ASX-listed exploration company Everest Metals (ASX:EMC) has entered into a tenement sale agreement to acquire 100% of the Ninghan Project located near Paynes Find in Western Australia.
The company says the project includes 2 exploration tenements, E59/2464 and E59/2500, which cover a combined 228km-square, and is considered prospective for gold and associated metals.
Commenting on the tenement sale agreement, Everest Metals Chief Executive Officer (CEO) Mark Caruso says: “EMC is pleased to have the opportunity to increase its footprint in the prospective Paynes Find region.
“Ninghan’s substantial land holding combined with having immediate exploration targets will complement the company’s other projects in the area”
Ninghan’s substantial land holding combined with having immediate exploration targets will complement the company’s other projects in the area. Exploration success by others in the region demonstrate the prospectivity of this project area and we look forward to providing the updates on our near-term exploration programs over the coming year.”
Everest reports Ninghan is surrounded by several gold projects including the Yidby Gold Project operated by Surefire Resources (ASX:SRN) and Rothsay Gold Project operated by Silver Lake Resources (ASX:SLR) in the west, as well as the Mt Gibson Gold Project operated by Capricorn Metals (ASX:CMM) to the south.
The tenement area lies within the Ninghan Fold Belt mafic and ultramafic greenstone in the southern part of the gold-endowed Murchison province and is cut by several regional faults. The company says the southern portion of the tenement E59/2464 covers the greenstone unit, along the northwest-southeast strike fault zone of the Yidby gold deposit.
Gold mineralisation and associated metals in the Ninghan area are predominantly hosted by intensely altered mafic to ultramafic units, and to a lesser extent, with banded-iron formation (BIF) and chert units.
As a result of supergene enrichment, the tenor of mineralisation is generally increased in ‘highly’ weathered rocks.
Everest reports the project has a valid program of work in place for drilling, and it is planning a geochemical program in the March 2023 quarter and will compile the results with the existing geophysical data to prepare for a drilling program scheduled for mid-2023.
Everest Metals is an ASX-listed exploration company operating a portfolio of projects across Western Australia. These projects include the Mt Edon, Revere, Mt Dimer, Yarbu, and Rover projects.
Images: Everest Metals Corporation Ltd
