Gold miner Evolution Mining has extended the option to purchase tenements nearby its operating Cowal gold mine, in NewSouth Wales, for a third and final year for further evaluation and exploration.
A two-year option agreement with ASX-listed Strategic Energy Resources was due to expire on September 26, 2024, but Evolution has elected to extend the option period for a further 12 months.
Evolution will pay Strategic Energy A$100 000 in cash for the extension.
Strategic Energy says Evolution continues to explore the tenement having secured land access, completed a detailed desktop targeting review along with a gravity survey and an air-core programme to date.
Forward exploration activities in the coming year may include drilling and/or additional geophysics.
To exercise the option, Evolution must pay Strategic Energy A$1-million in cash.