there is a couple of differences in the Wiluna and canegrass prospects. Canegrass is vanadium rich magnetite with the first hole showing 310m, the wiluna prospect is haematite and the annual report shows about 50m down most holes from what I saw in the report. GWR share price around $1.90 as they are more advanced in their exploration and resource identification and MXR around 20c and only just beginning the real exploration drilling of the resource. MXR's canegrass target 1.7bn to 3bn t and much closer to Mt Magnet and the proposed new port and GWR smaller resource and further north east and distant from Mt Magnet. I haven't read the latest Wiluna reports and am not sure of how much they have increased the resource volumes but they were open down hole. Will be interesting to see if the two companies get together to share forward infrastructure costs to benefit each other.
MXR Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held
