Member Info for OrangeMoon

Normbeef, a good post for the potential of a longer term return here... however as an indicative value based on current information (suspected size of roughly 5Moz Au eq), 200-300Mcap would be more realistic if assays come back high grade gold (5g-9g/t Au) + Copper (>1%) short term... At todays price (Mcap of 38m) is still a 5x - 7x return potential (after positive assays).

The larger Mcaps (in billions valuation) will obviously come with some form of dilution as more drilling will be required. It's fair to say getting from 38M Mcap to 200M-300M Mcap on basic data would satisfy most 4p-6p and be a more realistic target but not without risk.

Mogombo, I agree with your post here. I consider @Manifestos position to hold value from a balanced perspective, it's far more beneficial to everyone having a reasoned response away from the hype and speculation purely labeling it as FUD and throwing insults.

Short emotional replies or insults put off balanced investors as it's hard to have a good debate on the pro's and con's in here, regardless of subject, even if that is as touchy as a raise.

All this being said: After looking into the breccia pipe system at Red setter this weekend, the chances of it being high grade Au + Cu, funding, raises etc...

WSBN have enough funds from the 2 million raised (previous) to complete a minimum of 2-4 1000m holes with a 40% buffer zone. So a raise doesn't look likely from a phase 2 diamond drilling perspective short term.

WSBN will need to raise once this campaign is complete, which would hopefully be at a much higher Mcap/share price. The involvement of DL in this share does cast a dark shadow however as it's always been stated, not even these guys reputations can change the geology in the ground.

The assays are vital here, with the next drill hole adding to this breccia lateral size (hopefully). Expedited assays in Perth could take between 1-3 weeks turn around (duration varies considerly, could be less time). Sentiment seems high and very positive.

Directors are also heavily invested, therefore company survival over short term sentiment may also play a role considering the lifestyle reputation that's previously stained the company in years prior.

A raise would hopefully be done off the back of great results and not prior too releasing them. It's still very high risk, but hopefully everyone gets rewarded when assays come back regardless of timing.

Better to have these discussions at the weekend too, in absence of getting labeled someone who's trying to influence the price short term.

"Today I've considered the fact that although most breccia systems (85%) are typically between 1-3g and only about 15% are between >5-9g, the proximity to Telfer does provide that extra motive increasing the chance (but no garentee) so on first glance, 15% chance of getting rewarded, with 85% chance of risk taking all your cash. I would expect any raise to be done prior to assays... Those are 2 reasons to be out of this before assays but those willing to take the risk here will hopefully make good rewards and safer money will jump in after."

On second thoughts; When considering my previous post regarding dual minerals, I would say there is considerably more likely chance of positive economic resource potential considering presence of copper along with gold on the 3km strike. So if the breccia pipe also contains copper, it might make 2-3g/t Au profitable... which is the majority of breccia pipe systems.

So in comparison to my last post. I would say there is a very likely chance this resource will be economical, but I'm still not sure when directors will raise... that depends on how much directors believe in it to risk not taking advantage of the rise.

Manifesto, I appreciate your view on all points you've said and agree with them. You have a balanced view looking at all angles of this investment.

David Lenigas will most likely be involved in funding, that may be why he's heading across there now.

Today I've considered the fact that although most breccia systems (85%) are typically between 1-3g and only about 15% are between >5-9g, the proximity to Telfer does provide that extra motive increasing the chance (but no garentee) so on first glance, 15% chance of getting rewarded, with 85% chance of risk taking all your cash. I would expect any raise to be done prior to assays... Those are 2 reasons to be out of this before assays but those willing to take the risk here will hopefully make good rewards and safer money will jump in after.

Telfer’s overall average grade across it's lifetime (1977–2025) is approximately 0.94 g/t Au... (This grade is a rough minimum)

However, original a breccias at Telfer had average of 5-9g/t in the 1970s.

If the Breccia pipe that has been drilled here at Red Setter has the same grades as the top of telfer dome breccias (5-9g/t Au), this should do very well... then it's down to size.

This looks alot better when I've typed it all out to be fair.

Assays will be very interesting...

3-5g/t would be good, 5-9g/t would be amazing. >9g/t would be incredible.

With most Breccias (70-85%) in the paterson region uneconomical (1g-3g/t).

Mooching, thanks for your reply and I agree with you.

Basically having another mineral type involved diversifies 'the take' and increases MRE value, ie % copper, which HAV, TELFER, and WSBN all have... however when we talk about grades, it was grades like 100g-200g Au/ton for 1-2 meters and 275m @ 4.77 g/t gold and 0.61% copper that HAV found initially.. and now at an average 1.67g/t 8.5Moz because of the high density Au value of breccia pipe...

In conclusion:

For a breccia pipe at 700 meters underground, a minimum gold grade of 1.2–1.5 g/t Au is likely required for economic mining, assuming a gold price of $2,400/oz and typical underground mining costs of $50–60 per ton. However, to ensure profitability and account for project-specific factors (e.g., infrastructure, scale, and by-product credits like copper), a more realistic target grade would be 2–5 g/t Au, consistent with industry practices for similar deposits.

So aslong as the 152M of breccia is around 2g-5g/ton average, then this should make it economical to mine, due the size of sub surface structure identified, it should do well... but at grades of less than this (0.3/0.5g/ton), it will not do so well...

I agree 1408. I'm expecting this to multi-bag (again) in the leading months as ii's take up bigger positions. Unloved was maybe the wrong choice of word to be fair.

