RE: Peer Valuation Analysis8 Nov 2023 08:25
With the Paterson area of Western Australia seeing a resurgence of exploration interest, Wishbone Gold PLC's (AIM:WSBN, AQSE:WSBN) Red Setter, Cottesloe and Anketell projects are "well placed" and the company is an "under-recognised" explorer.
Those are the thoughts of analyst John Meyer at broker SP Angel in an initiation note on the company, which noted that Wishbone's projects show similar lithological and structural settings to other notable finds nearby.
Interest in the Paterson area has been sparked by the discoveries by Rio Tinto at Winu and Newcrest and Greatland Gold at Havieron.
Initial exploration at Red Setter demonstrates "clear similarities" with the nearby Telfer Dome which hosts Newcrest’s 400k oz per year Telfer mine, Meyer said, while Cottesloe hosts similar lithologies and structural context to the Nifty copper mine.
Analysis of historic exploration at Cottesloe shows important targets for drilling this year, partially funded by an A$220,000 government grant.
"Pre-resource mineral exploration companies are difficult to value however the Paterson region is attracting significant exploration interest".
"which suggests that exploration success could trigger a meaningful re-rating of market perception," wrote Meyer
> Assay results from Red Setter due soon
> Cottelsoe exploration program about to get into full swing.
A couple of potentially company changing inflection points on the horizon
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