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Evolution Mining Ltd

Evolution Mining enters JV agreement with Enterprise Metals over the Murchison Gold Project

Murchison is a large, early-stage gold exploration project covering about 750 kilometres in the Murchison region of central Western Australia.

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Evolution will operate the project during the earn-in period

Evolution Mining Ltd (ASX:EVN) has entered into an earn-in joint venture agreement with Enterprise Metals Limited (ASX:ENT) over the Murchison exploration project in WA.

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.

Quick facts: Evolution Mining Ltd

Price: $4.77

Market: ASX
Market Cap: $8.12 billion
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