Evolution Mining Limited has entered into an earn-in joint venture agreement with Andromeda Metals Limited (APN) over their wholly owned Drummond Gold Exploration Project located in north Queensland.
Close to EVN’s Mount Carlton operations, Drummond project is an early-stage gold exploration project located in northern Queensland covering 520 square kilometers. As per the joint venture agreement, Evolution requires to make a cash payment of A$300,000 to earn 51% interest in APN’s Drummond project along with A$2 million of exploration spending over a two-year period.
Moreover, Evolution may elect to raise its equity interest by further 29% for a total of 80% stake through additional cash payment of A$200,000 to Andromeda and spending A$4 million on exploration over two years.
EVN will act as manager and operator of the Joint Venture.
Following the joint venture update, EVN share price surged by 2.075% to $2.705 on 3 September (4:25 PM AEST).
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