Wishbone Gold PLC (AIM:WSBN, AQSE:WSBN) saw its shares fall 36% to 42p on Monday despite reporting drill results that confirmed gold and copper mineralisation along a 4-kilometre trend at its Red Setter project in Western Australia, leaving analysts and investors puzzling over the scale of the sell-off.
The results from the company's 2025 drilling campaign are broadly consistent with previous findings at the site, with notable intercepts including 8.36 metres at 1.09 grams per tonne gold and 0.05% copper, and a further interval of 5.76 metres at 0.66 g/t gold and 0.4% copper.
Red Setter sits in the Paterson Province of Western Australia, 20 kilometres south-west of Greatland Gold's Telfer gold mine, one of Australia's most significant gold-copper districts and a region with a strong track record of world-class discoveries.
Wishbone said it is fully funded for a 25-hole, 9,000-metre drilling programme planned for 2026, its largest at Red Setter to date, which will begin once the rainy season ends in April.
The shares had previously spiked to 185p in September 2025 following the first strong drill results and remain up 337% over the past year despite the sharp retracement since that peak.
Chairman Richard Poulden said the 4-kilometre strike length remained largely untested by drilling and that the 2026 programme was designed to advance understanding of the scale and continuity of the system rapidly.
The reasons for Monday's sharp sell-off were not immediately clear.