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EVOLUTION MINING LIMITED Regulatory Filings 2023

Feb 27, 2023

64885_rns_2023-02-27_1b95fd2e-5859-4f7f-9778-00fbd1f9957c.pdf

Regulatory Filings

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ABN 74 084 669 036

ASX Announcement

28 February 2023

Sydney Office P +61 2 9696 2900 F +61 2 9696 2901 Level 24 175 Liverpool Street Sydney NSW 2000

www.evolutionmining.com.au

ONGOING DRILLING SUCCESS AT ERNEST HENRY

Key highlights:

  • New drillholes completed as part of the ongoing Ernest Henry exploration program have returned gold and copper assay results for Bert, which is a new mineralisation area at Ernest Henry located below and adjacent to the existing open pit. These results include:

  • 64.0m (40.0m etw[1] ) grading 0.76g/t gold and 1.39% copper (EH1286)

  • 50.0m (32.0m etw) grading 0.68g/t gold and 1.12% copper (EH1292)

  • These results also delineate a new gold-rich domain along the hanging wall of the Bert domain returning gold grades significantly higher than the average grade reported in the latest Mineral Resource[2] :

  • 21.9m (13.0m etw) grading 3.87g/t gold and 0.83% copper (EH1292)

  • 10.0m (7.0m etw) grading 1.91g/t gold and 1.05% copper (EH1292)

  • 10.1m (6.0m etw) grading 2.22g/t gold and 0.55% copper (EH1292)

  • The recent Bert drilling results reinforce potential for a separate ore body to be developed parallel to and stratigraphically beneath the Main ore body which is accessible from the ramp system in the pit and remains open down-plunge. These results are in addition to, and not included, in Evolution’s recent Annual Mineral Resource and Ore Reserve Statement ended 31 December 2022 released on 16 February 2023.

  • Aggressive drill program planned at Bert in 1H FY24

  • Further significant growth opportunities exist beyond currently modelled resource domains which include depth extensions below the Main orebody and between the Main orebody and Ernie Junior

Commenting on the new drill results, Evolution Mining Limited (ASX:EVN) (“Evolution”) Chief Executive Officer and Managing Director, Lawrie Conway said:

“The ongoing drilling success we continue to see at Ernest Henry highlights the exciting potential for growth at this world class operation. The significance of the recent drilling intercepts released today indicates that Bert, which is located adjacent to the open pit, is a sizable mineralisation domain that remains open down-plunge.”

1 Reported intervals are downhole widths as true widths are not currently known and an estimated true width (etw) is provided

2 For further details of Evolution’s Mineral Resources and Ore Reserves, see ASX release titled “Annual Mineral Resources and Ore Reserves Statement” dated 16 February 2023 and available to view at www.evolutionmining.com.au

Evolution Mining Limited

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Results were recently received from two underground holes targeting mineralisation at Bert which is located stratigraphically below and adjacent to the mined portion of the Main ore body in the open pit (Figure 1). Positioned 60 metres north of the pit wall, the drilling was completed to determine the continuity of grade and thickness down-plunge of the currently modelled mineralisation domains. Significant copper and gold grades were returned in the first two drillholes. Hole EH1286 intersected 64.0m (40.0m etw) grading 0.76 g/t gold and 1.39% copper . Drillhole EH1292 intersected 50.0m (32.0m etw) grading 0.68g/t gold and 1.12% copper .

Pleasingly, a separate zone of mineralisation located along the hanging wall of Bert returned gold grades which are significantly higher than the average grade reported for gold in the Mineral Resource. The domain of higher grade is highlighted in Figure 1 where hole EH1292 returned an impressive 21.9 metres down holes length (13.0m etw) grading 3.87g/t gold and 0.83% copper . Up-dip support was achieved in hole EH1286 which returned 10.0m (7.0m etw) grading 1.91g/t gold and 1.05% copper . Crucially, the drilling at Bert is defining copper and gold mineralisation in a location that could be accessed from the ramp system in the pit, with potential to become an additional source of ore independent of hoisting capacity in the shaft.

Bert remains open down-plunge and has potential to follow the main mineralisation zone at depth unlocking significant potential to grow the Mineral Resource in future drilling programs. A program of follow-up drilling will be initiated in the second half of the 2023 calendar year.

