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Wishbone Gold – further encouraging visual drilling results at Red Setter project, Big Dave “just in shock”!

By HotStockRockets | Friday 19 August 2022

Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

We noted just earlier this week on Wishbone Gold (WSBN) as the shares rose up to 14p that we continued to consider that drilling excitement and ramping building could take the shares up to a target to sell of around 20p. They are currently a bit further closer on the back of a “Encouraging Visual Drilling Results at Red Setter”-titled announcement.

This is with drilling intersecting multiple zones of quartz veining, carbonate and chalcopyrite and pyrrhotite, including sulphide observations of chalcopyrite and pyrrhotite within the current diamond drillhole - WRSDD0004, 230 metres along strike from previously reported visible mineralisation - that started at 57 metres and are repeating downhole. It is added that it is currently clearing further drill pads in the area and making preparations for an upcoming heritage survey that will clear a significant further portion of the project area for drilling as it “look forward to further positive results as we target the ~3km strike of the magnetic models”.

The latest is further encouraging but remains early stage – including “the core has not been fully logged or cut by Terra Search, and will be dispatched for assay in the coming weeks”. However, the potential and Red Setter project location, 13km south-west of Newcrest Mining's Telfer gold-copper mine and 60km west of Newcrest and Greatland Gold's Havieron gold-copper discovery, of course lends itself to ramping – and David Lenigas and co. continue to oblige (on Dave recovering from the “shock”!).

With that and the Red Setter work adding to that in Northern Queensland and a current £26.9 million market cap, we continue to consider a 20p+ share price here is quite realistic. With the shares now up to 15.5p, currently hold on.

This article first appeared on HotStockRockets – for THREE risky stocks that COULD treble from the HotStockRockets team OUT THIS AFTERNOON for just £5.50 click HERE

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