Forrest-backed Mincor has further wins at Cassini

20th March 2020
Resources Rising Stars

Andrew Forrest-backed Mincor Resources has reported strong infill drilling success at its Cassini nickel deposit near Kambalda, as well as an “exciting” exploration hit 400m north of the main resource (reports MiningNews).

The exploration result of 7.7m at 1.4% nickel (including 0.5m at 7.5% nickel) from "early drilling" at Cassini North has the company hoping it's "onto a similar channel to Cassini Main".

At the latter, an infill hit of 8.2m at 7.6% nickel is estimated to have a true width of 4.7m.

Drilling is continuing with Mincor working on upgrading resources and completing a definitive feasibility study for Cassini's development this quarter.

Meanwhile, Mincor's MD David Southam told MNN that the message from Squadron (one of the Forrest interests invested in Mincor) was "don't imagine something that doesn't exist".

The obvious speculation from Forrest's buying of shares in Mincor since last May revolves around future acquisition or consolidation with the entrepreneur's other emerging nickel's interest.

However, according to Southam's understanding, the Forrest group is positioned as a long-term shareholder that's not seeking to influence the strategy of the ASX-listed company.

He suggested the investment was based on Mincor's fundamentals, the EV/battery thematic, and the exploration/development upside.

In total Forrest holds nearly 14% of Mincor and is the company's largest single shareholder by some margin.

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