Image takes a second glance at gold

Rio Tinto (ASX: RIO) has increased its shareholding in Sovereign Metals (ASX: SVM) to 19.76%, making it the company’s largest shareholder. Via an option excise, Rio Tinto will invest $18.5m to be used to advance the Kasiya rutile-graphite project in Malawi. This includes progressing an optimisation study for a world-class mine capable of supplying critical minerals to the titanium pigment, titanium metal and lithium-ion battery industries. Sovereign chairman Ben Stoikovich says this investment reaffirms Kasiya’s position as one of the most significant critical minerals projects globally. “With Rio Tinto’s wealth of experience as one of the world’s largest and most accomplished global mining companies, Kasiya is well-positioned to potentially become a market leader in low-CO2-footprint natural rutile and graphite,” he…

Mineral Resources (ASX: MIN) has executed a binding asset and share sale agreement with the administrators of Resource Development Group (RDG). Under the agreement, MinRes will acquire RDG assets, including the Lucky Bay garnet mine, following creditor approval of MinRes’ proposed deed of company arrangement (DOCA) on September 1. MinRes has reassured investors that managing director Chris Ellison was not involved in deliberations to acquire the group formerly headed by his brother, Andrew Ellison. MinRes chair Malcolm Bundey comments on the decision. “The board and I sought to ensure that MinRes shareholders could realise some value from their investment, and that there were no perceived conflicts in our decisions on RDG’s future,” he said. “I want to thank RDG’s employees…

Kincora Copper (ASX: KCC) has been awarded the Nyngan West, Nyngan South and Nevertire South projects in central west NSW. These new projects double Kincora’s position on the Macquarie Arc’s Northern Junee-Narromine Belt (NJNB) and provide continuous landholding along more than 100km strike of the Arc. This consolidates the immediate extensions of the Nyngan and Nevertire projects held in partnership with AngloGold Ashanti Australia. Kincora president and chief executive Sam Spring says the company’s strategy to create shareholder value is through obtaining the best ground, concluding commercial deals and making large scale copper-gold discoveries. “Recently we have attracted four industry partners and unlocked up to $60m of multi-year funding,” he said. “We are very pleased to have opportunistically secured three…

CZR kicks off drilling CZR (ASX: CZR) is preparing to start an extensive drilling campaign at its Croydon gold project, located directly along strike from Northern Star Resources’ (ASX: NST) 11.2moz Hemi deposit. The company confirmed the Croydon gold discovery with limited drilling in 2019-2020 intersecting shallow high-grade gold at the Top Camp and Bottom Camp prospects. Results include: 27m at 3.2g/t of gold from 135m in CRC007, including 8m at 10g/t of gold from 135m 8m at 1.7g/t of gold from 66m in CRC018, including 1m at 9.4g/t of gold from 66m 2m at 22g/t of gold from 7m in CRC021 5m at 3.2g/t of gold from 132m in CRC032, including 2m at 7g/t of gold from 132m This…