PERTH (miningweekly.com) – Gold miner Evolution Mining has entered into a farm-in joint venture (JV) agreement with a subsidiary of fellow-listed Terramin Australia over the South Gawler gold project, in South Australia.
Under the terms of the agreement, Evolution could earn a 70% interest in the project by spending A$4-million on exploration over the next four years. The ASX-listed company could earn an additional 10% by spending a further A$2-million over two years, after which a pro-rata period would operate.
Evolution can withdraw from the project after spending a minimum of A$500 000.
“The Gawler Craton mineral province hosts several world-class gold/copper deposits and there are still large areas that have not seen extensive exploration,” said Evolution VP for discovery, Glen Masterman.
“The South Gawler JV is a rare opportunity to secure a significant land position in an emerging area of this mineral province.”