Evolution share price leaps as ASX 200 miner reports ‘outstanding’ new copper-gold find

A group of people in suits and hard hats celebrate the rising share price with champagne.

A group of people in suits and hard hats celebrate the rising share price with champagne.

The Evolution Mining Ltd (ASX: EVN) share price is racing higher today, up 6.42% in lunchtime trade.

Shares in the S&P/ASX 200 Index (ASX: XJO) gold miner closed yesterday trading for $2.57 and are currently changing hands for $2.735 apiece.

Here’s what’s piquing ASX 200 investor interest.

What’s driving ASX 200 investor interest today?

Investors are bidding up the Evolution share price after the miner reported intersecting significant new copper-gold extensions at its wholly owned Ernest Henry mine, located in Queensland.

Exploration at Ernest Henry is ongoing, and Evolution said the new drill hole intersected significant mineralisation widths within and below the Pre-Feasibility Study (PFS) mine life extension area.

Top results included:

  • 0 metres grading 1.26 grams per tonne of gold and 1.62% copper
  • 0m grading 1.06g/t gold and 1.39% copper
  • 8m grading 1.42g/t gold and 1.54% copper

Commenting on the drill results sending the Evolution share price sharply higher today, chair Jake Klein said:

Ernest Henry is a world class operation and a key asset in the Evolution portfolio. The outstanding copper-gold grades and widths in the new drilling results demonstrate the exciting potential for mineralisation to extend up-plunge and at depth.

This showcases the significant opportunity that exists to extend the life of this high margin operation. Our exploration team is making good progress with the ongoing drilling program, which continues to focus on opportunities to demonstrate continuity and extensions to the orebody.

The latest results are not included in the mine’s current Mineral Resource. They will be incorporated in the annual Mineral Resource update, which Evolution will release in the March 2023 quarter.

Evolution’s FY23 gold production guidance across its portfolio of five mines is 720,000 ounces (give or take 5%) at an all-in sustaining cost of $1,240 per ounce (give or take 5%).

Evolution share price snapshot

The Evolution share price has been on a tear over the past month, up 40%. That compares to a one-month gain of 7% posted by the ASX 200.

The post Evolution share price leaps as ASX 200 miner reports ‘outstanding’ new copper-gold find appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben 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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