Evolution Mining Limited (ASX:EVN)
has bought 100 per cent interest in the Crush Creek project in Queensland.
Crush Creek is located 30 kilometres southeast of the Mt Carlton Operation in Queensland.
In September 2019 Evolution entered into an earn-in agreement with Basin Gold Pty Ltd over the project.
Evolution has now achieved the requirement of sole funding $7 million of exploration expenditure to earn a 70 per cent interest in the project.
They have also exercised an option to acquire the remaining 30 per cent of the project from Basin Gold for a cash payment of $4.5 million.
Basin Gold retains a 10 per cent Net Profit Interest on any gold production in excess of 100,000 ounces.
Shares in Evolution Mining (ASX:EVN)
are trading 4.69 per cent lower at $4.88.