Diversified explorer Everest Metals Corporation (ASX:EMC) reports that Rio Tinto’s (ASX:RIO) exploration subsidiary is getting ready to start a drilling program at the Rover Project in Western Australia.
Rio Tinto Exploration has mobilised to the North Rover earn-in tenement to conduct a 7-hole reverse circulation (RC) drilling program for 1,400m, targeting pegmatite-hosted lithium mineralisation beneath weathered pegmatite outcrops.
These holes are planned to be drilled on vertical and inclined orientations to target sub-cropping pegmatite, and the work is expected to take about 10 days.
Commenting on the RC drilling program, Everest Metals Corporation Chief Operating Officer (COO) Simon Phillips says: “EMC is pleased Rio Tinto Exploration has decided to progress to the next stage of the North Rover earn-in with commencement of this drilling program.
“It’s exciting to have a major earn-in partner in exploring this relatively underexplored part of the EMC portfolio”
It’s exciting to have a major earn-in partner in exploring this relatively underexplored part of the EMC portfolio.”
In March 2022, Everest signed a binding term sheet with Rio Tinto Exploration. Under this agreement, Rio Tinto Exploration paid an initial $25,000 for an exclusive 6-month option to explore North Rover for non-gold minerals, with Everest retaining the gold mineral rights on the tenement.
During this initial 6-month option period, Rio Tinto Exploration completed a geochemical sampling program that saw 94 stream sediment and 52 soil samples collected at about 50m spacing to define the threshold anomaly.
The program identified a sub-cropping weathered pegmatite unit that could be prospective for lithium and tantalum mineralisation, with an area prioritised for follow-up drilling.
After this initial exploration program was completed, Rio Tinto Exploration exercised its option in October 2022 to begin earning an 80% joint venture (JV) interest in the non-gold mineral rights on North Rover by sole funding $5 million of non-gold exploration.
Everest Metals Corporation is a Western Australian diversified explorer focused on finding gold, silver, base metals, and critical minerals across its portfolio of assets in Australia.
In Western Australia, the company holds the Revere, Mt Edon, Rover, Ninghan, and Mt Dimer projects, while in New South Wales, Everest holds the Trident, Midas, and Perseus projects under a JV with Stelar Metals (ASX:SLB).
On 31 March 2023, Everest had $2.92 million cash at hand, according to its latest quarterly report published on 28 April 2023.
Write to Harry Mulholland at Mining.com.au
Images: Everest Metals Corporation Ltd
