ASX- and TSX-listed Perseus Mining has increased its interest in Tanzanian gold miner OreCorp from 15.03% to 19.9%.
OreCorp owns the Nyanzaga gold project in northwest Tanzania, which has a probable ore reserve of 40-million tonnes grading 2.02 g/t gold for 2.6-million ounces of gold contained.
Notably, Perseus says it is not currently in active discussions with OreCorp and does not intend to submit a change of control transaction in competition to the current scheme that TSX- and NYSE-listed Silvercorp Metals has offered to OreCorp shareholders.
Silvercorp in August announced its intention to buy all ordinary OreCorp shares that it does not already own. The company in November raised the cash component of its takeover offer by 26.7% to A$0.19.
The OreCorp board has approved the new offer and recommended shareholders vote in favour of the deal, provided there is no superior bid.
Perseus intends to vote against the Silvercorp scheme at the OreCorp scheme meeting, which is scheduled for December 8.
Perseus says it would also welcome the opportunity to engage with OreCorp to determine an optimal and expedited pathway forward for the development of the Nyanzaga project.