High Grade Gold Results From Drilling At Revere Gold & Base Metal Project

Highlights

Assays received from drill and blast works undertaken as part of the bulk sampling program
One-meter top grade assays of blast holes include:
- H12-8 – 97.0 g/t Au from 8m
- H13-9 – 46.8 g/t Au from 2m
- H13-9 – 81.4 g/t Au from 3m
- H13-8 – 38.7 g/t Au from 2m
- H33-8 – 21.0 g/t Au from 3m
Near surface gold mineralisation confirms and continues to support the existence of a large scale orogenic gold system
Heritage Protection Agreements now completed with the Native Title groups, covering the entire Revere project tenements
Mining Agreement under negotiation
Bulk Sampling program underway

“The 7km long Revere Reef system has delivered prolific gold from surface over many years so it’s pleasing to receive assays consistent with the smaller bulk sampling programs previously completed over the tenure. EMC regards this bulk sampling program as the beginning of what will be a systematic and methodical approach to ultimately unlocking what we believe to be a large orogenic gold system – the Revere Reef system.”
EMC Executive Chairman/CEO Mark Caruso commented:

Everest Metals Corporation Limited (ASX: EMC) (“EMC” or “the Company”)is pleased to provide assay results from the recently completed drill and blast works undertaken as part of 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[1]. The program will delineate the extent of high-grade gold mineralisation contained in the reefs. Bulk sampling and processing will be completed over Q2 and Q3 of 2024. 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 substantial JORC resource through the conversion of historical high-grade mineralisation results (17g/t to 325g/t Au)^[2] into an inferred/indicated Mineral Resource Estimate (“MRE”). Additionally, the processing of this ore sample will assist in calibration of 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.

Bulk samples were planned from where high and low-grade material was estimated and exposed at surface. 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. The drilling was completed on a grid of 3.6 by 2.8 metres and drilled to a depth of 12 metres each, along a northeast southwest trend for a length of about 110m (Figure 1). Blasting of each drill pattern was then completed. One-meter samples were collected from the drill cyclone from a depth of 2 metres to the end of the hole (12m) and 10 samples were collected from each hole. No samples were taken from the surface to a depth of 2 meters due to the potential presence of ex situ material caused by site preparation and historical surface work.

In total, 960 samples were sent to the ALS laboratory in Perth and samples were assayed by 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 mineralization, with a detection limit ranging from 0.03 to 350 ppm.

HIGH GRADE BLAST HOLE RESULTS

Laboratory assay of the samples have been received, with highly encouraging results. In the high-grade zone, assay results for one metre blast hole samples are significantly higher than expected. In every sampled zone throughout the Revere Reef, mineralisation is linked to a high concentration of nuggety gold within small veins and fractures. The distinction between high and low grades is based on the frequency of these veins and fractures in the host rock and the gold concentration within them. These findings potentially indicate a significant increase in grade for future mining scenarios.

Summary assay results for significant gold intersections are shown in Table 1 with full assay tables of drilled holes available in Appendix 2. The results clearly indicating near surface gold mineralisation.

Table 1 – Revere shallow holes drilling results more than 1g/t

Hole-ID	From (m)	To (m)	Interval (m)	Au (g/t)
H33-8	3	4	1	21.06
H27-11	11	12	1	4.01
H21-10	5	6	1	3.21
H15-9	9	10	1	3.5
H15-10	11	12	1	1.14
H14-10	8	9	1	2.69
H14-10	9	10	1	2.99
H13-9	3	4	1	81.44
H13-9	4	5	1	12.6
H13-8	2	3	1	38.71
H12-9	7	8	1	2.7
H12-8	8	9	1	96.91
H11-9	4	5	1	3.16
H11-9	5	6	1	1.32
H11-9	6	7	1	1.11
H1-8	8	9	1	1.68

Mineralisation is vein hosted and current mineralisation width and distribution is yet to be established. The orientation and geometry of mineralisation is unknown. Also, any reported mineralisation intercepts are downhole widths and not true widths, which are unknown currently. As all samples are one metre in length, intersections reported are for each one metre interval from blast hole samples and no intersection calculations have been made.

The results provide evidence of extensive mineralisation occurrences within large alteration zones which have the potential to contain gold ore grade concentrations. Although the high-grade intersections returned from these holes are narrow, the overall tenor and grade of the mineralisation with associated halo zones encountered is encouraging and supports continued exploration along the Revere reef corridor. Moreover, this indicates the potential for the existence of an orogenic gold system at depth. The gold mineralisation in the halo zone ranges from 0.1-0.9 g/t Au, which is a strong indication of potential high grade gold mineralisation. H13-9 is an example of very high grade gold mineralisation, with a high grade intercept of 2m at 46.8 g/t Au, also including an interval of 6m at 0.3g/t Au. This interval includes a continuous run of individual 1m assay of 0.93, 0.23, 0.11, 0.18, 0.13 and 0.16 g/t Au from 5 to 11m depths (Refer to Appendix 2).

