Rio lights fire under junior

Combine a mention of Olympic Dam and a major prepared to throw as much as $92 chrome processing plant for salemillion at your project and no wonder the stock opened this morning 113 per cent up.

Rio Tinto has inked a deal to get involved in the Vulcan project owned by junior battler Tasman Resources. Vulcan just happens be 30km from the Olympic Dam copper-gold-uranium mine and – just as importantly – all eight holes drilled so far have returned the same magnetic signature as exists at the BHP Billiton mine. Tasman shares closed at 6.1c last week but raced to 13c on the opening today. The deal is also vindication for Tasman executive chairman Greg Solomon who brought the company to market almost 10 years ago with the Vulcan project as part of the $3m initial public offering and has never lost his faith in the ground. The junior – until now, at least – has never fired investors’ imaginations and...