Evolution Mining has entered into an earn-in joint venture agreement with Andromeda Metals over the
Drummond exploration project.
Drummond is an early-stage gold exploration project covering about 520sq km in an area about 140km south of Townsville and 50km south-west of Evolution’s Mount Carlton operation.
Evolution Mining said the project featured outcropping gold-bearing veins of the same style and scale to the nearby Pajingo
“The Drummond project is an exciting opportunity to leverage our expertise in epithermal gold deposits on a
technically compelling project close to our Mount Carlton operation,” Evolution vice-president discovery Glen Masterman said.
Key terms of the agreement:
▪ Stage 1: Evolution can earn a 51 per cent interest in the Drummond project by making a cash payment of $300,000 to Andromeda and spending $2 million on exploration over a two-year period.
▪ Stage 2: Evolution can earn a further 29 per cent (for a total of 80 per cent) by making an additional cash payment of
$200,000 and spending $4 million on exploration over two years.
Completion of the transaction remains subject to standard regulatory conditions.