proactiveinvestors
International minerals company Malagasy Minerals (ASX: MGY) has announced a decision not to proceed with the proposed merger with the Madagascar based company, Madagascar Resources NL, which Malagasy announced to the ASX in May this year.
Malagasy stated that the merger is not in shareholders best interests, even after identifying the strategic merit of the combination of assets of both the companies in
Madagascar.
Last week, Malagasy announced it had intersected a zone of massive and disseminated sulphides in the first diamond drill hole, to be completed at its recently discovered Ianapera Nickel-Copper Project, located in southern Madagascar.
Drill hole IPC0001, which was sited to test Gossan AMC-50, intersected 2.5 metres of massive sulphide mineralisation from 135m, followed by 20 metres of disseminated (5% to 15%) sulphides in basal ultramafic cumulates with chromite.
Observed sulphide minerals are pyrite, pyrrhotite (+/- pentlandite) and chalcopyrite.
Drilling will test up to 11 massive sulphide gossans containing anomalous nickel and copper, which were in the northern part of Malagasy’s wholly owned Ampanihy Project earlier this year.
http://www.proactiveinvestors.com.au/companies/news/10279/malagasy-minerals-will-not-proceed-with-proposed-madagascar-resources-merger-10279.html
