Gold, News, Quarterly and half yearly results

An Ernest expansion

Evolution Mining’s reputation as a low cost, high margin global gold producer has been reaffirmed in its half-year financial results.

With the release of Evolution Mining’s June quarterly report, the company has confirmed that drilling at its Ernest Henry copper-gold project in Queensland has enhanced the extension project at the mine.

“As we move into FY24 (financial year 2024), we have a strong pipeline of quality projects that will drive increased margins and extend the mine life of our assets,” Evolution chief executive officer and managing director Lawrie Conway said.

“This includes the drilling results which further enhance the Ernest Henry mine extension project, and are expected to drive further growth of the mineral resource.”

Evolution found encouraging extensions to mineralisation within the mine, including:

  • 21.2m  grading 3.16g/t gold and 1.52 per cent copper
  • 91.6m (45.0m etw) grading 0.55g/t gold and 1.03 per cent copper
  • 34.8m (23.0m etw) grading 1.19g/t gold and 1.43 per cent copper.

“At Ernest Henry, drilling continues to drive a rate of growth that shows no signs of slowing as we ramp-up underground and surface drilling activities through the September quarter,” vice president discovery Glen Masterman said.

“We are also pleased to report results of our exploration campaign in Western Australia, which has culminated in the declaration of the Cue joint venture West Island mineral resource.

“We believe our drilling results have unlocked value along a multi-kilometre mineralised trend which connects with Musgrave Minerals’ Cue gold project six kilometres south of our West Island mineral resource.”

Other highlights from Evolution’s quarterly report include:

  • A 19 per cent reduction in total recordable injury frequency (TRIF) to 8.9
  • FY23 gold production at 651,155 ounces
  • FY23 operating mine cash flow of $944 million.
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