Evolution Mining Limited released its annual Mineral Resources and Ore Reserves (MROR) estimates as at 31 December 2017. The Company remains committed to building a sustainable business that prospers through the cycle and has therefore used an unchanged and conservative gold price assumption of A$1,350 per ounce (US$1,050/oz)1 and a copper price assumption of A$6,000 per tonne (US$4,680/t) to estimate Group Ore Reserves.
▪ Group Mineral Resources
- Gold Mineral Resources increased by 68,000 ounces to 14.24 million ounces after accounting for mining depletion of 842,000 ounces and divestment of 848,000 ounces at Edna May. The largest offset was due to resource extensions at Cowal of 1.04 million ounces
- Copper Mineral Resources decreased 88,000 tonnes to 946,000 tonnes after accounting for mining depletion and the re-estimation of Marsden Mineral Resources
▪ Group Ore Reserves
- Gold Ore Reserves increased by 58,000 ounces to 7.05 million ounces after accounting for mining depletion of 842,000 ounces and divestment of 426,000 ounces at Edna May. Cracow and Mungari both added to Ore Reserves post mining depletion. A maiden Ore Reserve for Marsden has been included contributing 835,000 ounces
- Copper Ore Reserves increased by 352,000 tonnes to 564,000 tonnes after accounting for mining depletion and the addition of 371,000 tonnes at Marsden (maiden Ore Reserve)
- Further delineation and conversion of the significant mineral endowment at Cowal along the 3km long Gold Corridor between E46 and E41
- Evaluation of regional porphyry copper-gold potential within the Cowal Province
- Advancing the Mungari Provincial pipeline (>30 current targets) and continuation of the near-mine drilling programs with targets including deep extension drilling at Frog’s Leg, evaluation of the White Foil underground, and near-surface extensions of mineralisation north of the White Foil open pit
- Further extensional and infill drilling at Cracow with targets on the known structural corridors including the Kilkenny to Empire trend
- Further resource definition drilling at Mt Carlton and continuation of testing for underground resource extensions
- Extensional drilling below the 1,200m level at Ernest Henry
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