Evolution Mining lifts gold reserve by 3% on strong drilling performance
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The news: Evolution Mining has lifted its gold resource and reserve base by 3%, primarily driven by strong operational performances and drilling volumes at its Cowal and Northparkes operations.
The numbers: Group mineral resources are estimated at 31 million ounces of gold and 4.2 million tonnes of copper net of depletion. Mining depletion at its Ernest Henry and Marsden sites resulted in a 4% decline in copper mineral resources to 200,000 tonnes.
Group ore reserves stand at 12 million ounces of gold and 1.3 million tonnes of copper. The 5% increase in contained gold was underpinned by reserve additions at the Cowal and Red Lake Tailing sites. Mining depletion at Ernst Henry and Northparkes led to a 4% decrease in copper ore reserves to 100,000 tonnes.
The context: The miner said the gold resource growth was driven by continued momentum at its key sites, including Cowal and Northparkes, which helped offset depletion impacts at Ernest Henry and Marsden, with copper resources and reserves both declining modestly.
Evolution also expects the Northparkes expansion study to be finalised by the end of FY27, with the project anticipated to deliver further growth to the group’s mineral resources and ore reserves.
What they said: “This demonstrates the scale and longevity of our life-long, high-quality portfolio, complemented by our current expansion studies that offer upside,” Evolution Mining CEO Lawrie Conway said.
“We also see a clear potential to grow copper resources from the current 4.2Mt, with targeted exploration accelerating around Ernst Henry and Northparkes over the next year,” he added.
The source: ASX
