PERTH (miningweekly.com) – Gold miner Ramelius Resources reported on Thursday that the creditors of Black Oak Minerals have approved the sale of the Marda gold project, in Western Australia.
Ramelius in September announced plans to purchase the Marda gold project from the liquidators of Black Oak Minerals, for A$13-million.
With the creditor approvals in place, Ramelius will now be able to apply to the Federal Court for the transfer of shares in Black Oak to one of its wholly owned subsidiaries.
The approval of the court will signal the completion of the transaction, which is expected before the end of the year, Ramelius told shareholders.
“This outcome brings Ramelius a step closer to acquiring the Marda gold project and securing additional high-grade feed for the Edna May processing facility,” said Ramelius MD Mark Zeptner.
“Marda has the potential to enhance future economics at the Edna May mine, yet it does not detract from our ability to execute strategic transactions in other jurisdictions.”
Marda is some 191 km from the Edna May operation and is estimated to contain 333 000 oz of mineral resources at 1.96 g/t gold and 151 000 oz of ore reserves at 2.30 g/t gold.
Ramelius on Thursday said that the company has already started preliminary studies on how best to develop the various openpit mines at the Marda project, and is investigating various trucking routes from the mines to the Edna May processing facility.
Early completion of the Marda acquisition could mitigate any adverse impacts on production brought about by the approval delays at Greenfinch, the miner added.