Bulk Sampling Reveals High Grade Gold Mineralisation at Revere

Highlights

8,000 tonnes of gold mineralised material have been stockpiled
Stockpile samples of up to 33.5 g/t Au
Earthmoving bulk sample material to be completed by mid July 2024
Primary and secondary ore crushing, Gekko Gold processing plant mobilisation and old processing planned to commence in July 2024
On track for delivery of JORC compliant resource
Planning for next phase of resource development commenced

Revere Reef Gold System

The Revere Reef represents a shear zone characterised by high-grade vein and stock work occurrences, with an extensive halo of low-grade mineralisation
7km’s of reef system exist with gold mineralisation from surface to a depth of 130m, providing significant potential for scale
Reconciled grade of quartz lodes by historical processing reported 17 to 325 g/t Au[1]
Results to date indicate the potential for the existence of a large orogenic gold system starting at surface and continuing at depth

“Work has ramped up well at Revere. Initial work undertaken for the bulk sampling program has given the Company confidence that the encountered geological mineralised structures and gold bulk grades will underpin the delivery of a maiden JORC compliant resource in line with the 334 000oz exploration target[2]. We are now advancing to the primary, secondary, and tertiary processing phases which include gold production through a purpose built Gekko gold processing plant. This bulk sampling and gold processing will enable us to continue with further drilling and bulk sampling, enhancing the project’s gold resource potential.”
EMC Executive Chairman & CEO Mark Caruso commented:

Cautionary Statement:

The potential quantity and grade of the Exploration Target is conceptual in nature and as such there has been insufficient exploration drilling conducted to estimate a Mineral Resource. There is a low level of geological confidence associated with the Exploration Target due to the nuggety nature of the resource. There is currently no certainty that further bulk sampling and exploration will result in the determination of an inferred mineral. The Exploration Target has been prepared in accordance with the JORC Code (2012).

Everest Metals Corporation Ltd (ASX: EMC) (“EMC” or “the Company”)is pleased to provide an update on the bulk sampling program at the Revere Gold and Base Metal Project (“Revere”) in Western Australia, 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.

BULK SAMPLE PROGRAM

The Company has completed initial drill and blasting for its 36,000 tonne bulk sampling program of the Revere Reef system which commenced in early April 2024[3]. Bulk samples were taken from confirmed gold carrying reefs systems and stockpiled into estimated high and low-grade mineralised material. For the bulk sampling site, 96 blast holes for a total of 1,152 metres were drilled by an air blast rig and sampled at one metre intervals to support grade control.

The results provide evidence of an extensive saddle reef gold mineralisation system consisting of stacked folded quarts and saddle reefs along an anticlinal axis. The stacked quartz reefs are narrow in thickness but generally consistent along strike and are associated with a mineralised halo with a distinct arsenic geochemical signature.

The thin reefs contain high grade nuggety gold that are generally visible and detectable by industry standard gold metal detectors. The gold mineralisation in the halo surrounding the quartz reefs ranges from 0.1-0.9 g/t Au, while historical bulk sampling of the quartz reefs produced grades up to ~325g/t[4].

In the current blastholes, H13-9 is an example of very high grade gold mineralisation, with a high grade intercept of 2m at 46.8 g/t Au from 2m, also including an interval of 6m at 0.3g/t Au. This interval includes a continuous run of individual 1m assays of 0.93, 0.23, 0.11, 0.18, 0.13 and 0.16 g/t Au from 5 to 11m depths[5]. Also, one metre top grade assays result of H12-8 intersected 1m at 97.0 g/t Au from 8m, H13-8 intersected 1m at 38.7 g/t Au from 2m and H33-8 intersected 1m at 21.0 g/t Au from 3m which all indicates shallow near surface high grade gold mineralisation. Mineralisation is quartz vein hosted and appears to be concentrated along anticlinal fold crests with mineralisation continuing along the north and south dipping legs of the saddle reefs. Total width and depth of the gold distribution along the anticlinal axis and bedding planes are yet to be established.

The current program will attempt to confirm the bulk grade of some of the gold reef systems identified to date. Bulk sampling and processing will be completed over the September 2024 quarter. The location of the pits has been designed to provide geometallurgical variability data as well as confirming geological assumptions in relation to the Project. This Bulk Sampling program will assist the Company in identifying the extent of the mineralisation in just a small section of the 7km’s of identified Revere Reef. The Company expects meaningful gold recoveries from the program using a simple gravity gold circuit for processing Revere ore as well as generating a JORC compliant resource through the conversion of historical mineralisation results. The processing of the bulk sample material will also assist in calibration of future mining and metallurgy parameters. The entire program is expected to take approximately 6 months to complete. Following the bulk sampling program, EMC will progress an air core drilling campaign to establish additional JORC compliant resources with near surface gold potential.

Mobilisation for the earthworks program commenced in late May 2024 and bulk sampling in the first costean has started (Figure 1).

