Everest Metals Corporation Limited announced the results of initial metallurgical test work conducted on two samples of mineralised rock material from the Revere Gold Project located 90km NE of Meekatharra, in the Mid-West region of Western Australia. The test work program reinforces the high nugget gold attributes of the deposit, with 305g/t Au in the quartz vein sample of which 47% is in visible coarse gold. It also achieved high recoveries of 97% and 92.8% to a primary gravity concentrate from both the quartz vein sample and the host rock siltstone sample.

To further investigate the potential of a high nugget gold distribution, bulk samples were collected from a shallow prospecting pit (costean) in the Revere Reef system located in tenement E51/1766 and pending mining applications M51/905. The samples provided to the independent laboratory for Gravity Recoverable Gold ("GRG") test work, comprised two distinct samples: one from the main quartz vein (sample 03196) and one from its siltstone host rock (sample 03197). The test work was undertaken by Nagrom Metallurgical Laboratories in Perth, WA.

The program consisted of sample preparation, crushing, removal of coarse visible gold, size by assay analysis of the crushed ore, and Gravity Recoverable Gold determination through three stages of gravity gold recovery in a Knelson Concentrator ("KC") 2. The tailings from each stage of the Knelson Concentrator gravity separation was ground finer prior to the next stage of gravity separation. Coarse, visible gold (Figure 3) was removed from the quartz vein sample (sample 03196) prior to subsequent size by assay analysis and gravity separation. Average and replicate assays on the two samples crushed to below 2mm show that the quartz vein sample averaged 161 g/t .

Accounting for the coarse visible gold that had been picked from this sample, on the basis that it is 24 carats, increases the gold grade in this sample to 305 g/t. The host siltstone sample averaged a gold grade of 3.7 g/t. The Company intends to commence a trenching program for supplementary bulk sampling and mapping of the reefs system in the June 2023 quarter and a deep drilling program to delineate the extent of the high-grade gold mineralisation in the Revere reef. An additional metallurgical testwork program is planned from the bulk samples in the new areas to further evaluate gold production using a simple gravity gold circuit for processing Revere ore.