Evolution Mining Limited (ASX: EVN) has recently announced an agreement with Norton Gold Fields Limited to process ore from Evolution’s Castle Hill deposit and end Norton’s right to mine. It also allows Evolution to develop and explore an important package of tenements at Mungari that were effectively quarantined by the rights held by Norton.
Castle Hill hosts a Mineral Resource of 19.32 million tons grading 1.12g/t Au for 695,000 ounces of gold and an Ore Reserve of 5.35 million tons grading 1.38g/t Au for 236,000 ounces. It is the most advanced and most significant deposit in the tenement package. The Agreement is expected to materially extend the mine life at Mungari and delivers an immediate boost in Ore Reserves attributable to the Mungari operation. For the Mungari processing facility, following the forecast completion of the White Foil open-pit in FY20, castle Hill is now expected to provide base-load feed. The surrounding deposits, Infill drilling and engineering studies relevant to Castle Hill, will commence immediately.
Evolution traded at $3.140 and has seen a daily price change of 0.319% on July 18, 2018.
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