Figure 1: High grade mineralised material loading to stockpile

Currently, more than 8,000 tonnes of mineralised material have been stockpiled from the first costean (Figure 2). Bulk sampling earthmoving is planned to be completed by mid-July 2024.

Figure 2: Stockpiles of approximately 8,000 tonnes of mineralised material

A total of 8 random grab samples, each weighting between 2-2.5kg, were collected from both low grade and high grade stockpiles of Revere bulk sampling program (Figure 2). These samples, taken from various points across the stockpiles, were sent to the ALS laboratory in Perth and assayed using PhotonAssay™ (Au-PA01), a high energy X-Ray fluorescence technology. Accurately assaying high nuggety gold samples with fire assay is always challenging due to the small sample size (10-50 grams). PhotonAssay offers an environmentally friendly alternative to fire assay, analysing larger sample sizes (typically around 500 grams), which allows for a more representative sample. This technique is well-suited for coarse gold mineralisation, with a detection limit ranging from 0.03 to 350 ppm. Gold assay results have been returned and included in Table 1 below. This sampling has only tested the near surface on the stockpiled material and may not be representative of the average bulk grades of the stockpiles.

Table 1: Results of Revere bulk sampling stockpile

Stockpile	Sample-ID	Easting MGA94	Northing MGA94	Au (g/t)
High Grade Stockpiles	EMC 962	701555.30	7126860.29	3.7
	EMC 985	701553.50	7126847.28	7.4
	EMC 987	701556.40	7126827.17	4.3
	EMC 997	701544.40	7126845.10	33.5
Low Grade Stockpiles	EMC 961	701565.60	7126833.63	0.7
	EMC 963	701564.03	7012564.03	0.4
	EMC 986	701547.17	7126843.36	1.4
	EMC 989	701554.06	7126839.75	0.4

MGA Zone 51 projection system

Crushing and screening operations using mobile jaw and cone crushers (primary and secondary crushing) will commence in early July 2024. The ore crushed to less than 5mm will be stockpiled before undergoing processing at the Gekko plant. The company plans to mobilise the Gekko Processing Plant by late July 2024 to begin processing the high-grade gold ore.

GEOLOGICAL EXPLANATION

The Revere mineralised system is characterised by regular, closely spaced folding with the potential for extensive local reverse faulting. Several parallel anticlines have formed and become mineralised within the metasedimentary siltstone host rock. Overall, the Revere Reef system appears to represent a plunging anticlinal structure system oriented from southwest to northeast. Most of the gold appear to be associated along the axial plane of this anticlinal structure, particularly along the anticlinal crests.

The current anticline being bulk sampled strikes at approximately 245 degrees. The limbs of this anticline typically dip ranging from 60 to 70 degrees to the southeast and northwest, with the dips of the limbs varying between 45 to 55 degrees. The anticlinal fold itself plunges at an angle of 9 to 11 degrees to the southwest.

Most of the quartz cores within the saddle reefs are largely devoid of gold, whereas the margins, breccia contacts, and altered wall rock show mineralisation with gold (Figure 3). Additionally, there seems to be a preferential enrichment of gold along the eastern dipping limbs or legs of the saddle reefs. These limbs show better development (thicker) and more extensive alteration (Figure 4).

Figure 3: Revere Reef striking across ramp, highly mineralised zone in iron rich reef (4m bench floor), top. High grade reef dipping towards ramp floor reef (5m bench floor), bottom

The near-surface gold deposits observed are epigenetic, primarily hosted within fold-shear structures and formed under mesothermal fluid temperature conditions. The significant association of gold mineralisation with shear/fault zones and interpreted anticlinal hinges suggests that these areas served as structurally favourable traps for gold mineralisation. The active deformation of the folds did not coincide with the gold mineralisation event. It is likely that the dilatancy of the hinge zones, limb-shear zones, and formation of saddle reefs preceded the gold mineralisation event.

Figure 4: Visible gold in the Revere Reef system, about 35 cm outcrop in shallow costean

Prospect	Easting MGA94	Northing MGA94	Height (m)	Mineralisation*
Revere Reef	701067.54	7126827.26	542	35 cm quartz rich laterite above mineralized zone in shallow costean, with more than 80% subangular quartz

*Based on geological observations

Cautionary Statement:

In relation to the disclosure of visual mineralisation of gold included in this release, including photos, table and commentary for geological context, the Company cautions that visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis. Bulk sampling results supported by laboratory assay analysis are expected to be available in July 2024.

Previous exploration identified gold-bearing saddle reefs and leg reefs at Revere in a folded sequence of siltstone with minor sandstone. The Revere Reef is an elongated northeast-southwest trending anticline that plunges to the north and south. Generally, the Revere Reef system appears to represent a plunging (towards the southeast) anticlinal structure with its fold axes-oriented northeast. Most of the gold appears to be associated along the axial plane of this anticlinal structure. Multiple saddle reefs have formed in the apex of the fold and crop out at the top of the reef with a narrow but very high grade leg reef on bedding contacts on the fold limbs (Figure 5).

