- Gold explorers Evolution Mining (EVN) has purchased the remaining interest in the Crush Creek gold project in Queensland
- Last year, the company purchased 70 per cent of the project for $7 million
- Now, it has agreed to purchase the remaining 30 per cent for $4.5 million
- The aim of the purchase to increase the mine life of the nearby Mt Carlton Mine
- On the market today, Evolution is down 4.69 per cent and is trading at $4.88 per share
Evolution Mining (EVN) has agreed to purchase the remaining interest in the Crush Creek gold project in Queensland.
Last year, the company entered into agreements with Basin Gold for Crush Creek to purchase 70 per cent of the project for $7 million.
Now, Evolution wants the rest of the pie and has agreed to pay $4.5 million for the remaining 30 per cent of the project. Under the deal, Basin Gold will keep a 10 per cent net profit interest on any gold production in excess of 100,000 ounces.
Crush Creek is home to low sulphidation epithermal gold mineralisation which could potentially extend the life of the nearby Mt Carlton Mine, also owned by Evolution.
Mt Carlton is located 150 kilometres south of Townsville on the traditional lands of the Birriah People.
Vice President of Discovery and Business Development, Glen Masterman, is pleased to have full control of Crush Creek.
“Drilling at Crush Creek has returned promising results and reinforces our belief that mineralisation we are delineating has the potential to extend mine life at Mt Carlton,” he said.
On the market today, Evolution is down 4.69 per cent and is trading at $4.88 per share at 1:39 pm AEDT.