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Horizon Minerals Ltd

Intermin Resources enters trading halt ahead of proposed merger

The company has a portfolio of WA gold projects and a vanadium project in Queensland.

highway sign that reads 'merger straight ahead'
Intermin is a proven gold producer having successfully operated the Teal Gold Mine

Intermin Resources Ltd (ASX:IRC) has been granted a trading halt by the ASX this morning pending the release of further information regarding a proposed merger.

Shares in the company will remain halted until the earlier of either the release of relevant information, or, the commencement of trading on Tuesday, 11 December 2018.

READ: Intermin Resources receives positive vanadium test work and starts drilling

Most recently, Intermin received further positive metallurgical test work results from the Lilyvale prospect area within the Richmond Vanadium Project in Queensland.

Multiple tests utilising gravity, screening and flotation have resulted in concentrate grades averaging 1.6% vanadium at an overall recovery of 73%.

Completion of the first phase of test work is scheduled for mid-2019.

Notably, this will enable the commencement of a preliminary feasibility study (PFS).

Portfolio of high-quality gold assets in Western Australia

Intermin is best known for its portfolio of gold assets in the Western Australia goldfields near Kalgoorlie.

Most notably, Intermin is a proven gold producer having successfully completed its mining operation at the Teal Gold Mine, which commenced in October 2016.

Mining is now complete with 229,000 tonnes processed at 3.2 g/t gold for 21,836 ounces at a 94% recovery rate.

Within Teal’s portfolio, it has a number of advanced gold projects that it aims to move into production.

Quick facts: Horizon Minerals Ltd

Price: $0.14

Market: ASX
Market Cap: $57.78 m
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