Seeing as everyone likes a GGP Haverion reference of late: (which was hitting amazing grades sub 500m)... grades the likes of 100g-200g per ton on some strikes per meter, however also hitting lengthy strikes of HAD005 which was 275m @ 4.77 g/t gold and 0.61% copper, comprising two zones:

157m @ 6.75 g/t AuEq (gold equivalent).

118m @ 4.42 g/t AuEq.

These grades were economical sub 500m (under ground mine potential).

OMI are not far off this with pepas FROM SURFACE, including a much higher gold price in comparison to 2018 >2020.

It's also worth pointing out that although Hav was discovered in 2018, the share price didn't rocket upwards for another 2 years until 2020 (along with gold), and its done a similar move again this last year.

AI answer:

I estimate that less than 5% of breccia pipes at 700 meters are economically viable for gold mining unless they:

- Have grades significantly above 1-2 g/t gold (ideally 4-5 g/t or higher).

- Contain valuable co-products like copper or silver.

- Are part of a larger mineralized system (e.g., porphyry or IOCG deposits).

- Are located in areas with favorable infrastructure and regulatory conditions.

Conclusion

Breccia pipes at 700 meters are rarely economic for gold mining due to high underground mining costs and the tendency for grades to decrease with depth in some systems. However, pipes with multi-phase mineralization, high grades (e.g., >4 g/t gold), or significant co-products (e.g., copper, silver) can be viable, especially if connected to larger porphyry or IOCG systems. Exploration success stories like Los Sulfatos and Soledad highlight the potential, but these are outliers. Thorough exploration (e.g., geophysical surveys, drilling) and favorable market conditions are critical to identifying the small fraction of pipes that are economically mineable at such depths.

Does anyone know what assay results we would need to be, in order to make the underground red setter dome economical to mine?... I've read some values of 0.5g/tone Au when found with >1% Cu (for a structure the size of red-setter) however a bit of research is stating this must be high grade, >4g/ tone Au... due to depth.

(All other factors seem to be complete)

I've read a few messages on here recently stating that MILA are awaiting assays from 1st 10 hole RC drill programme, however just to clarify: The first campaign was complete and all results have been returned.

MILA will now be undertaking Geo studies to identify holes for diamond drilling at end of Q3... So we might get an RNS update on the geological/structural studies or maybe an update on Kathleen Valley (buy out or JV?) Next... but MILA are not awaiting assays yet.

From RNS 04.07.25 (at end of campaign 1) :

"Mila's maiden drilling campaign at the Yarrol Target, a ~2km area along the 20km Yarrol Fault, consisted of a 10-hole Reverse Circulation (RC) programme totalling 1,870m.

Mila will now undertake detailed structural and technical analysis to pinpoint the controls of the high-grade gold. The updated model from this work will be tested with a targeted diamond drilling, before further drilling is undertaken to complete a maiden JORC-compliant resource."

MILA is however undervalued down at these levels (5Mmcap) and would hope to see it at a more reasonable Mcap into Diamond drilling and onwards to step out drilling in Q4...

Of all my minerals shares, OMI is the one with the best grades and most potential... yet it's the most unloved.

Hope we get some more stellar results next week...

The additional benefit to UFO under this deal is that they have the minerals rights to everything else, aswell as the 30% free carry.

EH could have a substantial amount of other minerals along with the reported 11g/t Au...

For anyone wanting a quick recap of previous MILA RC Drilling*...

11m @ 2.91g/t Au from 11m,

· including 1m @ 16.45g/t Au from 11 m

• 1m @ 39.10g/t Au from 32m

• 17m @ 5.46g/t Au from 42m,

· including 1m @ 9.25g/t Au from 42m

· and 8m @ 9.76g/t Au from 51m which includes 1m @ 47.40g/t Au from 54m

Next: Pin pointed Diamond Drilling...

*Previous licence partner hitting similar grades.

Ezhik, your not alone... should be back to >1's prior to diamond drilling campaign.

Just paying for time down here (at this mcap) with confirmed low depth/near surface bonanza grades.

You're welcome NMH21

B_Positive,

Great article there, thanks for sharing.

'If Australia values a share at 0.21 ASD then that's 10p so is the AIM price inflated ???

Maybe I am getting confused..."

NMH21... Yes, your getting a little confused.

WCE 'Mcap' is roughly £30M (64M Auz)... UFO has 30% free carry in their EH project until decissio to mine plus a substantial amount of shares in WCE (12.1%).

Both of these values increasing with WCE share price.

This contract is currently worth £15M to UFO in the simplistic as way possible, however many multiples of this as the project progresses.

Also worth noting WCE do not have any other mineral rights other than silver... therefore if gold (au) + other valuable minerals, this also adds value to this contract.

Openhiemerr... I have seen rock chip samples of gold (been searching for the share but to no avail) of >100g Au/t... If I had more time I would dig deeper (excuse the pun). These finds are great but only provide indication of gold somewhere in the vast region and do not directly corolate to in-ground strikes or ore bodies.

Next comes more Geo studies to pin point strategic targets (often magnetic or gravity based) and then drilling campaign... which all need to be funded.

Alot of unloved gold shares out there with great grades close to surface. Open pit adding multiples onto the economic value in comparison to deep underground plays, not only due to cost, but also due to infrastructure and geology risk.

MILA has a small in-house team on compensation/value basis which will benifit the efficiency as the company seeks to find value for shareholders. Not a lifestyle company like many others out there.

CDL rock chip sampling... only scratching the surface, literally.

Grades of which are low in comparison to MILA I'm afraid.

Maybe we should tell Brad to stop reporting on 'actual gold' and start reporting on Breccia Pipe systems with 'potential gold' (at depths)...

I'll message him on X. We seem to have got this gold exploration all wrong. Oh well...