copper other metals and lots of $$$'s 😉

"Metasomatism due to hydrothermal alteration" this mean the rocks haven't just been heated and bleached - but have chemicaly changed - important as metal ore deposits form in those settings.

So Hole 2 is closer to the Sweet Spot, in my opinion.

I expect an update early next week. By Monday hole 2 drill will have drilled to approx 800m - more than hole 1 and TVD will be deeper. So the longer without any hole 2 update, the better as it would suggest that they are still in the Pay-zone - and are drilling on.

All the signs are there that hole 2 is going to be better than hole 1 and closer to the sweet spot.

Not Invested here anymore as short term I have better options - but will be back when things look brighter - which they will and if I miss the boat (which I might) then good luck to those still in. The guys constantly knocking the company are likely lacking any status or attention in the real world and this gives them that. Sad but true, or else why for years spend your life posting muktiple times a day on something you are not invested in.

Bottom line - you either believe that this is a decent discovery at Red Setter or you dont.

That is all that matters, if it turns out to have 5m Oz Au or better then the SP is likely to swiftly re-rate to 10,20p + once the resource and geological model is proven. If holes 1 and 2 are dusters then its going to drop. So unless you are trading this then the tweets, ramps, trolls will make zero difference - and the raise will not have mattered- in fact they raise may mean that we avoid a Farm-out/JV unless agreed on very good terms for WSBN.

"Hole 2 indicates that there has been a significant geological & mineralisation event at Red Setter" unless you think this is also lies, then that is pointing at a big future potential pay day.

Ed Mead also said in the last RNS that he was "looking forward to reporting further updates from Drill 2 shortly" - this was a week ago - I think the update is when they exit the multiple brecciatiated, alteration and mineralised zones - so the longer no update, the better (larger) the sweet spot.

I personally think this will be huge - but could be wrong.

Just get the bits (plural 🤣) turning right for the next couple of holes, no fishing trips on the next holes if they can avoid it - and we could be home and dry by christmas.

News,

Are you a BoT per chance. I recognise most of the words you post, just not used to seeing them in that order - isn't it 😉

If Carlberg do the next RNS then its going to be a positive Hole 2 Drill Update, positive Assay Results, a muli-hole drill campaign starting October, update on the 14 tenements and a potential suitor in the wings.. .....

Drill plan m, schedule and costs going forward are needed. But they cannot put it out there until they officially have the Metallurgy back from ALS and have reached TD at hole 2. - because at least officially, the info from those holes should at least in part dictate where they drill next.

Poulsen and Mead have both talked about more positive news from Hole 2 being released shortly. The longer no news, the better as it means they are still in the zone as far as I am concerned.

So update on Hole 2 anytime, then Assay results and details or the coming drill campaign possibly early next week.

This is an easy hold with short term upside and huge longer term potential.

Fully funded for a load of drilling - and one rig on single shift just isn't going to cut it for holes 3 and 4. ....

Drill baby drill

Egg1000.

If my memory serves me correctly then the answer is no - they mentioned mineralised breccia or breccia type host rock or mineralised zones - so I believe those drills indicated the presence of a breccia pipe in their acreage - they were still looking until 005.

Later drilling, particularly hole HAD005, drilled 200m west of HAD001, encountered a more significant mineralised breccia zone. From 459m to 577m, it intersected brecciated calcareous limestone and sandstone with pyrite, chalcopyrite, pyrrhotite, and quartz veining.

So while the first four holes did not hit a distinct breccia pipe, subsequent drilling identified more substantial brecciated zones, contributing to the understanding of Havieron's mineralised system.

Red Setter 001 drill is in my opinion equivalent to where GGP ended uo after drilling HAV005 and the other 4 holes. Although, I suppose their 01-04 holes could be counted as retrospective inset, maybe step-out drills from 005 and they would have got some decent info from them.

And back up again tomorrow if (when😉) we get an RNS update on drill hole 2.

Watch and shoot, Watch and shoot

LOT3,

I totally see your point but if I was in the Boards shoes, and I could get a raise away now for £4m then I would - rather than wait a couple of weeks and maybe get one away 20% higher the dilution difference between .130p and .155p isn't a big deal.

What the Company now need to do is put out (before the AGM) a comprehensive drilling plan to justify the raise. I think this will happen but they need to officially see the Assay results from Hole 1 and what Hole 2 reveals before they can go firm on it.

So although the timing was maybe a bit off for some investors and although the raise may or may not have got away at a slightly higher level - I actually believe we are in a very strong position now - provided of course we have the metal and grades in the ground.

For a bit of context.

I invested in ORCP - but they also really have only have 1 major play which is the "Northern Project" in Aus (a 5m oz Au target). They were cash strapped and farmed out the project to Riversgold, giving up 80%, retaining 20%. - what this got them was a free carry on the drilling to prove up their acerage which has now happened. They now have a free carry to production but have dropped to 10% of the Northern Project.

Wishbone now have the funds to drill and prove up Red Setter which, in my opinion, is a 10-20m oz Au target and rather than retaining 20% and then 10%, they retain 100% of Red Setter.

So the Market Cap of ORCP is about £10m - for 10% ownership of a 5moz Au target.

The Market Cap for WSBN is about £35m for 100% ownership of a 10-20m oz Au target - with funds to go drill and prove up the numbers and geology.

I hope and believe holes 1 and 2 have decent grades , but remember that GGP drilled 5 holes before hole 5 showed any grades - they then drilled another 4 holes before giving away 70% of Haveiron on a free carry.

Confident and excited but let's see the news from Hole 2 later this week, Assays from 001 and a detailed drilling campaign plan - that is when we can see if the Company are the real deal or not.

Feeling positive.

Drill Baby Drill - but on 2 rgs and 2 shifts please.

Like this or not - the placing makes sense.

At the minute its around a 10% dilution in shares - but what it does is let WSBN drill hopefully enough holes to fully prove up the geological model, prove up the resources and hold on to 100% of Red Setter - they also are in a very strong position to resist any lowball offers for a JV etc.

The alternative would be to give away 70% or 80% of Red Setter for a free carry on the next 10 - 15 drills to prove up the geological model and resources.

Traders will not like it but it makes perfect sense if you are a WSBN Board member or long term investor.

If you believe that Red Setter has the potential to become a monster discovery *I certainly do) then this will have been a master stroke and great decision when looking back.

I think this is still one of the best exploration Companies to invest in.

We have drill updates to come on hole 2 probably this week. Assay results on Hole 1 in the next couple of weeks, updates on the 14 new tenament applications and now hoping for an announcement on a new fully funded drilling campaign- possibly with a second rig, double crewed with no smoko's 🤣

ORCP gave up 80% for a free carry on the Northern Project, and this morning will be down to 10%. GGP gave up 70% for a free carry on Haveiron. WSBN gave up zero % of Red Setter and are fully funded for multiple drilling campaigns.

Drill baby drill and then keep on drilling. 🤪