Westgold Resources (ASX:WGX) has provided further details regarding its plans to demerge its Northern Territory polymetallic assets.
The polymetallic assets, which include the Iron-Oxide-Copper-Gold Rover 1 discovery are held by Westgold's wholly owned subsidiary, Castile Resources.
Westgold says after considering the best way to unlock value for these assets for its shareholders the it has proposed to demerge the wholly owned subsidiary.
Following the proposed Demerger, each Westgold shareholder will receive an entitlement to one 1 Castile share for each four 4 Westgold shares they own.
The demerger remains subject to, among other things, Westgold shareholder approval. The demerger is expected to be put to a vote at its AGM in late October.
Shares in Westgold (ASX:WGX) are trading 2.65 per cent higher at $1.94.