WPG announced today a maiden resource estimate 689 million tonnes at average grade 30.9% Fe. This makes Giffen Well one of the highest grade BIF iron ore deposits in Australia 689 million tonnes at average grade 30.9% Fe
It also owns the Penryhn Coal Project that contains a total resource of 352.4Mt of sub-bituminous coal. The project also has an additional exploration target of 300-350Mt. Not to mention the Lochiel Coal Project with a defined inferred resource of 270Mt.
Recently it was granted exploration licence applications prospective for coal, iron and base and precious metals at Perfection Well and Lake Woorong. These are in the Woomera Prohibited area and were on hold for several years pending Commonwealth access guidelines.
The icing on the cake for all the above is that WPG owns the Port Pirie bulk commodities export facility for both iron ore and coal.
The market isn’t awake to all this, evidenced by the fact it’s amazingly still trading around its cash backing per share. Is this the next ten bagger or what?
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