Evolution offloads NZ project

EVOLUTION Mining has sold its Puhipuhi exploration project in New Zealand.

Evolution offloads NZ project Evolution offloads NZ project Evolution offloads NZ project Evolution offloads NZ project Evolution offloads NZ project

The buyer is Toronto Venture Exchange-listed Full Metal Minerals, which has been on the hunt for a new project.

Puhipuhi is an exploration stage epithermal gold project on the North Island of New Zealand.

FMM will pay C$50,000 upfront for the project and up to $5.5 million in milestone payments, which can be made in shares.

Evolution acquired Puhipuhi from De Grey Mining in 2015 for A$370,000.

Evolution spent over NZ$5 million on exploration including extensive soil geochemical surveys, 24 line kilometres of geophysics surveys and 3800m of diamond drilling.

FMM has raised C$1.25 million in connection with the transaction.

Evolution has been focusing all of its recent exploration efforts on its Australian projects, with a focus on near-m...

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