Gold explorer Everest Metals (ASX:EMC) has unveiled a ‘DeGrussa-style’ mineralised system following a versatile time domain electromagnetic (VTEM) diamond drilling program at its Revere Gold Project in Western Australia.
The company says results generated from 3 diamond holes (REV-01,04 and 05) over an 8.5km target area have delivered copper and zinc grades up to 5.7% and 4.2%, respectively, at various intersections following the completion of portable X-ray fluorescence (pXRF) analyses.
Everest reports these grades were accompanied by mafic breccia, volcaniclastics, and shales with chalcopyrite, sphalerite, and pyrrhotite/pyrite.
Shares in Everest Metals have spiked 44% to $0.36 as of 3:35 pm AEST.
Following the return of these pXRF results, the company says it is preparing the core for assay. These results have also warranted the drafting of a request for an additional drilling rig to be delivered to the site to accelerate an extension of the current program.
The company notes it has completed an expedited downhole electromagnetic (DHEM) survey, with results currently awaited before the start of an additional drill program.
Addressing the results at the Revere Gold Project, Everest Metals Chief Operating Officer (COO) Simon Phillips says: “To drill into such a large mineralised system on our first-pass drilling is significant and highlights the potential of the target area. The first three diamond drill holes were designed to test electromagnetic conductors identified as having the potential for Volcanic-Hosted Massive Sulphides at depth.
“To drill into such a large mineralised system on our first-pass drilling is significant and highlights the potential of the target area”
The similarities in geological sequences, when compared to the Sandfire (ASX:SFR) DeGrussa VHMS deposit, are geologically very significant. We look forward to assays and downhole EM surveys to guide us on further testing the system.”
Everest Metals is a Western Australian explorer focused on discovering gold, silver, base metals, and critical minerals in tier-one jurisdictions. The company currently holds ‘high-quality’ precious metal, battery metal, and critical mineral projects in Australia.
The Revere Gold Project is located in a ‘proven prolific gold-producing’ region in Western Australia along an inferred extension of the Andy Well Greenstone Shear System.
Everest Metals had $2.9 million cash at hand on 31 March 2023, as stated in its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Everest Metals Corporation Ltd
