An Evolution in gold resources and reserves

Evolution Mining has unveiled a strong uplift in gold and copper holdings in its latest mineral resources and ore reserves update.

The company estimates its group mineral resources contain 30 million ounces (Moz) of gold and 4.4 million tonnes (Mt) of copper.

This increase reflects strong growth at the Mungari mine in Western Australia (up 1.3Moz), the Ernest Henry mine in Queensland (up 400,000 ounces) and the Northparkes mine in New South Wales (up 400,000 ounces), partially offset by a 4.5Moz reduction at the Red Lake mine in Canada, and minor changes at the Cowal mine in NSW and the Mt Rawdon operation in Queensland.

Evolution’s ore reserves now total 11Moz of gold and 1.4Mt of copper, equating to an average mine life of approximately 15 years.

Evolution Mining managing director and chief executive officer Lawrie Conway said the results reinforce the long-term outlook for Evolution’s operations.

“Our mineral resources and ore reserves update demonstrates the quality of our portfolio with an average mine life of 15 years, having more than doubled since Evolution’s inception in 2011,” Conway said.

“With mineral resources estimated at 30Moz of contained gold, we are well-positioned to continue growing our business, increasing mine life, and delivering value to all stakeholders.

“In addition, we have a significant and growing copper endowment, with mineral resource and ore reserve growth across both Ernest Henry and Northparkes.”

The reduction in Red Lake’s mineral resource is tied to Evolution’s revised approach focused on operational stability and sustainable cash flow generation.

The company’s infill drilling confirmed mineralisation was less continuous than previously modelled in wide spaced historic drilling, meaning Evolution is moving resources to other assets.

“The changes at Red Lake reflect our continued focus on consistent operations and generating sustainable positive cash flows from its 15-year mine life,” Conway said.

“Recent drilling results continue to reinforce the significant growth opportunities across our portfolio.”

With notable increases in both gold and copper resources and reserves, Evolution is continuing to build on a decade of solid performance and organic growth.