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Figure 1: North-south section looking west of the Ernest Henry orebody Bert results are highlighted by the yellow bars in holes EH1286 and EH1292

Evolution Mining Limited

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Approval

This announcement is authorised by Executive Chair, Jake Klein.

Competent persons’ statement

The information in this announcement that relates to the Ernest Henry exploration results based on work compiled by Phil Micale, a Competent Person, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM), and who is a full-time employee of Evolution Mining. Phil has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves’. Phil consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

For further information please contact:

Peter O’Connor Michael Vaughan General Manager Investor Relations Media Relations Evolution Mining Limited Fivemark Partners Tel: +61 2 9696 2900 Tel: +61 422 602 720

About Evolution Mining

Evolution Mining is a leading, globally relevant gold miner. Evolution operates five wholly-owned mines – Cowal in New South Wales, Ernest Henry and Mt Rawdon in Queensland, Mungari in Western Australia, and Red Lake in Ontario, Canada. Financial Year 2023 gold production guidance is 720,000 ounces (+/-5%) at a sector leading All-in Sustaining Cost of $1,240 per ounce (+/-5%).

Evolution Mining Limited

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APPENDIX 1 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

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Drill Hole Information Summary

Ernest Henry, Queensland (100%)

Hole ID Hole
type
Northing
MGA (m)
Easting
MGA (m)
Elevation
AHD (m)
Hole Length
(m)
Dip MGA Azi MGA From (m) To (m) Interval3
(m)
ETW (m) Au (g/t) Cu (%)
EH1286 Diamond 7,739,197 469,928 -322.35 491.4 16.4 311.0 350.0 360.0 10.0 7.0 1.91 1.05
EH1286 Diamond 7,739,197 469,928 -322.35 491.4 16.4 311.0 376.0 440.0 64.0 40.0 0.76 1.39
EH1292 Diamond 7,739,197 469,928 -322.66 433.2 11.0 311.4 297.1 307.2 10.1 6.0 2.22 0.55
EH1292 Diamond 7,739,197 469,928 -322.66 433.2 11.0 311.4 315.1 337.0 21.9 13.0 3.87 0.83
EH1292 Diamond 7,739,197 469,928 -322.66 433.2 11.0 311.4 354.0 404.0 50.0 32.0 0.68 1.12

3 Reported intervals are downhole widths as true widths are not currently known and an estimated true width (etw) is provided

Evolution Mining Limited

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APPENDIX 1 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Ernest Henry Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Ernest Henry Operations Section 1 Sampling Techniques and Data Ernest Henry Operations Section 1 Sampling Techniques and Data Ernest Henry Operations Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
Sampling
techniques
Nature and quality of sampling (e.g.
cut channels, random chips, or
specific specialised industry standard
measurement tools appropriate to the
minerals under investigation, such as
downhole gamma sondes, handheld
XRF
instruments,
etc).
These
examples should not be taken as
limiting
the
broad
meaning
of
sampling.
Include reference to measures taken
to ensure sample representation and
the appropriate calibration of any
measurement tools or systems used.
Aspects of the determination of
mineralisation that are material to the
Public Report.
In cases where ‘industry standard’
work has been completed this would
be relatively simple (e.g. ‘reverse
circulation drilling was used to obtain 1
m samples from which 3 kg was
pulverised to produce a 30 g charge
for fire assay’). In other cases, more
explanation may be required, such as
where there is coarse gold that has
inherent
sampling
problems,
or
unusual
commodities/mineralisation
types (e.g. submarine nodules).

Diamond core drill holes are the primary source of geological
and grade information for the resource at Ernest Henry Mine.
Drilling has been completed between 1980 and 2022.A total of
1,169 holes were extracted from the acQuire database and 836
drill holes containing Cu assays and 835 holes containing Au
assays were used in the Mineral Resource estimate.

Reverse circulation (RC) drilling was completed to base of
oxidation with some holes hosting diamond tails.

The diamond core is routinely sampled to geological contacts
and predominantly 2m intervals from ½ core over the entire
length of the drill hole, producing approximately 5kg samples.
Holes drilled from the surface and underground are oriented
perpendicular to orebody mineralisation where possible.

UG channel samples taken from chip sampling of development
drives at 2m intervals are also used to help define mineralogical
domains. Whilst they are not used directly in estimation, chip
samples typically yield 4kg – 5kg masses.

