Everest Metals (ASX:EMC) has expanded the footprint of its Revere Gold and Base Metal Project in Western Australia almost 110% to 171km-square.
The $13.22 million market capitalisation company says it has acquired 2 granted exploration licences (E51/2135 and E51/2136) and applied for a third exploration licence (E51/2199).
Everest reports the new and applied for tenements have undergone minimal exploration work and join the most important magnetic trend along the Revere Reef structure.
The company notes the acquisition allows it to cover an exploration right over the northeast-southwest favourable trend magnetic anomaly.
Key terms of the acquisition include Everest issuing up to 1 million ordinary shares in two 500,000 tranches to both Warringa Blue and Lil Boyteeth, respectively.
Executive Chairman and Chief Executive Officer (CEO) Mark Caruso says the decision to expand the company’s tenure at the project reflects its confidence of building on ‘high-grade’ gold occurrences from surface and base metal orebodies at depth.
Everest Metals is a Western Australian resource company focused on discovering gold, silver, base metals, and critical minerals in tier one jurisdictions.
The company’s Revere Project sits 90km northeast of the township of Meekatharra in the Mid-West region of Western Australia.
As of 30 September 2023, Everest Metals had $1.199 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Everest Metals Corporation
