Evolution Mining FY24 Guidance Update
SECTION 2
Criteria
Mineral
tenement and
land tenure
status
Exploration
done by other
parties
Geology
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2- REPORTING OF EXPLORATION RESULTS
Cowal Section 2 Reporting of Exploration Results
Commentary
The Cowal Mine is located on the Western side of Lake Cowal in central New South Wales, approximately 38km north of West Wyalong and 350km west of Sydney.
Drilling at GRE46 documented in this presentation was undertaken on mining license ML1535
ML1535 is wholly owned by Evolution Mining Ltd., and CGO has all required operational, environmental, and heritage permits and approvals for the work conducted on the lease
All mining licenses are in good standing.
Drilling at South Cowal was undertaken on Exploration License EL 7750
EL 7750 is wholly owned by Evolution Mining Ltd., and CGO has all required operational, environmental, and heritage permits and approvals for the work conducted on the lease
A New South Wales government royalty is applicable to Cowal, payable on the value of processed gold, and is calculated as follows:
Royalty =4% of {Total Revenue - Processing Costs - (33% of site Administration costs) - Depreciation}
There are not any other known significant factors or risks that may affect access, title, or the right or ability to perform work programs on the Lease.
The Cowal region has been subject to various exploration and drilling programs by GeoPeko, North Ltd., Rio Tinto Ltd., Homestake, and Barrick.
Construction of the Cowal Mine began in 2004, and first gold was poured in 2006
Drill hole
information
Data
aggregation
methods
Evolution
MINING
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The Cowal gold deposits (E41, E42, E46, GRE46) occur within the 40 km long by 15 km wide Ordovician Lake Cowal Volcanic Complex, east of the Gilmore Fault Zone within the eastern
portion of the Lachlan Fold Belt. There is sparse outcrop across the Lake Cowal Volcanic Complex. Consequently, the regional geology has largely been defined by interpretation of
regional aeromagnetic and exploration drilling programs.
The Lake Cowal Volcanic Complex contains potassium rich calc-alkaline to shoshonitic high level intrusive complexes, thick trachyandesitic volcanics, and volcaniclastic sediment piles.
The gold deposits at Cowal are structurally hosted, epithermal gold deposits occurring within and marginal to a 230 m thick dioritic to gabbroic sill intruding trachyandesitic volcaniclastic
rocks and lavas.
The overall structure of the gold deposits is complex but in general consists of a faulted antiform that plunges shallowly to the north-northeast. The deposits are aligned along a north-south
orientated corridor (the Gold Corridor) with bounding faults, the Booberoi Fault on the western side and the Reflector Fault on the eastern side.
Refer to the Drill hole information summary presented in the Appendix of this report.
Significant intercepts have nominally been calculated based on a minimum interval length of 3m, maximum internal dilution of 5m, and a minimum grade of 0.4g/t Au, or 0.2% Cu for South
Cowal. However, some intervals with significantly elevated Au grades may be reported individually
Au and Cu grades are reported un-cut.
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