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Evolution Mining Ltd.
Summary
| Project: | Cowal | |
|---|---|---|
| Deposit: | Cowal | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 2/16/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Scoping Study | |
| Report details: | 16-2-2017: Evolution Mining Ltd. announces a Resource Estimation report for its Cowal deposit at the Cowal project. Updated mineral resources and ore reserves for Cowal. On 8 February 2017 Cowal received NSW regulatory approval to extend operations to 203 | |
| Resources: | (Reserve, P+P): 116.71 Mt @ 0.85g/t Au for 3.2Moz Au contained at Cowal | |
| CP/QP: | [Resources]: Joseph Booth (Internal) | |
| ABSTRACT: | On 8 February 2017 Cowal received NSW regulatory approval to extend operations to 2032. Following completion of the E42 Stage H resource definition drilling and associated feasibility studies, the Company has approved the Stage H cutback. The life of mine has increased by eight years with additional gold production of 1.2 million ounces planned. The remaining Life of Mine (“LOM”) material movement is 103.1Mt of waste and 55.6Mt of ore for a strip ratio of 1.85:1. Capital investment in stripping is expected to be approximately A$230.0 million over four years commencing in FY18. Importantly, the extension of Cowal’s mine life out to at least 2032 enables the evaluation and development of additional Mineral Resources which sit outside the E42 open pit Ore Reserves. Resource definition drilling is planned to recommence on other long-term development opportunities including E41, E46, Galway and Regal deposits. Since acquisition, Evolution has increased the Cowal Ore Reserve 2.28 million ounces, and increased the Cowal Mineral Resource by 2.24 million ounces prior to mining depletion. Value is being realised through the high rate of conversion of ounces added to the Mineral Resource being brought in to Ore Reserves. The Cowal Mineral Resource and Ore Reserve statement has been prepared in accordance with JORC Code 2012. A Material Information Summary pursuant to ASX Listing Rules 5.8 and 5.9 is provided on pages 4 to 10 of this announcement. The Assessment and Reporting Criteria in accordance with JORC Code 2012 requirements is appended to this announcement. | |
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