Everest Metals Corporation Limited (ASX: EMC) ('EMC' or 'the Company') is pleased to provide the first update from its deep drilling program, designed to test the copper and gold potential at the Revere Gold Project ('RGP') in Western Australia.
Commenting on the drilling results at the Revere Gold Project, Chief Operating Officer Simon Philips said: '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. The similarities in geological sequences when compared to the Sandfire (ASX: SFR) DeGrussa VHMS deposit is geologically very significant. We look forward to assays and downhole EM surveys to guide us on further testing the system.'
BACKGROUND
The project is located just off the Great Northern Highway approximately 90km to the northeast of Meekatharra in the Murchison Region of Western Australia and 900km north of Perth. The tenement package size, including the tenements under option cover an area of 82km2 . This is comprised of granted tenements E51/1766, E51/1770, P51/3240, P51/3241, and pending applications M51/905, E51/2119, E51/2088 and E51/2088. The project sits proximal and along strike of the DeGrussa and Monty Copper-Gold mines, just 55km to the southwest.
The Revere Gold Project is located in the Palaeoproterozoic Yerrida Basin - Doolgunna Formation. The alteration system appears to represent a classic precious metal ductile shear system - the Revere Reef System - that is associated with the Capricorn orogenic event. The historical geochemical anomaly is interpreted to represent hydrothermal mineralisation. Visual observations of the lode material from the Revere Reef indicate that coarse visible gold is contained within gossan iron oxide which forms the matrix of the quartz breccias. Field assessment by Enterprise Metals (2009-2017), Mineral Commodities (2018-2021), and recent technical review and data interpretation by EMC demonstrated the potential of the Doolgunna formation to host DeGrussa-style Volcanic Hosted Massive Sulphide ('VHMS') and Plutonic-style orogenic gold deposits. At depth, the anomalous high copper, zinc, and arsenic values indicate the potential for a DeGrussa type copper-gold deposit below the zone of complete oxidisation. Copper and even gold lodes in the region are generally shear hosted shoots, narrow and long, comprised of high-grade lodes. The DeGrussa deposit was discovered in follow up drilling of a zone of oxide gold mineralisation similar to that found at the Revere Gold Project.
The Company carried out remodelling and re-interpretation of the historic geophysical data using up to date technology - the results highlighted the potential of VHMS copper-gold mineralisation within the RGP2 . The new model targets a discrete conductor that coincides with a discrete magnetic anomaly and suggests possible pyrrhotite mineralisation. Chalcopyrite and sphalerite are not strong conductors, and their conductance mostly depends on concentrations of associated pyrrhotite. The modelled conductive plates identified new target areas adjacent to previously drilled conductors. Data from the VTEM survey indicates that this discrete conductor strikes northeast. The strongly conducting nature of the EM anomalies suggested that they were either massive sulphide or highly graphitic bodies. Considering the anomalies are hosted in a sedimentary package, and the proximity to the target stratigraphy is conformable to reduced facies and could be shale. A Significant conductor was defined immediately north of the Revere Reef, south of DD Reef, and southwest of Tree quartz Reef. The current drilling program is designed to test the separate plate conductors which are considered to be priority targets, a deep hole in each reef system
HOLE 2 (REV-05)
The second hole was drilled at Tree Reef to a depth of 336.1m. REV-05 was located at 7124896mN and 702500mE, approximately 60 meters northwest of the Tree Revere costean. Hole REV-05 was inclined at 60 degrees to the southeast (azimuth 135 degrees). The first 114m of the hole contains a series of oxidised siltstone with chlorite alteration about followed by 16m of volcanoclastic breccia with a fragment of quartz appearing before 64m of banded basalt. Banded mafic and ultramafic rocks and stromatolite graphitic silicified dolomite with disseminated sulphides and numerous quarts-carbonate veinlets were the last intersected geological unit in this hole. Significate chalcopyrite, pyrite, and pyrrhotite were observed in different intersections over 80m along with sphalerite mineralisation e.g., 1.9% Cu at 280.8m depth, and 5.7% Cu and 4.2% Zn at a depth 314.9m
PORTABLE XRF RESULTS
Hand-held Olympus Vanta X-Ray Florescence analyser was used to assist in the visual identification of ore mineralogy and lithology. Portable XRF readings were completed on the drill core in various locations to assist with the geological logging. The XRF has highlighted a volume of elevated copper, zinc, and lead mineralisation. Laboratory assays for these holes are pending with results expected to be received by September 2023. Details of REV-01, REV-04 and REV-05, spot pXRF value and estimate of the abundances at each interval are detailed in table 1. Whilst disclosure of visual occurrences of coarse base metal bearing sulphides in the core have been included in this release, in photos, table 1 and commentary for geological context, the company cautions that the visual identification, estimates of mineral abundance, or point pXRF measurements should never be considered a proxy or substitute for laboratory analyses. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations provided by laboratory assay. Core cutting and sampling has not been done yet, the Company will update the market when laboratory analytical results become available.
