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Steve, apparently the Aussies think its another 24hrs away - so Tuesday 2300hrs. We shall see.

The Northern Gold Project was targeting 5m oz of Gold - which has a non discounted Value of metal in the ground is nearly US$20billion.

This would be valued at around 5% for any suitor wanting to buy out the project and take this to production - so about $1 billion

Obviously Oracle only get 20% of this, Rivergold get 80%.

20% would give Oracle a tidy $US200m (£180m).

£180m is 15 times our closing Market Cap today.

Let that sink in.

Https://x.com/DavidLenigas/status/1971962099321708904?t=dSt8JXnDDWLcqx8druGxPw&s=19

This could be huge- going into close we could see 159% rise today on finish.

LOTM

So using your 200m x 200m x 100m assumption (which I can't disagree with) and if benchmarking against Haveirons grades (about 2.8 Au /t) then my calculator says that comes to exactly a shed load of gold. 🤣✨️

If in doubt read the last RNS again - what they are telling us is that ;

The mineralising system is laterally extensive—it’s not just a single narrow pipe; it could be part of a larger breccia complex or a broader intrusion-related system.

There’s vertical continuity: mineralisation persists over hundreds of metres of vertical extent - wow

So, if the breccia continues along strike and at different depths, the tonnage potential (i.e. the possible size of the mineralised body) could be much larger than even initially thought.

So today summerise - a shallower, laterally extensive breccia is a strong signal that the mineralising event was both powerful and widespread. That raises the ceiling on the possible size—and economic attractiveness—of the Red Setter discovery.

A Telfer sized discovery with Havieron grades would be world class.

Ed Mead also said in the RNS that he looked forward to giving further updates on the drill progress shortly. So anytime over the next couple of days I would think

No, the defining factor will be the grades

Tadamoon.

I hear that they are drilling between 20 and 26m per day. So probably around the 700m depth by the end of today. When the RNS was drafted (probably last Wed) they were at 581m.

I doubt we will hear anything until they have drilled through the multi zones that show brecciation and mineralisation. So every day without the promised update from Ed Mead on Hole 2 probably means they are still in the good stuff. The longer it takes to get an update, the better.

Hole 1 was still in the Breccia zone when the finished drilling at 777. If hole 2 is the same then this bodes well to it being a huge system and discovery.

Ref the Asaays results being "on their way from Perth". Not sure why that was posted because the results are always sent electronically - so would be instantly with WSBN as soon as they are sent.

The last RNS stating that the First Hole Cores are being prepared and cut for Assaying. It would be ironic if it was a lazily written statement and what they actually mean is the First Hole Cores (from drill 2) are being cut and prepared for Assay - after all we know that the ALS had the cores laid out ready to go nearly 4 weeks ago.

If so then that £20-40 million Market Cap could be realised very very soon.

So Oracle will hold 20% of the Northern Zone after their free carry with Riversgold.

The Northern Zone gold project is targeting 5m oz of Gold (that's about US$20 billion in-situ non discounted value). Industry standard value is about 5% of that - so US400m (80% Rivergold/20% Oracle)-

Oracles 20% of that is $80million.

We know that Riverstone have asked for a trading pause because they have a market aouncment coming and a news on a "material contract" backed up by last weeks announcement.

Are we about to see Riverstone and a major tieing up a JV for the Nothern Zone Project and making Oracle an offer for their 20% of the 5mAu target project ?????

The trouble is that anything under 20m Market Cap is under the radar for most - and II's cannot get involved.

WSBN was the same and is now sat at £40m MC and will go higher. Once the ORCP RNS drops then the Current MC will hopefully settle between £20 and £40 million (currently £7m). This should see a steady rise till then.

Holding both still. ORCP for quick profits. WSBN for huge profits and a long hold.

And profits from ORCP will be piling in here as well to maximise the returns.

Drill baby drill

LOT3.

They were 580+ when the last RNS was drafted (last Wed). If still on single shift with no tech delays or fishing trips since - then they should be touching 700m today.

Ed Mead commented that he "looked forward to presenting updates on the progress shortly".

I do not see any update coming until they exit the Breccia system and stop seeing the strong brecciaton zones with alteration and mineralisation on hole 2.

