Wishbone Gold (LSE:WSBN) has launched the first stage of its 2026 drilling campaign at the Red Setter gold-copper project in Western Australia, completing 14 reverse circulation drill holes for a total of 2,182 metres and two diamond drill holes totalling 687 metres. The work forms part of a wider 9,000-metre exploration programme designed to expand understanding of the project’s mineral potential.
The current campaign is focused on testing extensions to known mineralised zones, assessing continuity along a four-kilometre diorite trend and improving the company’s understanding of the area’s geological structures. In addition, a heritage survey has now been completed, which is expected to facilitate the construction of a new access road and the relocation of the exploration camp. These developments could improve site logistics and support further drilling and exploration activities later in 2026.
Wishbone Gold’s investment outlook continues to be constrained by weak financial fundamentals, including its pre-revenue status, ongoing losses and negative free cash flow, despite signs of operational improvement. Technical indicators remain mixed, with momentum broadly neutral and no clear directional trend emerging in the shares. Valuation metrics are also limited by the company’s loss-making position and the absence of dividend income.
More about Wishbone Gold
Wishbone Gold is an exploration company listed on both AIM and Aquis, with a focus on gold and copper assets in Western Australia. Its flagship Red Setter project is situated within the highly prospective Paterson Province, close to Greatland Gold’s Telfer gold mine and Cyprium Metals’ Nifty copper mine, placing the company in one of Australia’s most active and prospective mining regions.
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