Samples undergo further preparation and analysis by ALS
laboratories (Townsville and Brisbane), involving crushing to
2mm, riffle splitting and pulverising to 85% passing 75 microns.
Of this material a 0.4g sample is prepared for analysis via aqua
regia digestion and 50g for analysis via fire assay.
Drilling techniques
Drill
type
(e.g.
core,
reverse
circulation, open-hole hammer, rotary
air blast, auger, Bangka, sonic, etc.)
and details (e.g. core diameter, triple or
standard tube, depth of diamond tails,
face-sampling bit or other type, whether
core is oriented and if so, by what
method, etc.).

Drill types utilised in grade estimation are diamond core
including HQ, NQ2 & NQ sizes yielding core diameters of
63.5mm, 50.6mm & 47.6mm respectively. Drill core is collected
with a 3m barrel and standard tubing.

Only selected drill holes have been oriented using an ezi mark
orientation
system
for
structural
and
geotechnical
requirements.
Drill sample
recovery
Method of recording and assessing
core and chip sample recoveries and
results assessed.
Measures taken to maximise sample
recovery and ensure representative
nature of the samples.

Whether
a
relationship
exists
between sample recovery and grade
and whether sample bias may have
occurred due to preferential loss/gain of
fine/coarse material.

Current practice ensures all diamond core intervals are
measured and recorded for rock quality designation (RQD) and
core loss.

Core recovery through the ore portion of the deposit is high
(>99.5%).

No bias is observed due to core loss.
Logging Whether core and chip samples have
been geologically and geotechnically
logged to a level of detail to support
appropriate
Mineral
Resource
estimation,
mining
studies
and
metallurgical studies.
Whether logging is qualitative or
quantitative in nature. Core (or costean,
channel etc.) photography.
The total length and percentage of the
relevant intersections logged.

All diamond core has been logged, geologically and
geotechnically. The geologic and geotechnical records are
considered qualitative and quantitative with the following items
being captured: Lithology, Texture, Alteration, Mineralisation,
Structures – including veining & faults, Weathering, RQD,
Photography of diamond core has captured approximately 60%
of the data set.
Sub-sampling
techniques and
sample preparation
If core, whether cut or sawn and
whether quarter, half or all core taken.
If non-core, whether riffled, tube
sampled, rotary split, etc and whether
sampled wet or dry.

Drill core is cut in half to produce an approximate 5kg sample
using an automatic core saw, with one half submitted for assay,
and the other half retained on site. Where core is oriented, it is
cut on the core orientation line.

Diamond core and channel samples are predominantly
sampled at 2m intervals. Samples are sent to ALS Townsville

Evolution Mining Limited

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APPENDIX 1 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Ernest Henry Operations Section 1 Sampling Techniques and Data Ernest Henry Operations Section 1 Sampling Techniques and Data Ernest Henry Operations Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
For all sample types, the nature,
quality and appropriateness of the
sample preparation technique.
Quality control procedures adopted
for all sub-sampling stages to maximise
representivity of samples.
Measures taken to ensure that the
sampling is representative of the in-situ
material
collected,
including
for
instance
results
for
field
duplicate/second-half sampling.

Whether
sample
sizes
are
appropriate to the grain size of the
material being sampled.
for crushing and pulverisation. Samples are crushed to 2mm,
split via a riffle or rotary splitter and then pulverised using an
LM5 mill to a nominal 85% passing 75 microns. A 0.4g sub-
sample of pulverised material is taken for ICP analysis via aqua
regia digestion and a 50g sub-sample is taken for analysis via
fire assay. The remaining pulverised sample is returned to site
and stored for future reference.

Samples submitted to OSLS are crushed to 90% passing 2
mm, rotary split to 3.5kg (if required) and pulverised using an
LM5 mill to 90% passing 75 microns. A 0.5g sub-sample is
taken for base metal analysis via aqua regia digestion and
determined by ICP. A 25g sub-sample is taken for analysis via
fire assay.

Sub-sampling is performed during the sample preparation
stage in line with ALS internal protocol.

Field duplicates are collected for all diamond core at a rate of
one in every 15 samples and for channel sample at a rate of
one in every 10 samples.

