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ASF Group To Assist ActivEX With Development Of Its Business After Closing Takeover Offer

ASF Group (ASX: AFA) is now ActivEX's (ASX:AIV) single largest shareholder with a 42.75% stake, or 152,625,977 shares, after its on market takeover offer closed on 28 June.

The company said that it plans to assist AIV with the further development of its business.

It added that with its well established business networks in China, it is well placed to provide added value to the company through the enhancement and realisation of AIV's assets for the benefit of AIV's shareholders as a whole.

ActivEX has a portfolio of exploration projects focused on copper and gold across Queensland and one advanced potash project in Western Australia.

In Cloncurry, ActivEX has five projects covering 963 square kilometres and targeting iron oxide-copper-gold style mineralisation and skarn style copper, cobalt, gold, molybdenum mineralisation.

The Cloncurry district is a richly endowed mineral province and continues to be a focus for ActivEX.

In Southeast Queensland, the company has three projects targeting large scale porphyry copper-gold-molybdenum style mineralisation, and high grade moderate scale epithermal gold-silver targets.

This region has shown similarities to the Macquarie Arc of New South Wales, where over 50 million ounces of gold and associated copper has been discovered in the last 25 years.

In far north Queensland, ActivEX has three projects where the company is working to discover deposit styles with significant tonnage potential and hence longevity.

Large intrusive related gold deposits such as Charters Towers (7 million ounces), Mt Leyshon, Kidston, and Ravenswood (each +3 million ounces) and high grade epithermal gold deposits such as Vera Nancy (2.8 million ounces) and Mt Carlton (+1 million ounces) are well known in this region.

At the Pentland Project, the company is in joint venture with China Yunnan Copper Australia and is targeting porphyry or intrusive related copper-gold-molybdenum style mineralisation.

Most recently ActivEX has also acquired an option to purchase a graphite project on South Australia's Eyre Peninsula.

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