hey buddy that sure looks like it could have been the culprit.....
glad you got it sorted

i cut the red with white stripe and orange wires from the back of the block and hooked them up to a toggle switch so i could keep on rideing while waiting for another ignition
i also got 1 from ebay from a thruxton with no key for the pricely sum of 10 dolla
was goin change the guts in to my ignition maybe i will later down the track .....am happy to run with the toggle switch atm