Chikundo Prospect Shows Copper Grades Over 5% and Extensive VHMS Potential

Emerging Copper-Zinc Potential at Chikundo

Evolution Energy Minerals Limited (ASX: EV1) has provided an encouraging update on its Chikundo prospect, located within the Chilalo Graphite Project tenements in southeast Tanzania. The company’s recent field reconnaissance and sampling program has identified gossanous material extending over a strike length exceeding one kilometre, indicative of a potentially extensive Volcanic Hosted Massive Sulphide (VHMS) Cu-Pb-Zn system.

New soil and rock chip assays from the original Malachite Pit workings have confirmed highly anomalous base metal values, with copper concentrations in some samples exceeding 1%. Notably, a gossan sample collected approximately one kilometre southwest of the Malachite Pit returned copper grades as high as 5,340 ppm, alongside significant lead, zinc, and iron content, reinforcing the prospectivity of the area.

Historical Drilling Corroborates Surface Findings

Complementing the recent surface sampling, a review of historical drilling data, originally targeting graphite, has revealed copper grades exceeding 5% near surface in several drill holes. These intercepts, including narrow but high-grade zones of semi-massive sulphides, align spatially with surface geochemical anomalies and pathfinder elements such as bismuth and tellurium, which are known to be reliable indicators of VHMS mineralization.

Drill holes NRD11047, NRD11049, and NRD11050, located within or near the bismuth soil anomaly, delivered some of the highest copper grades, ranging from 1% to over 5%, accompanied by elevated iron and sulphur levels. These results suggest a robust mineralizing system with potential for significant resource delineation.

Expanding the Exploration Footprint

Beyond Chikundo, Evolution has identified three additional VHMS prospects within its tenements, each exhibiting highly anomalous base metal and pathfinder geochemistry. This broadens the company's exposure to battery and base metals beyond its flagship Chilalo graphite project.

In response to these promising findings, Evolution plans a systematic exploration program aimed at defining a maiden mineral resource. This will include detailed geological mapping, infill and extension soil sampling, trenching, and geophysical surveys such as Fixed Loop Electromagnetic (FLEM) and airborne VTEM to detect concealed VHMS targets beneath conductive graphite layers. Targeted Reverse Circulation (RC) drilling will follow to test mineralization continuity and depth.

Strategic Implications and Next Steps

Evolution’s CEO, George Donne, highlighted the strategic value of the Chikundo discovery, noting its potential to diversify the company’s portfolio with sought-after battery metals. While the company remains focused on advancing the Chilalo graphite project towards a final investment decision in 2025, the Chikundo VHMS prospect offers an exciting avenue for additional value creation.

The upcoming soil sampling program is designed in two stages, initially covering all four VHMS prospects at a 200m grid spacing, with a subsequent infill to 100m spacing over anomalous zones. The timing of this work will depend on access conditions following the wet season, with market updates to follow as the program progresses.