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Metalsearch closes Abercorn alumina project takeover

Metalsearch Ltd. completed its takeover of Abercorn Kaolin Pty. Ltd., which owns the 128-square-kilometer Abercorn alumina project in Queensland, Australia.

The company is planning a 2,000-meter reverse circulation drilling program on the project to define a maiden inferred mineral resource and the potential scale of kaolin containing high-grade aluminum oxide.

Metalsearch said Oct. 16 that it also completed the required A$2.0 million capital raising and issued the shares and performance rights associated with the acquisition. It signed a binding cash-and-stock deal to acquire Abercorn in August.

Technical director John Goody and corporate executive Keong Chan have joined the company's board, after nonexecutive director Neville Bassett and Jason Brewer resigned. Brewer joined Metalsearch in August 2018 as a nonexecutive director.