Everest Metals Corporation Confirms High Grade Gold Reef System at Revere Project
EMC (EMC) Share Update August 2024 Sunday 11th
Everest Metals Corporation Confirms High Grade Gold Reef System at Revere Project
Everest Metals Corporation Ltd (ASX: EMC) has announced a significant update on its bulk sampling program at the Revere Gold and Base Metal Project in Western Australia, revealing a high grade and well-developed saddle reef system carrying gold from the surface.
Instant Summary:
- High grade gold reef system confirmed by bulk sampling.
- Geological similarities to Bendigo Gold Province, including Fosterville Gold Mine.
- Bulk sampling primary and secondary ore crushing commenced.
- Gekko gold processing plant mobilisation scheduled for September 2024.
- 5,500m exploration drilling to commence late August 2024.
Bulk Sampling Program
Everest Metals Corporation Ltd (ASX: EMC) has provided an update on the bulk sampling program at the Revere Gold and Base Metal Project in Western Australia. The project is located approximately 90km northeast of Meekatharra in the Murchison Region, 900km north of Perth. The bulk sampling continues to reveal a high grade and well-developed saddle reef system carrying gold from the surface.
Geological interpretation confirms strong structural and mineralised system similarities to the world-class Bendigo Gold Province of Victoria, which includes the legendary Fosterville Gold Mine. The bulk sampling primary and secondary ore crushing has commenced, and the Gekko gold processing plant mobilisation is scheduled for September 2024. Additionally, a 5,500m exploration drilling program is set to commence in late August 2024.
Geological Interpretation Update
The Revere gold reef system is identified as a significant saddle reef gold mineralisation system. It consists of numerous stacked folded quartz and saddle reefs along an anticlinal axis. The quartz reefs are typically consistent along strike and are surrounded by a mineralised halo with a distinct arsenic geochemical signature.
Historical drilling at Revere has found gold in numerous holes, with intersected grades ranging from 0.1 to 28g/t in the RC drill holes and over 1,000g/t in larger samples. Recent bulk sampling has exposed high-grade gold mineralisation, with notable intersections such as 46.8 g/t Au over 2m from 3-5m and 97.0 g/t Au over 1m from 8m.
Significance of the Gold Mineralisation System
The significance of the identified gold mineralisation system is highlighted by several aspects:
- Surface Gold Mineralisation: Extends from surface, minimising the need for pre-stripping.
- Free Milling Gold: Eliminates the need for chemical leaching for gold extraction.
- Coarse Gold: Easily liberated by crushing to +1mm.
- Oxidised Zone: Extends at least 120 meters from the surface and remains free milling.
- High Nugget Content: 92-98% of the gold is nuggety and coarse, allowing for recovery through a simple, low-cost gravity processing circuit.
- Extensive Structural Feature: Extends over 7 km in strike length and up to 300 meters wide, suggesting the potential for a large mineralisation system with multiple gold deposits.
Bulk Sample Program
The crushing contractor has mobilised to the site, and crushing and screening operations have begun, utilising mobile jaw and cone crushers. The mineralised material is being crushed to a size of less than 5mm and will be stockpiled before being processed using the Gekko plant. Due to specialised electrical part sourcing and weather issues, the mobilisation of the Gekko Processing Plant has been rescheduled to September 2024 to commence processing the high-grade gold ore.
Exploration Target
The maiden Exploration Target of 2.5 – 4.1 million tonnes grading at 1 - 2.5g/t of gold was reported in October 2023. The current Exploration Target is based on historical drilling data over an area of ~800m long and ~150m wide. The saddle reefs or fault reefs appear to be at least 20-50m wide and are found to repeat or occur at least 7 times from surface to a currently defined depth of at least 130m. This target resource can have a potential grade of ~2.5g/t Au based on a determined average mineralised grade of 2.5g/t Au Bottle Roll Cyanide analysis from 80kg of drill sample material.
The confirmation of a high grade gold reef system at the Revere Project is a significant development for Everest Metals Corporation. This discovery has the potential to greatly enhance the company's resource base and attract further investment. The geological similarities to the Bendigo Gold Province, including the Fosterville Gold Mine, add credibility to the project's potential. The mobilisation of the Gekko gold processing plant and the commencement of exploration drilling are positive steps towards advancing the project.
Investor Reaction:
Analysts are likely to react positively to this announcement, given the high grades of gold discovered and the geological similarities to the Bendigo Gold Province. The commencement of exploration drilling and the mobilisation of the Gekko gold processing plant are seen as significant milestones that could lead to further resource expansion and value creation for investors.
Conclusion:
Investors should closely monitor the progress of the Revere Gold Project as Everest Metals Corporation advances its exploration and development activities. The high grade gold reef system and the upcoming exploration drilling program present significant opportunities for value creation. Stay informed on the latest developments and consider the potential long-term impacts on your investment portfolio.