Evolution Mining’s drilling update for its Ernest Henry site in Queensland has revealed gold and copper assays at a new mineralisation area.
Drill results were received from two underground holes at the Bert prospect, which is located close to the main orebody in the open pit. The drill yielded significant copper and gold grades.
Results include:
- 64m grading 0.76 grams per tonne (g/t) gold and 1.39 per cent copper
- 50m grading 0.68g/t gold and 1.12 per cent copper.
Evolution also reports that a separate zone of mineralisation located along the hanging wall of Bert shows gold grades that are significantly higher than usual, including:
- 21.9m grading 3.87g/t gold and 0.83 per cent copper
- 10.0m grading 1.91g/t gold and 1.05 per cent copper
- 10.1m grading 2.22g/t gold and 0.55 per cent copper.
Evolution Mining managing director and chief executive officer Lawrie Conway said the promising results underline the site’s potential.
“The ongoing drilling success we continue to see at Ernest Henry highlights the exciting potential for growth at this world class operation,” he said.
“The significance of the recent drilling intercepts … indicates that Bert is a sizable mineralisation domain that remains open down-plunge.”
The drilling results follow strong half-yearly financials for the Evolution.
The company reported statutory net profit after tax income of $101 million and underlying net profit after income tax of $103 million.
Evolution had $302 million of planned investment in major growth projects, with a mine cash flow of $86 million.
“With a significant investment in growth projects at our cornerstone assets, supported by a high-quality mineral resource and ore reserve base, our business is well positioned to deliver a strong second half,” Conway said.
“We remain on track to deliver group FY23 production and cost guidance with performance weighted to the second half of the year.”