So the longer without another update on hole 2 RNS, the better as far as I am concerened.

Panamabob. If they get another 2 drills done and the Assays from the first two holes come back with decent grades then 15p would seem about right. Maybe a lot more if its a large Teir 1 discovery (8m oz Au or greater)

There are quite a few similarities to GGP initial discovery of Havieron.

GGP, despite what some poster will tell you, only drilled 9 holes (less than 6800m of DC drilling in total) in Havieron before the Joint Venture and Newcrest took over.

The first 4 holes that they drilled were effectively non comercial - HAD005 was the first that showed significant mineralisation - but not really spectacular grades overall.

GGP had a free carry but gave up 70% of Haveiron (70/30 split if I remember correctly).

Given the price of Gold now compared with 2018 - I suspect that the Value and attractiveness of Wishbone will mean that any monetisation or JV will be on a lot better terms than GGP managed. I also hope the grades are better than Haveiron (tbc) and the size of discovery at Red Setter similar or larger than Haveiron.

By Monday we should be another 100m into the multiple Zones of Brecciation and alteration. This may well be news worthy - and should be as it is hard to keep the cores tight if they continue visually showing the same promise as the recent ones.

The plan for the next drill campaign or at least the next hole or holes on Red Setter should be close if not already finalised.

News on the 14 new exploration licenses around Telfer that WSBN have applied for should come any time - or at least the first 12.

Then Assays from the End of next week or the following Week for Hole .

Throw in one or two TR1's along the way followed by Assay on Hole 2 early Nov, updates on hole 3 around the same time and we are really building up a huge Au /Cu reserve and proving the Au numbers & Geological model.

10p possible in the next few weeks, 50p+ may take a little longer.

British Mike,

By having the first Step out 200m away, it provably saved an extra couple drill holes and an exta 500k.

Before committing and risking a duster 200m away, Wishbone would have deployed a combination of geological, geochemical and geophysical methods to locate and refine potential drill target. These tools help them “see” the structures and mineralization systems underground (which obviously worked) and plan the next hole in relation to hole 1 - so although the drill bit is still required to confirm grades etc, they can target the targets 🥴 pretty accurately and reduce the risk of dusters more so than even a few years ago.

It could be that they have the same data from the first 2 holes that GGP and Partners had from their first 8 holes on Haveiron.

Hole 1 and 2 may still not be the centre of the dome - but if this is the case then its could be an even bigger discovery than what anyone could have hoped for.

Stuwoo, really not sure why you and a few rather nieve GGP shareholders seem to think WSBN is a threat. Another Teir 1 discovery is hugely beneficial for both.

I personally think that GGP had little choice but to JV early - they took a deal at the time that although got voted through wasnt on the best of terms for GGP holders but had no choice. Aso Haveiron doesn't have confirmed 20m Au or anywhere near in Haveiron that you claim. The grades initially were sketchy across all drills against a much lower gold price.

WSBN have enough funds for probably another 4 or 5 drills - at this rate, that may be more than enough to convince a Major like Northern Star to take this out. They may even go after GGP at the same time and try to consolidate the Patterson Area.

If Red Setter gets the grade and Scale of the discovery, then there is a good chance that GGP wouldn't be able to afford it in any case.

Yep, the Australian Media will be all over it - good news for the Aussies to wake up to tomorrow morning.

They can't- they are still very much privy now to discussion ref the drill, contractors, potential JV inquiries and preliminary Assay results.

Can you imagine if they took another load of shares and this then bags several times over the next week.

Doesn't mean that we won't see TR1's from RI's or II's. But it won't be the directors.

20-25m drilling per day - exciting stuff for WSBN and the wider Patterson Area. Gold price means that this is a Game Changer and building very nicely for when they release the Assay results.

As previously mentioned- if this is anywhere near the size of Telfer then the In ground Value of Gold and Copper would be about 80-100 Billion US$.

To get to 5% (industry standard) of that Value for a sale of the Red Setter discovery , they would need a few more Step-out Drills to map out the area. It could be snapped up by an early mover with deep pockets.

It may also be that GGP couldn't afford this on their own - and if the size of the discovery is anywhere what is being indicated - then Northern Star or one of the ithers major Gold Producers in Aus will be all over this.