Gascoyne Up for Sale/ Murchison heats upGascoyne is running out of oxides for its mill and its grades are very low.
So it recently proposed a merger with Firefox for its 196,500 ounces of gold resources at 1.45 gms per ton.
It states the proforma enterprice value of $159 m subsequent to the acquisition, which at 32 .8 % implies about $51 m for Firfoxes 196,500 ounces of Indicated resource.
Thats pretty rich at $260 per ounce of gold in the ground.
But Gascoyne has to have higher grade ore to make it very ;profitable.
Today, I notice that Gascoyne received an unsolicited takeover offer which it rejected.
Gascoyne i a former merger candidate with Monument.
So, with limited new discoveries of shallow oxides of decent grades, Monument is well placed with its 550,000 ounces @2.05 gms per ton
https://hotcopper.com.au/threads/ann-gascoyne-and-firefly-agree-to-merger.6112580/