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Evolution Mining Ltd.
Summary
| Project: | Mt Carlton | |
|---|---|---|
| Deposit: | Mt Carlton | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 6/19/2020 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 19-6-2020: Evolution Mining Ltd. announces an Exploration/Drilling Update report for its Mt Carlton deposit at the Mt Carlton project. Drilling results incl. 31.7m @ 5.68g/t Au from 61m. Evolution Mining Limited (ASX:EVN) (“Evolution”) provides the follow | |
| Resources: | ||
| CP/QP: | [Overall Report] Dan Macklin (Internal) | |
| ABSTRACT: | Evolution Mining Limited (ASX:EVN) (“Evolution”) provides the following update regarding the Mt Carlton Operation. An extensive grade control infill program of 204 drill holes (33,000m) has recently been completed post the 31 December 2019 Mineral Resources and Ore Reserves Statement to inform an update to the resource block model. The improved understanding of the geological controls on grade distribution has now indicated a reduction of approximately 75,000 ounces from the Life of Mine Plan. FY20 gold production at Mt Carlton is now estimated to be around 60,000 ounces (revised guidance provided to the market on 10 January 2020 was 70,000 – 75,000 ounces). For FY21, the operation is now expected to produce around 50,000 ounces. Mt Carlton has generated A$665 million of operating cash flow since commencing production and has fully repaid all of its initial development capital and subsequent investments to deliver an average return of 19% per annum. Whilst the reduction of 75,000 ounces represents approximately 1% of Evolution’s Group Ore Reserves, the updated Life of Mine Plan in FY20 reflects a material change to the carrying value of Mt Carlton. As a result, a non-cash impairment estimated at between A$75 – A$100 million post-tax is expected to be recorded in the FY20 full year financial accounts. | |
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