Figure 5: Schematic cross section of Revere Reef with conceptual targets along anticline structure

A summary of important assessment and reporting criteria used for this Exploration Results announcement is provided in JORC Table 1 in accordance with the checklist in the Australian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (the JORC Code, 2012).

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 171km². This is comprised of granted tenements E51/1766, E51/1770, E51/2119, E51/2088, E51/2145, E51/2135, E51/2136, P51/3240 and P51/3241, and pending applications M51/905, E51/2199 and E51/2145 (Figure 6). The project sits proximal and along strike of the DeGrussa and Monty Copper-Gold mines, just 55km to the southeast and the Andy Well gold mine 40km to the southwest.

Figure 6: Location map of the Revere Gold and Base Metal Project tenements in northeast Meekatharra; pending mining tenement highlighted in black

Revere is situated in the Palaeoproterozoic Yerrida Basin siliciclastic, within Doolgunna Graben – Doolgunna Formation. The Yerrida Basin has a faulted contact with the Bryah Basin in the northwest (Goodin Fault) and unconformably overlies, or is in tectonic contact with, Archaean granite-greenstone rocks of the Yilgarn Craton and the Marymia and Goodin Inliers to the south and east. A second major fault parallel to the Goodin Fault is recognised in the project area; termed the Southern Boundary Fault, which offsets the Yerrida Group units. The system is associated with the Capricorn orogenic event. The alteration system appears to represent a typical classic precious metal ductile shear system, known as the Revere Reef System. 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.

The Company undertook a process of remodelling and re-evaluating historical geophysical data using modern technology[6]. The new developed model is designed to target a discrete conductor that coincides with a discrete magnetic anomaly, potentially indicating the presence of pyrrhotite mineralisation. It’s important to note that chalcopyrite and sphalerite, while not inherently strong conductors, may exhibit conductivity depending on the concentration of associated pyrrhotite. The modelled conductive plates have identified fresh target areas adjacent to previously explored conductors. Data obtained from the VTEM survey indicates that this discrete conductor strikes northeast. The strongly conducting nature of the electromagnetic anomalies suggest they could be either massive sulphide or highly graphitic bodies. Considering that these anomalies are found within a sedimentary package and are in close proximity to the target stratigraphy, it’s conceivable that they are associated with reduced facies, possibly shale formations. A significant conductor was defined immediately north of the Revere Reef, south of DD Reef, and southwest of Tree Quartz Reef. Based on work to date the Company has delineated an extremely large footprint of mineralisation approximately 8.5km by 2.5km in size totalling 22km², which is currently open NE-SW and at depth.

The geological similarities and intersected mineralisation in all drill holes strongly suggests the potential existence of a substantially mineralised system at Revere similar to what can be seen at the Thaduna Green Dragon and the sedimentary hosted Enigma prospect. The drillhole assays and the base metals signatures so far detected, supports the Company’s geological theory that there is strong potential for Orogenic gold and SEDEX (and possibly VHMS) ore bodies to exist in the Doolgunna graben formation and further exploration at the Revere Project is definitely warranted[7].

The maiden Exploration Target of 2.5 – 4.1 million tonnes grading at 1 – 2.5g/t of gold was reported in October 2023^[8]. 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 (Figure 7). This information is based on 194 RC holes drilled in 2018 by Mineral Commodities Ltd (ASX: MRC) for a total of 8,845m and 1997 samples analysed for gold^[9] . 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 (DRC047:33-37m). The mineralised zones can therefore host a potential resource up to 334,000 ounces of gold (4.1 million tonnes of quartz lodes at SG of 2.5).

Cautionary Statement:

The potential quantity and grade of the Exploration Target is conceptual in nature and as such there has been insufficient exploration drilling conducted to estimate a Mineral Resource. There is a low level of geological confidence associated with the Exploration Target grade due to the nuggety nature of the resource. There is currently no certainty that further bulk sampling and exploration will result in the determination of an inferred mineral resource. The Exploration Target has been prepared in accordance with the JORC Code (2012).

Figure 7: Exploration Target resource area at Revere Project

Historical drilling at Revere intersected grades were between 0.1 to 28g/t Au in the RC drill holes but went over 1000g/t Au in larger samples (1195g/t Au from 80kg taken in 2007^[10]) and when two bulk samples of more than 200kg were taken (258kg and 293kg) in 2018 the grades of the same reefs were producing 18g/t and 357g/t Au. These are undiluted grades from the mineralised quartz reefs^[11]. The current Exploration Target grade will be determined by the results of a very large bulk sample programme of 36,000 tonnes. Trenching over these areas have already confirmed the presence of saddle reefs that will now be excavated and processed on site to determine the final recovery grade of the material. The bulk sampling grades will be applied to the known mineralised quartz reefs (known geological continuity) to determine an inferred JORC compliant resource as is the accepted method and industry standard for nuggety gold deposits.