Comparison of field duplicates is performed routinely to ensure
a representative sample is being obtained and that the sample
size captures an adequate sample volume to represent the
grain size and inherent mineralogical variability within the
sampled material.
Quality of assay
data and laboratory
tests

The
nature,
quality
and
appropriateness of the assaying and
laboratory
procedures
used
and
whether the technique is considered
partial or total.
For geophysical tools, spectrometers,
handheld XRF instruments etc. the
parameters used in determining the
analysis including instrument make and
model, reading times, calibrations
factors applied and their derivation, etc.
Nature of quality control procedures
adopted
(eg
standards,
blanks,
duplicates, external laboratory checks)
and whether acceptable levels of
accuracy (i.e. lack of bias) and
precision have been established.

Samples are assayed at ALS Brisbane for a multi element suite
using ME-ICP41, Cu-OG46 & MEOG46 methods, which
analyses a 0.4g sample in aqua-regia digestion with an ICP-
AES finish. Gold analysis is completed at ALS Townsville by
fire assay on a 50g sample with an AA instrument finish.
Analytical methods are deemed appropriate for this style of
mineralisation.

Historic quality control procedures include the use of six
certified standards (CRMs) as well as field duplicates inserted
at 1:25 ratio for all sample batches sent to the ALS laboratory.

The quality assurance program includes repeat and check
assays from an independent third-party laboratory as deemed
necessary.

There have been no blanks used on the diamond core historic
data set. The ALS laboratory provides their own quality control
data, which includes laboratory standards and duplicates.

EHO currently uses five CRMs, pulverised and coarse blanks,
field, crush and pulp duplicates to monitor sample preparation
and analytical processes. The rate or insertion was 1:15 for
CRMs, 1:15 for blanks within mineralised units and 1:30 in
waste zones, Field duplicates were inserted at 1:15 while crush
and pulp duplicates were at 1:25 samples.

Analysis of quality control sample assays indicate the accuracy
and precision is within acceptable limits and suitable for
inclusion in the underground resource estimate.
Verification of
sampling and
assaying

The
verification
of
significant
intersections by either independent or
alternative company personnel.
The use of twinned holes.
Documentation of primary data, data
entry procedures, data verification and
data storage (physical and electronic)
protocols.
Discuss any adjustment to assay data

All diamond drill holes are logged remotely on a laptop utilising
AcQuire software and stored digitally in an AcQuire database
on a network server.

Drill holes are visually logged for copper content prior to
sampling and assay. This visual assessment is used to verify
assay data.

The strong correlation between copper and gold enables
additional quality control checks to be enacted on returned
assays.

Procedures have been developed to ensure a repeatable
process is in place for transferring, maintaining & storing all
drilling, logging and sampling data on the network server, which
has a live upload to a local device and daily back up to an offsite
device.

Following review of the historical dataset for the underground
Resource, no adjustments have been made to any assay data.
All files are reported digitally from ALS laboratories in CSV
format, which is then imported directly into the Acquire
database. Checks of the assay results in AcQuire and results
returned from the laboratory are performed at the completion of
each drilling & sampling campaign. Laboratory certificates for
returned assays are stored for future reference and checks
against values contained within the AcQuire database.

Evolution Mining Limited

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APPENDIX 1 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Ernest Henry Operations Section 1 Sampling Techniques and Data Ernest Henry Operations Section 1 Sampling Techniques and Data Ernest Henry Operations Section 1 Sampling Techniques and Data
Criteria Explanation Commentary
Location of data
points
Accuracy and quality of surveys used
to locate drillholes (collar and downhole
surveys), trenches, mine workings and
other
locations
used
in
Mineral
Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic
control.

Collar coordinates are picked up by EHO site surveyors using
a Leica total station survey instrument. All underground
excavations are monitored using the same instrument.

The topography was generated from a LIDAR survey
completed over EHM mining leases in 2018 with outputs in
GDA94 coordinate system.

A variety of downhole survey methods have been utilised in the
underground resource, however 93% of the diamond drill holes
have been surveyed using a gyroscopic instrument recording
down hole survey data in 3m intervals.

All data points are reported in MGA94 zone 54.
Data spacing and
distribution
Data spacing for reporting of
Exploration Results.
Whether the data spacing and
distribution is sufficient to establish the
degree
of
geological
and
grade
continuity appropriate for the Mineral
Resource and Ore Reserve estimation
procedure(s)
and
classifications
applied.
Whether sample compositing has
been applied.