GEOLOGICAL INTERPRETATION
Mineralisation intersected on all three holes over 8.5km target area at Revere project. Geological logging (lithology, mineralogy, alteration, and structure) of the three drill holes at Revere represent the same stratigraphy Mooloogool Group in the Yerrida Basin that hosted the world class Monty, Taduna and Green Dragon deposits. All of which also have a strong synergetic relationship with the DeGrussa copper-gold deposit. The area being investigated have proved to be highly prospective for sediment or volcanic hosted copper sulphide deposit due to the following key elements: The drill target areas are associated with a well-developed and proven near surface hydrothermal and mesothermal gold system (Revere Reef and Tree Reef systems), that potentially reflect an oceanic volcanic rift shear at depth. The intersected formation at depth (REV05) represents black turbiditic carbonate rich shales and intrusive tholeiitic basaltic layers in close proximity to volcanic breccia with hydrothermally mobilised copper-sulphides. This formation not only correlates with the above deposits' host rock but also complies with the classic VHMS target model. Associated with the above intersected sediments, volcaniclastic breccia, peperitic mafic basalt and turbiditic sediments with chlorite, sericite, graphitic and silicic alterations and disseminated sulphides, rock typical of the other copper deposits in this region. Noteworthy, REV-01 and REV-04 are about ASX: EMC ANNOUNCEMENT | 12 JULY 2023 Page 9 8.5km apart, and the geological similarities of both holes indicate a large mineralisation system may occur at Revere
Contact:
Tel: +61 (08) 9468 9855
Email: enquiries@everestmetals.au
Competent Person Statement
The information in this Announcement related to the exploration results is based on information compiled and approved for release by Mr Bahman Rashidi, who is a member of the Australian Institute of Mining and Metallurgy (AusIMM) and the Australasian Institute of Geoscientists (AIG). Mr Rashidi is chief geologist and a full-time employee of the Company. He has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activity, he is undertaking to qualify as a Competent Person in accordance with the JORC Code (2012). The information from Mr Rashidi was prepared under the JORC Code (2012). Mr Rashidi consents to the inclusion in this ASX release in the form and context in which it appears
Forward Looking and Cautionary Statement
This report may contain forward-looking statements. Any forward-looking statements reflect management's current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. It should be noted that a number of factors could cause actual results, or expectations to differ materially from the results expressed or implied in the forward-looking statements. In relation to the disclosure of visual occurrences of coarse base metal bearing sulphides in core, the company cautions that the visual identification, estimates of mineral abundance or point pXRF measurements should never be considered a proxy or substitute for laboratory analyses. Laboratory assay results are required to determine the size and grade of any visible mineralisation reported. The company will update the market when laboratory analytical results become available.
About Everest Metals Corporation
Everest Metals Corporation Ltd (EMC) is an ASX listed Western Australian resource company focused on discoveries of Gold, Silver, Base Metals and Critical Minerals in Tier-1 jurisdictions. The Company has high quality Precious Metal, Battery Metal, Critical Mineral Projects in Australia and the experienced management team with strong track record of success are dedicated to the mineral discoveries and advancement of these company's highly rated projects. REVERE GOLD PROJECT: is located in a proven prolific gold producing region of Western Australia along an inferred extension of the Andy Well Greenstone Shear System with known gold occurrences and strong Coper/Gold potential at depth. (JV - EMC at 51% earning up to 100%) MT EDON PROJECT: is located in the Southern portion of the Paynes Find Greenstone Belt - area known to host swarms of Pegmatites and highly prospective for Critical Metals. The project sits on granted Mining Lease. (JV - EMC at 51% earning up to 100%) NINGHAN PROJECT: sits in Ninghan Fold Belt mafic and ultramafic greenstone with the tenement package covering an area of 228 km2, and is prospective for gold, silver, copper, nickel, and cobalt. ROVER PROJECT: is located in a Base Metals and Gold rich area of Western Australia' Goldfields, associated with Archean Greenstone belts. Joint Venture agreement exists with Rio Tinto Exploration for Lithium exploration. MT DIMER GOLD PROJECT: is located around 125km north-east of Southern Cross, the Mt Dimer Gold & Silver Project comprises a mining lease, with historic production and known mineralisation, and adjacent exploration license. YARBU GOLD PROJECT: is located on the Marda-Diemals Greenstone belt, adjacent to Ramelius Resource's (ASX:RMS) Marda Gold Project, highly prospective areas for Archean Gold deposits, with three exploration licenses covering approximately 223km2.
SANDFIRE RESOURCES LIMITED 
