Everest Metals (ASX:EMC) has extracted the first gold during the commissioning phase of a bulk sample program at the Revere Gold Project in Western Australia.
To date, the program has produced 1.4 tonnes of gold concentrate and the program remains ongoing.
The work has confirmed Everest Metal’s understanding of the gold mineralisation and geo-metallurgical characterisation and is a step forward in converting the current exploration target to a maiden resource estimate.
CEO Mark Caruso says this phase of bulk sampling has been a major achievement for the company.
“With further processing of this material in Perth, we have had the benefit of gold extraction at a time of record high gold prices,” Caruso says.
“This generates cashflow to support ongoing activities throughout our portfolio.”
Everest Metals, which has a market capitalisation of $35.8 million, plans to support the current bulk sampling program results with an advanced aircore drilling program.
This phase of drilling will focus on the extension along strike of the current mineralised reef system that have been bulk sampled. The company says this approach will enhance its understanding of the project’s high-grade mineralisation but also support its broader strategy of unlocking the project’s value.
During last month, the Gekko Processing Plant achieved a throughput in excess of its name plate capacity of 10 tonnes per hour. During this period, as part of the program, Everest processed 1,700 tonnes of stockpiled material.
The Gekko plant represents a low-cost and versatile solution, functioning as a crushing-grinding-primary gravity concentration gold processing system. The process is environmentally friendly with no cyanide or chemicals being used.
The Revere Project lies just off the Great Northern Highway, 90km to the northeast of Meekatharra.
On Friday (14 February), gold’s price stood around $4,640 per ounce, heading toward a seventh consecutive week gain. These records come as US tariff policies continue to drive the safe-haven’s demand.
Write to Aaliyah Rogan at Mining.com.au
Images: Everest Metals