Drill holes are variably spaced with the following broad
resource classifications applied:
o
Between 30m x 30m and 40m x 40m for Measured
o
60m x 60m for Indicated
o
100m x 100m Inferred.

This drill hole spacing is considered sufficient given the deposit
grade and geological continuity and Mineral Resource
classification definitions as outlined in the 2012 JORC Code,
which is also supported by historic reconciliation data from the
mill.

Samples are weighted by length and density when composited
to 2m in length for use in the estimation.
Orientation of data
in relation to
geological structure
Whether the orientation of sampling
achieves
unbiased
sampling
of
possible structures and the extent to
which this is known, considering the
deposit type.
If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to
have introduced a sampling bias, this
should be assessed and reported if
material.

Holes drilled from the surface and underground are oriented
perpendicular to orebody mineralisation and orebody bounding
shear zones wherever possible. UG channel samples are
oriented along the strike of orebody mineralisation and are
conducted on a lateral 25m spacing, in line with sub-level mine
excavations.

There has been no orientation bias recognised within the data
used for the underground Resource estimate.
Sample security The measures taken to ensure
sample security.
▪ Diamond core samples are securely stored onsite prior to being
despatched to the ALS laboratoryin Townsville.
Audits or reviews The results of any audits or reviews
of sampling techniques and data.
▪ An external audit conducted in 2014 on the data management &
QAQC procedures including drilling & sampling. These were
found to be in line with industry standards. CSA Global
completed a fatal flaw analysis of the Ernest Henry Mineral
Resource estimate in July 2021 and only minor issues were
identified.

Ernest Henry Operations Section 2 Reporting of Exploration Results

Ernest Henry Operations Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
Mineral
tenement and
land tenure
status
Type, reference name/number,
location and ownership including
agreements or material issues
with third parties such as joint
ventures, partnerships, overriding
royalties, native title interests,
historical sites, wilderness or
national park and environmental
settings.
The security of the tenure held at
the time of reporting along with
any
known
impediments
to
obtaining a licence to operate in
the area.

The EHO is located 38km north-east of Cloncurry, 150km east of Mount
Isa and 750km west of Townsville, in north-west Queensland, Australia.
The EHM operations extend across 8 current mining leases all owned by
Ernest Henry Mining Pty Ltd, the details of these leases are summarized
in the following table. Evolution acquired 00% ownership of the EHO on 6
Jan 2022.

Evolution Mining Limited

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APPENDIX 1 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Ernest Henry Operations Section 2 Reporting of Exploration Results Section 2 Reporting of Exploration Results Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
Lease
Ownership
Expiry
ML2671
Ernest Henry Mining Pty Ltd 100%
30/11/25
ML90041
Ernest Henry Mining Pty Ltd 100%
30/11/2037
ML90072
Ernest Henry Mining Pty Ltd 100%
30/11/2025
ML90085
Ernest Henry Mining Pty Ltd 100%
31/03/26
ML90100
Ernest Henry Mining Pty Ltd 100%
31/5/2026
ML90107
Ernest Henry Mining Pty Ltd 100%
31/08/2026
ML90116
Ernest Henry Mining Pty Ltd 100%
30/09/2026
ML90075
Ernest Henry Mining Pty Ltd 100%
30/11/2025
Exploration
done by other
parties
Acknowledgment and appraisal
of exploration by other parties.

