Evolution in new JV

EVOLUTION Mining has inked a A$6.5 million earn-in and joint venture agreement with Andromeda Metals over the Drummond project.

Evolution in new JV Evolution in new JV Evolution in new JV Evolution in new JV Evolution in new JV

Mt Carlton

Drummond is an early stage gold project covering around 520sq.km, 50km southwest of Evolution's Mt Carlton mine.

During stage one, Evolution can earn 51% by paying Andromeda $300,000 cash and spending $2 million on exploration over two years.

Evolution can move to 80% during stage two by paying an additional $200,000 and spending $4 million on exploration over two years.

Evolution said outcropping gold-bearing veins of the same style and scale to the nearby Pajingo gold-silver deposit - which the company used to own - occurred 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.

"The Drummond projec...