Andrew Forrest has increased his stake in Mincor Resources by purchasing more than six million shares via Squadron Resources.
Squadron is a privately owned company that is part of the Andrew Forrest-led Minderoo Group of companies.
It paid over $3.25 million to increase the group’s voting power from 12.01 per cent to 13.78 per cent.
This is the second bout of Forrest’s Mincor share purchases this month.
Squadron purchased more than 12 million shares in Mincor, which were valued at over $6.7 million last week.
Mincor has started early works at the Kambalda nickel operation in Western Australia and expects to complete its definitive feasibility study (DFS) by the end of this quarter.
The company also completed two further drill holes, which returned a strong intercept of 3.4 metres at 3.2 per cent of nickel as well as a hanging wall intercept of 2.2 metres at 11.1 per cent nickel.
Mincor has continued to accelerate testing of the Cassini North area by sourcing a second diamond drill rig in February.
Mincor managing director David Southam said that the Cassini Project continued to deliver outstanding results, both from infill drilling of the main mineral resource and from exploration targeting potential upside at Cassini North.
“The intersection of 8.2 metres at 7.6 per cent nickel supports our belief that, as we drill deeper, Cassini Main is thickening and will deliver exceptionally high-grade results – although we should remember that this is still relatively shallow in the context of Kambalda nickel deposits,” Southam said.
“The focus of drilling is to convert some, if not all, of the inferred material into the higher confidence indicated category.
“We are also seeking potential mineral resource extensions to demonstrate that Cassini will have a significant life beyond what we ruled off for DFS purposes in November 2019.”
Forrest’s cash splash wasn’t limited to Mincor. He also spent almost $243 million in Fortescue Metals Group shares in February and another $35 million last week as the stock market took a nosedive due to the coronavirus pandemic.