Evolution Mining has entered into an earn-in joint venture agreement with Andromeda Metals over the Drummond exploration project.
Image: Drummond is an early-stage gold exploration project located in northern Queensland. Photo: courtesy of Dan Brown.
Drummond is an early-stage gold exploration project located in northern Queensland covering ~520km2. The project is approximately 140km south of Townsville and 50km southwest of Evolution’s Mount Carlton operation.
Outcropping gold-bearing veins of the same style and scale to the nearby Pajingo gold-silver deposit occur within the project. Vein textures at several prospects in the project suggest the system is largely preserved, and that the most prospective level for gold mineralisation remains untested by drilling.
Commenting on the agreement, Evolution’s Vice President Discovery, Glen Masterman, said: “The Drummond project is an exciting opportunity to leverage our expertise in epithermal gold deposits on a technically compelling project close to our Mount Carlton operation.”
Key terms of the agreement:
▪ Stage 1: Evolution can earn a 51% interest in the Drummond project by making a cash payment of A$300,000 to Andromeda and spending A$2 million on exploration over a two year period.
▪ Stage 2: Evolution can earn a further 29% (for a total of 80%) by making additional cash payment of A$200,000 and spending A$4 million on exploration over two years.
Source: Company Press Release