The project is prospective for Archaean greenstone gold deposits and encompasses poorly tested continuations of the Big Bell and Cuddingwarra shear zones, which host multi-million-ounce gold deposits at Big Bell, Cuddingwarra and Mount Magnet.
Evolution vice president discovery and business development Glen Masterman said: “Murchison is a compelling exploration project in a well-endowed gold district and presents a rare opportunity in which the most prospective areas remain poorly tested under shallow cover.”
Key terms of the agreement
Evolution can earn an 80% interest in the Murchison project by:
- Spending $6 million on exploration over a four-year period;
- Making an initial cash payment to Enterprise of $150,000 on signing of the agreement; and
- Making an additional cash payment to Enterprise of $150,000 should the agreement remain in place after years.