Mining Projects Group (ASX: MPJ) executive chairman Bryan Frost and executive director Richard Revelins have demonstrated their confidence in the company with an on market increase in their respective shareholdings.
Frost bought a further 400,000 shares for a total consideration of A$6,570, while Revelins acquired another 200,000 shares for $3,370, providing an average entry price of around $0.016 per share.
Frost now holds 23.7 million shares and 18.8 million options while Revelins holds nearly 8.9 million shares and just over 6 million options.
Mining Projects Group has taken another major step into the highly lucrative Queensland coal sector with the granting of an exploration permit that hosts the Etona Coal Project earlier this month.
The permit is considered highly prospective due to historical petroleum wells/water bores drilled suggesting the potential for large net volumes of thermal coal, as several coal-bearing formations have been identified.
Additional upside for Etona is that it has already received independent geological sign-off for an exploration target of 50 million to 155 million tonnes.
Mining Projects Group will move exploration at the project ahead at speed, and has already designed initial exploration programs targeting an increased conceptual exploration target range.
The permit is strategically located adjacent to Coalbank's (ASX: CBQ) Tambo Coal Project and covers 300 sub-blocks for around 950 square kilometres.
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