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Red Rock Resources (RRR:AIM) 2.75p

Red Rock has increased its stake in ASX-listed Mindax to 6.28%, which owns an adjacent property in Western Australia. The companies are exploring for iron ore. There are signs of a trend passing through both properties and into land owned by ASX-listed Iron Mountain Mining. Red Rock wants to co-operate on any major iron ore discoveries and sees the share purchase in Mindax as a strategic investment. It should start to benefit from upside in Mindax’s share price, which has more than doubled since early February. Red Rock’s drilling is still early stage, but any chance of collaborating with its neighbours could speed up exploration.