Intermin Resources Ltd (ASX:IRC) and MacPhersons Resources Ltd’s (ASX:MRP) scheme of arrangement in relation to a proposed merger has been approved by the Supreme Court of Victoria.
The companies can now move ahead with the merger to combine their resources totalling 1.19 million ounces of gold in the Kalgoorlie region of WA. The merged entity is to be named Horizon Minerals Ltd.
An indicative timetable for the remaining steps to implement the scheme is set out below:
Application for the admission of the new shares to trade on the ASX will be made by Intermin and normal trading of the new shares is expected to commence on June 17, 2019.
READ: Intermin Resources combining its Kalgoorlie gold assets with MacPhersons Resources
MacPherson's Boorara deposit already has approvals in place for open pit mine development and the merger provides a clear pathway to a standalone operation.
The company has completed over 86,000 metres of drilling to extend the strike length at Boorara to over 2 kilometres and the deposit remains open to the north and at depth.
Further infill and extension drilling is planned in 2019 for this very large gold system to test the potential to provide baseload feed for a standalone processing facility.
Intermin’s core Teal, Goongarrie Lady, Binduli, Anthill and Blister Dam gold projects each have the potential to provide over 2 g/t gold, oxide and transitional feed amenable to open pit mining to supplement the baseload feed from Boorara.