The EHM orebody was discovered by Western Mining Corporation Limited
in 1991. The size and potential of the discovery became obvious with
further drill definition following soon after, leading to a Feasibility Study
and subsequently the open pit mine and mill. In 2006 a deep drilling
campaign was initiated to explore the down dip extension of the deposit
ultimately leading to the development of the current underground mining
project.
Data used in the current estimate is a compilation of several phases of
exploration completed since the early 1990s. This data has been assessed
for quality as outlined in ‘Section 1’ and deemed suitable for use as the
basis of the Mineral Resource estimate.
Geology Deposit type, geological setting
and style of mineralisation.
The Ernest Henry Deposit is an Iron Oxide Copper Gold (IOCG) hosted
within a sequence of moderately SSE-dipping, intensely altered
Paleoproterozoic intermediate metavolcanic and metasedimentary rocks
of the Mt Isa group. Copper occurs as chalcopyrite within the magnetite-
biotite-calcite-pyrite matrix of a 250 x 300 m pipe like breccia body. The
breccia pipe dips approximately 40 degrees to the South and is bounded
on both the footwall and hanging wall by shear zones. The main orebody
starts to split from the 1575 level into a South-East lens, and from the 1275
level into the South-West lens. Both lenses are separated from the main
orebody by waste zones, termed the Inter-lens and South-West Shear
Zone, respectively. The orebody is open at depth.
Drill hole
Information
A summary of all information
material to the understanding of
the exploration results including a
tabulation
of
the
following
information
for
all
Material
drillholes:
o easting and northing of the
drillhole collar
o elevation or RL of the drillhole
collar
o dip and azimuth of the hole
o
downhole
length
and
interception depth
o hole length.
A summary of drill hole information is provided in the preceding page to
the Table 1 information
Diamond: Calculation for exploration results: Cut off grade of 0.7% Cu with
a minimum mineralisation composite length of 4m. The maximum
consecutive waste (below 0.7 g/t) cannot exceed 4m however there is no
limit to included waste. No upper cuts are applied. Significant intercepts
are over 1.2% Cu length weighted average.
Data
aggregation
methods
In reporting Exploration Results,
weighting averaging techniques,
maximum and/or minimum grade
truncations (e.g. cutting of high
grades) and cut-off grades are
usually material and should be
stated.
Where aggregate intercepts
incorporate short lengths of high-
grade results and longer lengths
of
low-grade
results,
the
procedure
used
for
such
aggregation should be stated and
some typical examples of such
aggregations should be shown in
detail.
The assumptions used for any
reporting of metal equivalent
values should be clearly stated.
All significant new drill hole assay data of a material nature are reported in
this release. No cut-off has been applied to any sampling. All intervals
have been length weighted.
All significant new drill hole assay data are reported in this release. No cut-
off has been applied to any sampling.
No metal equivalent values are used

Evolution Mining Limited

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APPENDIX 1 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Ernest Henry Operations Section 2 Reporting of Exploration Results Ernest Henry Operations Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
Diagrams Appropriate maps and sections
(with scales) and tabulations of
intercepts should be included for
any significant discovery being
reported. These should include,
but not be limited to a plan view of
drill hole.

Drill hole location diagrams and representative sections of reported
exploration results are provided either below or in the body of this report.

32,970mN (±50m) showing Bert drillholes EH1286 and EH1292
Diagram showing North-south
section looking west of the
Ernest Henry orebody and
East-west section looking
north showing the location of
the mineralisation at the Bert
lens.

Evolution Mining Limited

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APPENDIX 1 – JORC CODE 2012 ASSESSMENT AND REPORTING CRITERIA

Ernest Henry Operations Section 2 Reporting of Exploration Results
Criteria Explanation Commentary
Balanced
reporting
Where comprehensive reporting
of all Exploration Results is not
practicable,
representative
reporting of both low and high
grades and/or widths should be
practiced to avoid misleading
reporting of Exploration Results.

Intersection lengths and grades are reported as down-hole, length
weighted averages

Numbers of drill holes and metres are included in the body of the
announcement.
Other
substantive
exploration
data

Other
exploration
data,
if
meaningful and material, should
be reported including (but not
limited
to):
geological
observations; geophysical survey
results;
geochemical
survey
results; bulk samples – size and
method of treatment; metallurgical
test
results;
bulk
density,
groundwater, geotechnical and
rock
characteristics;
potential
deleterious
or
contaminating
substances.

Visual estimates of Cu mineralisation are derived from logging geologists’
estimates of the quantity of chalcopyrite in the core. Chalcopyrite is the
only copper bearing mineral in fresh material at Ernest Henry.
Consequently, visual estimates of Cu grades are derived by dividing the
estimated percentage of chalcopyrite by three.
Further work The nature and scale of planned
further work (e.g. tests for lateral
extensions or depth extensions or
largescale step-out drilling).
Diagrams clearly highlighting the
areas of possible extensions,
including the main geological
interpretations and future drilling
areas, provided this information is
_not commercially sensitive. _

Further Exploration work at Ernest Henry includes follow-up drilling.

Evolution Mining Limited

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