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Evolution Energy Minerals set to spin bit with maiden drilling program at Chikundo

ASX News, Materials
ASX:EV1      MCAP $7.349M
15 June 2026 10:07 (AEST)

Evolution has identified a range of targets to test at Chikundo in Tanzania.

Evolution Energy Minerals (ASX:EV1) is ready to commence its maiden drilling program at the Chikundo copper project in the Lindi region of southern Tanzania. The program will follow the company’s announcement in early June of the identification through soil sampling of four copper targets.

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The company has now designed a reverse circulation (RC) drilling program to test those targets beneath the surface, closed the tender for a drilling contractor, and begun preparing the site so that drilling can start in June CY26.

“Having defined and ranked our copper targets from the soil geochemistry, we have moved quickly to put a drill programme on the ground,” MD Craig Moulton said.

“The design is disciplined – nine priority holes concentrated on the strongest part of the system around the Malachite Pit and the Chikundo anomaly, with a suite of optional holes ready to follow up the broader target inventory.

“With the tender closed and pad preparation starting this week, we are on track to begin drilling in late June and to begin generating the drill data that will define the next phase of value at Chikundo.”

Subject to completion of the tender and contractor mobilisation, drilling is scheduled to commence in late June 2026.

The four priority areas are the Chikundo prospect (incorporating the Malachite Pit and the Chikundo anomaly strike length), Chikundo North, Chikundo West and Nangurugai.

The Chikundo prospect is the company’s highest-priority target and the focus of all nine priority “must-drill” holes. It is centred on the Malachite Pit, where secondary copper minerals are visible at surface within a gossanous, chlorite–sericite altered zone interpreted as part of a hydrothermal copper system.

The prospect returned the strongest geochemistry in the survey, including the peak soil copper value of 5,870 parts per million (ppm) together with coincident peak tellurium (70.9 ppm) and bismuth (82.5 ppm), reported from historical soil sampling undertaken by IMX Resources.

These immobile pathfinder elements occur far above crustal background and provide high-confidence confirmation of a hydrothermal copper source.

 The anomaly forms a coherent, northeast-trending corridor that remains open along strike to the southwest, where elevated bismuth extends the interpreted mineralised corridor beyond the known artisanal workings.

Drill samples will be geologically logged and submitted to the laboratory for assay in batches.

EVI will open today at 0.8c. Mkt cap $6.532M.

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