Wishbone Gold plc (LSE:WSBN) has reported encouraging early assay results from its reverse circulation drilling programme at the Red Setter gold-copper project in Western Australia, identifying the shallowest gold mineralisation recorded at the project to date.
Among the latest results was an 11-metre intercept grading 0.7 g/t gold, beginning at a depth of just 45 metres and remaining open at depth. Management described the findings as a significant development for both Red Setter and the company, highlighting grades that compare favourably with recent head grades at the nearby Telfer mine.
The results also indicate that mineralisation may extend towards the south-east, opening up the possibility of several kilometres of additional strike length for future exploration.
Drilling Programme Accelerates
In response to the latest discoveries, Wishbone has expanded and adapted its 2026 exploration programme at Red Setter.
The company has already completed 14 reverse circulation pre-collar holes and is currently undertaking a combined 25-hole reverse circulation and diamond drilling campaign covering approximately 9,000 metres. Additional reverse circulation drilling is planned once rigs return to site in mid-July.
Management believes the expanded programme will help define the extent of the newly identified shallow mineralisation while also testing deeper targets across the project area.
Enhanced Exploration Strategy
Alongside drilling activities, Wishbone is pursuing a high-definition electromagnetic survey covering Red Setter and surrounding tenements.
The survey is expected to improve the company’s understanding of the geological structures controlling mineralisation, assist in refining future drill targets and provide further insight into the broader four-kilometre diorite trend.
Management believes this approach could increase exploration efficiency, lower targeting costs and accelerate the identification of additional mineralised zones. It may also enable the company to provide more frequent operational updates as results become available.
Outlook
Wishbone’s outlook continues to reflect the characteristics of an early-stage exploration company. The business remains pre-revenue and continues to report losses and negative free cash flow, although management has made progress in improving its financial position.
Technical indicators currently present a mixed picture, with momentum remaining broadly neutral and no strong directional trend evident in the share price. Valuation metrics remain limited due to the company’s negative earnings profile and the absence of a dividend yield.
However, the latest exploration success has strengthened confidence in the potential scale of the Red Setter project, and management believes continued drilling and geophysical work could unlock further value as the programme advances.
More about Wishbone Gold
Wishbone Gold plc is a mineral exploration company focused on the discovery and development of gold and copper assets. Its flagship Red Setter project is located in Western Australia’s Patersons Range, close to the Telfer gold mine and the Nifty copper operation.
Listed on both the AIM and Aquis markets under the ticker WSBN, the company is targeting both shallow and deeper mineralisation as it seeks to establish a portfolio of resources within one of Australia’s most active and prospective mining regions.
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