ChatGPT summary. Exciting.16 Jul 2025 21:31
Here’s a comprehensive update on **Wishbone Gold** (AIM: WSBN) and what a potential multi‑million-ounce discovery could mean:
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## 🛠️ Upcoming Drilling & Project Outlook
* **Red Setter Dome** (WA, \~13 km from Newcrest’s Telfer mine):
* Two existing RC holes (23RSRC001 & 003A) will be deepened to \~550 m to test the main gold target—previous drilling only reached \~250–300 m ([Streetwise Reports][1], [Financial Times][2], [Wikipedia][3]).
* Drill rig mobilised around mid-July, with site prep already underway .
* Low water table and minimal heritage needs keep costs down .
* **Cottesloe Project**:
* Historical silver, nickel, copper hits; earlier drilling showed 7 g/t Ag and 561 ppm Ni, outperforming expectations ([Wikipedia][3]).
* **Ground Expansion**:
* A major tenement application (\~174 km²) near Telfer quadruples footprint to roughly 231 km² ([Next Investors][4]).
💡 *Why it matters:* Red Setter has strong structural analogies to Telfer/Havieron—a globally material target. Early drilling intercepted gold mineralisation along a 2 km strike, suggesting a robust hydrothermal system .
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## 🎯 Can They Hit Multi‑Million Ounces?
* Enthusiasts on investor forums argue that if Red Setter evolves into a **2–3 Moz gold system**, the stock could see a **100× uplift**—valued at roughly **US\$100/oz** using comparable acquisition metrics ([Investing News Network (INN)][5]).
* Industry benchmarks show explorers typically trade at **US\$40–\$70/oz in the ground**, with upside in advanced projects ([Crux Investor][6]).
* More conservative industry norms suggest juniors can be valued between **US\$7–\$60/oz**, depending on deposit stage ([Crux Investor][6]).
Assuming a 2 Moz find, these imply possible valuations between **US\$80 M–US\$120 M**—but bullish views envision **US\$200 M+**, especially if the geology supports expansion.
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## 📈 Market Cap Scenarios
| Estimated Resource | EV per oz (min–max) | Implied Market Cap |
| ------------------ | ------------------- | --------------------------------- |
| 2 Moz | US\$40–100 | US\$80–200 million (\~£64–160 M) |
| 3 Moz | US\$40–100 | US\$120–300 million (\~£96–240 M) |
* **Today**, Wishbone’s market cap is \~**£11–12 M** (\~US\$15 M) ([Streetwise Reports][1]).
* If a resource estimate is reported — let’s say **2 Moz @ 1 g/t** — and valued at typical junior multiples, share price could see a **10×–30× re‑rating**.
* **Avid bullish investors** hope for a **100× re-rate**, consistent with forum-driven sentiment .
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## ⚠️ Key Risks & Factors
1. **Exploration Risk** – Deeper drilling may fail to deliver continuity or scale.
2. **Funding Constraints** – Capital raising could dilute shareholders (recent raises: £3.6 M followed by £1.75 M)
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