PERTH (miningweekly.com) – ASX-listed MacPhersons Resources has received a further A$1.5-million cash instalment from the sale of its Coolgaride gold assets, in Western Australia, to fellow-listed Primary Gold.
Primary acquired the Coolgardie project in 2016, and to date, has paid McPhersons A$3.5-million of the total A$5-million cash consideration. MacPhersons also received 40-million primary shares, which were escrowed in three equal tranches.
The final cash instalment of A$1.5-million is due in December this year.
Coolgardie hosts an existing resource of 3.81-million tonnes, at 1.63 g/t gold for 200 600 oz of gold. Primary is targeting approvals for the Coolgardie mine by the first half of this year, and is planning to initially mine the Macphersons and Tycho deposits, and toll treat the ore at nearby mills.