Australian firms, Spitfire Materials Limited and Aphrodite Gold Limited have announced that they have entered into an agreement to merge the two companies to create a new Australian gold company, by way of a court approved Scheme of Arrangement.
The merger will create a new leading gold company, with an expansive portfolio stretching across Western Australia and the Northern Territory. The new company will be granted a key asset in the form of the Aphrodite Gold Project. This property, located 65 km from Kalgoorie, boasts production potential and opportunities to explore surrounding areas in the near-term.
This project also offers the opportunity of cooperation with Spitfire’s Mulwarrie Gold Project, located 65km away, where it has recently discovered significant high-grade primary gold mineralization that could utilise Aphrodite’s fleet and knowledge.
The new drilling program will be the first project of the merged company, while they persist in their aims to expand the Mineral Resource inventory at Aphrodite and define a JORC Resource at Mulwarrie. Drilling is set to resume at Mulwarrie this week. The merged entity will also pursue the Alice River Gold Project in North Queensland, where a drilling program is set to begin.
This strategy will be led by a highly skilled management team, including the founders of the successful lithium developer: Pilbara Minerals Ltd, Neil Biddle and John Young. Aphrodite directors Peter Buttigieg and Roger Mitchell will also join the new company’s board, with Mr. Buttigieg serving as Non-Executive Chairman.
Read the article online at: https://www.globalminingreview.com/finance-business/17082017/spitfire-materials-to-merge-with-aphrodite-gold-to-pursue-gold-mining-in-western-australia/