Evolution Mining share price higher on gold and copper resource boost

rising gold share price represented by a green arrow on piles of gold blockrising gold share price represented by a green arrow on piles of gold block

The Evolution Mining Ltd (ASX: EVN) share price is in the green today.

The company’s share price is up 3% and currently trading at $2.72. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.27% today.

Let’s take a look at what Evolution reported today.

More copper and gold

Evolution advised of a new mineral resource estimate at the company’s Ernest Henry operation in Queensland.

Copper has jumped 28% to 1.13 million tonnes, while gold has leapt by 24% to 2.07 million ounces.

The new estimate is based on 30,159 metres of drilling from 119 drill holes at the site.

Commenting on the news, executive chairman Jake Klein said:

We are very pleased with the significant increase in the reported mineral resource at Ernest Henry. The result reinforces Ernest Henry as a premier copper/gold asset that has generated exceptional shareholder returns.

This new mineral resource estimate highlights the exciting extension potential we see at the operation. As the mineral system remains open at depth there is potential for further resource additions with the completion of further drilling.

The mineral resource estimate will inform a mine extension pre-feasibility study. This is due for completion by the end of the year.

Evolution share price snapshot

The Evolution share price has lost 34% in the past year, while it has slid 32% year to date.

For perspective, the S&P/ASX 200 Index (ASX: XJO) has shed nearly 6% in a year.

Evolution has a market capitalisation of about $5 billion based on the current share price.

The post Evolution Mining share price higher on gold and copper resource boost appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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