Intermin Resources and MacPhersons Resources have finalised their plan to become a new gold mining company operating in the Goldfields region of Western Australia.
The merged company, which will be renamed Horizon Minerals, will boast a mineral resource of 1.17 million ounces of gold, combining Intermin’s 667,500 ounces across its Teal Gold, Binduli North JV and Menzies projects with MacPhersons’ 507,000-ounce Boorara site.
In addition to Boorara, the merger also adds MacPhersons’ Nimbus silver-zinc-gold mine, which hosts a resource of 12.1 million tonnes at 52 grams of silver per tonne, 0.9 per cent zinc and 0.2 grams of gold a tonne.
Intermin issued around 192.59 million fully paid ordinary shares in return for 100 per cent of MacPhersons’ shares.
The new company will also continue to focus on Intermin’s potential $40 million acquisition of Focus Minerals’ Coolgardie underground gold project that was announced in February 2019.
Ownership of Coolgardie would introduce a 2.1 million tonne resource to the newly merged company’s assets, in addition to Focus’ Three Mile Hill processing plant, which is currently on care and maintenance.
“With the consolidation of these complementary 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 gold project,” Intermin managing director Jon Price said.