Its flagship is the Red Setter project near the heart of the district, located about 15 kilometres southwest of the Telfer gold and copper mine operated by Greatland. That proximity matters in the Paterson, where domal targets and magnetic highs have a track record of delivering large intrusive related systems. The company’s pivot and reorganisation were formalised earlier in the year with a termination of the proposed reverse takeover and a lifting of the trading suspension.
The breakthrough came in mid-August when the first deep hole at Red Setter drilled into the top of a significant breccia pipe with quartz carbonate veining and visible chalcopyrite and pyrite, with brecciation observed over more than 130 metres from roughly 570 metres to 700 metres while drilling continued. A follow up update confirmed the interval had expanded to 152 metres of continuous breccia within a broader 257 metre zone of veining and sulphides, taking the hole to 777 metres. Core was expedited to Perth for cutting and assay, and the plan was set to keep pushing the program forward.
The market reacted at speed. Coverage recorded the shares surging more than 300% in the week of the breccia news, as investors weighed the possibility of a Paterson style discovery. Management also moved to scale the program, first by planning a near term step out some fifty to seventy five metres from the initial hole, and then by securing funds to expand drilling with a one point five million pound placing. Subsequent guidance indicated the contractor would mobilise rods to test deeper as required, matching the scale of the target.
Whether Red Setter becomes a major discovery now turns on assays and follow up drilling. Until grades and continuity are confirmed, the story remains speculative and breccia systems can be variable, yet the combination of location, geology and sustained news flow has reignited retail interest. If the core results validate the visuals seen to date, Red Setter could mark a pivotal turn in Wishbone’s fortunes, and if not, the episode underscores how quickly sentiment can swing in early stage exploration.
Disclaimer: The information presented in this article represents the views and analysis of the author and is provided for informational purposes only. It should not be interpreted as financial, investment, or legal advice. Investors should conduct their own due diligence and consult a qualified adviser before making investment decisions. Investing in AIM-listed companies involves risk, and past performance is not indicative of future results.
