Everest Metals (ASX:EMC) has acquired an exploration licence expanding the Revere Gold Project in Western Australia, positioning the company for further resource delineation in a gold-producing region.
As part of the acquisition, Everest Metals will pay $60,000 cash to Angelo Michael Levissianos, as well as issue 2 million shares at $0.015.
Everest Metals, which has a market capitalisation of $32.9 million, is planning to conduct further aircore drilling at the licence targeting gold mineralisation along the Revere reef system, following recent drilling intersected ‘promising’ gold mineralisation.
The company is also advancing the project towards a maiden resource estimate and continues to progress mining lease applications with final stages of native title negotiations, as well as the flora and fauna studies being conducted.
CEO Mark Caruso says the acquisition of the Armstrong licence enhances the project pipeline with a consolidated tenement position in a historically productive region.
“This strategic addition supports Everest’s objective to accelerate resource growth and advance its position as a gold explorer and emerging producer,” Caruso says.
The Revere Gold Project, covering 171km2, is located in the Murchison region of Western Australia along an inferred extension of the Andy Well Greenstone Shear System.
Everest Metals is a mineral explorer and developer focused on critical minerals and gold discoveries primarily located in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Everest Metals
