a company in the making

News Article

WCP Resources is building up a head of steam after making the switch some 18 months ago from an office supplies group to a well-funded minerals exploration group.

While the shorthand description of the new look WCP is that it's Levi Mochkin's show, the truth is that while the former stockbroker and confidant of Joseph Gutnick is on the board as executive director, the technical side of things are run by Greg Martyr (10 years with each of Normandy and Deutsche Bank) and Gavin Daneel (20 years as a geology economist, including a stint as exploration manger for Straits).

It is Martyr and Daneel that have been flat-chat for the past 18 months building WCP's portfolio, with more than 200 projects reviewed during the building phase.

When WCP's exploration program comes up with the goods, then Mochkin's skills as a marketer will be unleashed. Given WCP's exposure to some high-impact exploration programs, that might not be far off.

Martyr and Daneel have set WCP up so that it is exposed to an annual exploration spend of at least $5 million. Of immediate interest is its drilling program at the Lilleyvale project, 200 kilometres south of Cloncurry in western Queensland.

WCP can earn up to an 80% share in Lilleyvale from its joint venture partner, PlatSearch NL.

Two deep holes are to test a large magnetic body under nearly 600 metres of cover, which it is said has many similarities to BHP's Cannington silver, lead and zinc mine.

Based on new three-dimensional modelling, WCP reckons it's clear that the most intense part of the magnetic anomaly was not tested in previous drilling by other parties.

The two-hole drilling program is about as close as you get to a company-maker if the campaign comes in as hoped.

If it doesn't, WCP has plenty else on the go to ensure a solid news flow in the new year.

Exploration work at the recently acquired East African gold project is also set to be closely watched.

On Friday WCP closed a shade higher at 14.5¢ a share.

On a fully diluted basis, the group is being valued at about $50 million.