Everest Metals (ASX:EMC) will launch a follow-up drilling program during the June 2024 quarter at the Revere Gold and and Base Metal Project in Western Australia.
The drilling will be conducted over drillhole electromagnetic (DHEM) and versatile time-domain electromagnetic (VTEM) target areas across the tenement, and a regional aircore drilling program will test geochemical occurrences.
This comes after drill results returned from a deep drilling program reinforce a wide corridor up to 8.5km of base metal sulphide mineralisation at the project.
Based on work to date, Everest, which has a market capitalisation of $13.87 million, has delineated an ‘extremely large’ footprint of mineralisation totalling 22km-square.
Everest reports near surface gold mineralisation feeders have been confirmed at depth, along with pathfinders indicating potential for a ‘large’ orogenic gold system to exist.
Chief Operating Officer Simon Phillips says the drilling results confirm Revere’s potential to host multiple copper-gold-zinc deposits given the ‘significant’ mineralisation intersected.
“DHEM surveys indicate the conductive plates extend to the survey tool open limits. Mineralisation is open both laterally and in down-plunge directions.
Leading Area Geologist Mr Bruce Hooper has confirmed results display a typical Orogenic Gold signature and provide excellent follow-up targets, which complement EMC’s prolific gold at surface to be quantified with the bulk sampling program over the coming months.”
Further, the company is continuing to plan for a 36,000 tonne bulk sampling program, which is set to begin in Q1 2024.
The Revere project lies 90km northeast of Meekatharra in the Murchison Region of Western Australia and covers a 82km-square area.
Everest Metals is an ASX-listed resources company focused on gold, silver, base metals, and critical minerals in tier-one jurisdictions.
As of 30 September 2023, the company had $1.199 million cash and cash equivalents at hand, according to its latest quarterly report. Post quarter-end, Everest conducted a placement to raise $2.4 million.
Write to Aaliyah Rogan at Mining.com.au
Images: Everest Metals Corporation
