ASX-listed exploration company Everest Metals (ASX:EMC) reports it has entered into an exclusive and legally binding farm-in and joint venture (JV) term sheet to acquire the Revere Gold Project (RGP) in Western Australia.
Under the agreement, the company will be able to earn up to a 100% interest in the project from privately owned mining company Entelechy Resources.
This will start with a stage one farm-in to earn a 51% interest, which will be followed with a JV agreement and stage two farm-in to earn a 90% in the project.
Following the completion of stage two, Everest will wholly own the project, with Entelechy holding the exclusive right to undertake any and all mining and miscellaneous earthworks in association with the development of the project.
Commenting on the acquisition, Everest Metals Corporation Chief Operating Officer (COO) Simon Phillips says: “The acquisition of the Revere Gold Project represents a transformational opportunity in a proven prolific gold producing region of Western Australia.
“The acquisition of the Revere Gold Project represents a transformational opportunity in a proven prolific gold producing region of Western Australia”
Gold and precious metals development is a core pillar in EMCs business strategy and RGP is highly complementary to the recent developments the company has made in the battery metals sector.
RGP is an advanced asset with ‘significant’ gold and copper potential, both at surface and at depth, which is clearly evidenced from previous exploration work undertaken across the project, from which there is an abundance of high-quality technical data.
Our technical team believes there is a clear pathway to establishing a JORC compliant resource and we look forward to providing further details on our exploration strategy and work plans shortly.”
Everest reports the JV agreement will be signed this month, with shareholder approval to be sought at a general meeting scheduled for February.
If shareholder approval is granted, the company states it will then conduct bulk sampling, metallurgical testwork, geophysical 3D modelling and a diamond drilling program at Revere in late Q1.
The Revere Gold Project is located 90km northeast of Meekatharra in Western Australia covering an area of 82km-square. The project is considered prospective for gold, with modern prospectors recovering ‘considerable’ quantities of gold nuggets in the area. Previous exploration at Revere has also identified widespread secondary copper mineralisation.
Everest Metals Corporation is an emerging resource company focused on precious and base metals, as well as critical mineral discoveries. The company’s portfolio includes the Mt Edon, Rover Gold. Mt Dimer Gold and Yarbu Gold projects in Western Australia, as well as the Midas, Perseus and Trident Iron-Oxide-Copper-Gold (IOCG) and Base Metal projects in New South Wales.
Images: Everest Metals Corporation Ltd