Figure 1: Blast holes location at Revere project showing high grade intercepted gold mineralisation

GEOLOGICAL INTERPRETATION

Gold occurrences in the region are typically found in shear-hosted shoots, which are narrow and elongated deposits characterised by high-grade mineralisation. Generally, sulphide mineralisation appeared from a depth of 150- 200m beneath the red-brown siltstone. Particularly, mineralisation found was associated with breccias, sulphides (Pyrite), graphite and quartz veins. Strong magnetic anomalies within the sedimentary basin provide an excellent brittle host setting for gold deposition. Thick Dolomites, carbonaceous sediments, mafic volcanics and thin mafic volcanics were intersected in some sequences and strong structural displacement creates a favourable environment for gold and base metal mineralisation.

At Revere Reef, the gold mineralisation occurs as nuggety coarse to fine disseminated gold associated with mesothermal quartz veins and associated alteration contact halos. The gold lodes generally consist of narrow quartz veins (10-20cm generally in thickness but can be up to 1m in thickness) that can form a single vein, stockwork or complicated saddles reef system (Figure 2). The observed near surface gold is epigenetic, dominantly fold-shear hosted and formed under mesothermal fluid temperature conditions. The strong association of gold mineralisation to the shear/fault zone and interpreted anticline hinge, indicates that these areas were structurally favourable trap sites for gold mineralisation. The active deformation of the folds was not synchronous with the gold mineralisation event, and it is probable that the hinge-zone dilatancy, limb-shear and saddle-reef formation all predate the gold event. The gold generally occurs as native gold and as electrum within potassic altered siltstone host rock. There is also a close association of the gold with arsenopyrite as well as chloritic and calcic-carbonate alteration.

Figure 2: Visible gold in the Revere Reef system, about 15 cm quartz vein outcrop in shallow costean

Prospect	Easting MGA94	Northing MGA94	Height (m)	Mineralisation*
Revere Reef	701103.15	7126838.72	546	15 cm quartz vein outcrop in shallow costean, with more than 85% subangular to subrounded quarts associated with iron oxides

*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. Laboratory assay results are required to determine the widths and grade of the visible mineralisation. Assay results expected to be available in late June 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 elongate northeast-southwest trending anticline that plunges to the north and south. Generally, the Revere Reef system appear 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 narrow but very high grade leg reef on bedding contacts on the fold limbs (Figure 3).

Figure 3: Schematic cross section of Revere Reef with conceptual targets along anticline structure

Drill chip samples show that the rocks are intensely weathered to depths and the weathering products are predominantly kaolinitic clays and iron oxyhydroxides. This weathering is particularly well-developed in zones of hydrothermal alteration, likely related to high-strain zones that facilitated the percolation of meteoric waters. Also, the alteration zone is associated with phyllic and argillic alteration.

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).

HERITAGE PROTECTION AGREEMENT

The Company has signed a Heritage Protection Agreement with the Yugunga-Nya Native Title Claimant and Exploration and Prospecting Agreement with Yugunga-Nya Native Title Aboriginal Corporation RNTBC (“YN PBC”) for the Revere Gold and Base Metals Project tenements (Figure 4).

YN PBC was registered by the Federal Court of Australia (WCD2022/008) as the Native Title Body Corporate for the Yugunga-Nya People in November 2021, and the Yugunga-Nya People #2 (Part A) are claimant applicants (WAD110/2022) in the Federal Court in May 2022. The execution of the Agreements is a key milestone for the development of the Revere Project. The Agreements includes granted Exploration Licences E51/1766, E51/1770, E51/2119 and E51/2088, Prospecting Licences P51/3240 & P51/3241, and pending applications E51/2145 and E51/2199 to support the rapid progress of the Revere Gold and Base Metals Project. The Revere tenement package covers an area of 171 km².

Also, the Agreements will provide social, cultural, and environmental benefits to the Yugunga-Nya communities and people with opportunities to be involved in the Revere Gold Project through community engagement. The Company expects granting of pending Exploration Licences[3] by the end of June 2024 quarter. Also, EMC believes the pending mining licence application M51/905 will be granted after the heritage survey is completed which is expected to take place during the December quarter of 2024.

The Company is continuing to build the policies and processes it needs to track, monitor, and embed its Environmental, Social and Governance (“ESG”) performance commitment across all operations, guided by the principles of the World Economic Forum reporting framework.

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 4). The project sits proximal and along strike of the DeGrussa and Monty Copper-Gold mines, just 55km to the southwest.

Figure 4: 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 reevaluating historical geophysical data using modern technology[4]. 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[5].

The maiden Exploration Target of 2.5 – 4.1 million tonnes grading at 1 – 2.5g/t of gold was reported in October 2023^[6]. 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 5). 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^[7] . 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 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).

Figure 4: 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^[8]) 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^[9]. 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.