An "exploration target" of 1 billion tonnes of iron ore has...

An "exploration target" of 1 billion tonnes of iron ore has turned in to a share price of 5c with a market cap of under $2m. They didn't even have the exploration licence. Based on their prev quarterly they now have approx $500K in the bank.

Sydney - Tuesday - November 25: (RWE Aust Business News) -
Epsilon Energy (ASX:EPS) has formally been granted the exploration
licence for the Mardie iron ore project, Western Australia.
The company is targeting large-scale magnetite and higher grade
hematite/detrital deposits.
"Grant of the project allows the company to progress analysis and
selection of an appropriate drilling program to test the large scale
magnetite and higher grade hematite potential, where an exploration
target of between 0.96bnt and 1.2bnt magnetite and 28mt to 32mt hematite
has been calculated," managing director Matt Gauci said.