Intermin Resources Limited (ASX:IRC) has a new substantial shareholder in Kalgoorlie-based investor Ashok Parekh who has a 5.37% stake.
Parekh and related entities now hold more than 23 million Intermin shares.
This is as a result of the company's merger with MacPhersons Resources Ltd which was completed earlier this week.
The merged entity, which plans to change its name to Horizon Minerals, has a significant asset portfolio in the Kalgoorlie region of Western Australia with an expedited pathway to gold production.
READ: Intermin Resources grows mineral resource at Crake Gold Project in WA to more than 667,000 ounces
Consolidation of the baseload Boorara project, with approvals in place and the higher grade surrounding projects within easy trucking distance, provides critical mass to underpin a mine development and production pathway.
The potential acquisition of the Coolgardie Gold Project, if it proceeds, adds additional high-grade resources and a 1.2 million tonnes per annum processing plant to the portfolio.
READ: Intermin Resources begins resource extension drilling at Lady Irene within Menzies Gold Project in WA
Intermin’s managing director Jon Price said: “With the consolidation of these complimentary assets, strong board and management team, improved scale and clear pathway to production, shareholders can look forward to significant news flow as we focus on resource to reserve conversion to advance the feasibility study and continue to progress the potential acquisition of the Coolgardie project.
“This is a significant milestone for Intermin and MacPhersons and we look forward to growing the merged entity into a market relevant, sustainable gold production business for the benefit of all stakeholders.”