High-Grade Gold up to 85.1g/t Au Continues Near Surface at Revere Gold Project

Highlights

High-grade gold intersected during Stage 2 (Pit 1) bulk sampling and blast hole drill program
Best 1m blast hole assays include:
- 85.1 g/t Au from 9m (P 2-2)
- 43.4 g/t Au from 8m (P 17-3)
- 30.5 g/t Au from 5m (P 14-2)
- 15.6 g/t Au from 6m (P 14-2)
- 9.2 g/t Au from 5m (P 19-4)
Results from bulk sampling and blast hole drill program, and historical RC drilling have identified a structural geological mineralised zone over at least 90m in width and 280m on strike from surface to a depth down to 130m
The 280m zone is within an immediate target area with previously identified gold mineralisation of at least 700m along strike that forms part of the 7km Revere Reef gold system.
High-grade gold close to surface supports Revere’s potential development with a low stripping ratio
Advance planning for 5,500m drill program to systematically drill and sample entire 7km strike target area to test the repeatability of the current geological structure and mineralised system
Gekko processing plant mobilised to site to commence processing in November 2024 of 8,000t mineralised stockpile, leveraging record high A$ gold prices[1]

Everest Metals Corporation Ltd (ASX: EMC) (“EMC” or “the Company”)is pleased to announce assay results from drill and blast works undertaken as part of the bulk sampling program at the Revere Gold and Base Metal Project (“Revere”) in Western Australia, 90km northeast of Meekatharra in the Murchison Region of Western Australia. The project sits proximal and along strike of the DeGrussa and Monty Copper-Gold mines, 55km southeast, and the Andy Well gold mine, 40km southwest.

Everest is undertaking a 36,000-tonne bulk sampling program at Revere to enhance its understanding of the mineralised system and is focused on just 700m of a potential 7km strike length, providing exploration upside. It plans to process gold mineralised material from the bulk sampling program to a gold concentrate.

EMC’s Executive Chairman and CEO Mark Caruso commented:

“These Bulk Sampling results of Pit 1 are significant. In conjunction with historical RC drilling, we have now connected a geological mineralised zone of high-grade gold strike over at least 90m wide and 280m on strike from surface to a depth of 130m[2]. We have tested only 10% of what we believe to be a 7km strike target of the structural geological mineralised high-grade reef system. We are planning an acceleration of our current exploration program to determine the limits of this system through another 5500m of drilling aligned with our ongoing bulk sampling and processing campaigns. There is no doubt in the near term not only we will expand the current limits of our exploration footprint but also, we will deliver a maiden resource at Revere.”

HIGH-GRADE BLAST HOLE RESULTS

Phase 2 bulk sampling continued with 209 blast holes completed for a total of 2,090 drilled metres by an air blast rig, about 100m northeast of the initial drill and blast area (Pit 2). The drilling was done on a grid of 3.5m x 3m and drilled to a depth of 10m over a 70m x 30m future bulk sampling area (Figure 1). One-meter samples were collected from the drill cyclone from surface to the end of the hole (10m).

In total, 2,090 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-nugget gold samples using fire assay is often challenging due to the small sample size (10-50 grams). PhotonAssay provides an effective method, allowing the analysis of larger sample sizes (typically around 500 grams) for a more representative result. This method is particularly effective for coarse gold mineralisation, with a detection limit between 0.03 and 350 ppm.

Assay results indicate the extension of the previously bulk sampled high grade north-westerly dipping mineralised limb[3] along an anticlinal axial plane that strikes over a distance of at least 280m. Blasting hole results include hole H13-9, 1m at 81.4g/t Au, hole H12-8, 1m at 96.9g/t Au, hole H13-8, 1m at 38.7g/t Au, hole H33-8 at 1m at 21g/t Au^[4]. Results from the newly drill blast holes are better and higher than that of the current bulk sampling area.

In the current blastholes, P2-2 is an example of very high-grade gold mineralisation, with a high-grade intercept of 1m at 85.1 g/t Au from 9m, with a continuous run of individual 1m assays of 0.15 g/t Au, 0.09 g/t Au, 0.16 g/t Au, 0.35 g/t Au, and 0.17 g/t Au from 4 to 9m depths. Likewise, 1m top grade assays result of P14-2 intersected 1m at 30.5 g/t Au from 5m and 15.6 g/t Au from 6m.

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

Similarly, P17-3 intersected 1m at 43.4 g/t Au from 8m and 1m at 3.9 g/t Au from 8m and P19-4 intersected 1m at 9.2g/t Au from 5m which indicates shallow near-surface, high-grade gold mineralisation along a 65m northeast-southwest strike of the Pit 1 drill and blast area.

Mineralisation is a thin reef in weathered siltstone containing high grade nuggety gold quartz vein and appears to be concentrated along anticlinal fold crests with mineralisation continuing along the north and south dipping legs of the saddle reefs. 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.

Historical RC drilling (DRC96, 101, and 107), carried out at an orientation of N330E with a 60-degree dip, within the area of the phase 2 drill and blast area (Pit 1), intersected the Revere Reef at varying depths from 2 to 75m across multiple intervals (Figure 1).

These results demonstrate a repeatable reef presence from near surface down to a depth of 75m in the current air blast drilled area. Historical drilling results in this area consist of hole DRC96 with 1m at 3.6g/t Au (15-16m), 1m at 1.3g/t Au (74-75m), hole DRC101 showing 4m at 1.4g/t Au (20-24m), 1m at 1.4g/t Au (23-24m), and hole DRC107 yielding 1m at 1.6g/t Au (2-3m), 5m at 1.2g/t Au (38-43m), 1m at 1g/t Au (55-56m) ,and 1m at 1.1g/t Au (58-59m) [5]^&[6].

Summary assay results for significant gold intersections are presented in Table 1, with complete assay tables for the drilled holes available in Appendix 2. The results clearly indicate near-surface gold mineralisation.

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

Hole-ID	From (m)	To (m)	Interval (m)	Au (g/t)
P1-3	6	7	1	2.38
P2-2	9	10	1	85.17
P6-2	6	7	1	4.27
P9-1	8	9	1	1.12
P11-1	4	5	1	4.74
P14-2	5	6	1	30.56
P14-2	6	7	1	15.61
P17-3	8	9	1	43.48
P17-3	9	10	1	3.93
P17-4	0	1	1	3.48
P17-7	2	3	1	3.93
P19-4	5	6	1	9.24
P19-4	6	7	1	1.33

Figure 2: The historical bulk sampling results and the locations of both historical and recent drill holes at the Revere Project, only high-grade drilling results exceeding 10g/t Au are shown along a NE-SW strike

GEOLOGICAL INTERPRETATION

Based on the current and historical drilling results, the reef system is extending along strike. Blast hole and bulk sampling results indicate that the intersected reefs in Pit 1 and Pit 2 are connected (Figure 2).

The historical RC drilling results in the area between Pit 1 and Pit 2 , including RC holes DRC35 11m at 1g/t Au (29-40m) including 1m at 7.8g/t Au (32-33m), DRC68 1m at 2.2g/t Au (64-65m), DRC69 1m at 1.5g/t Au (34-35m), 5m at 1.3g/t Au (53-58m) and 1m at 1.4g/t Au (79-80m), DRC76 1m at 28.1g/t Au (22-23m), DRC82 1m at 2.6g/t Au (21-22m), DRC87 1m at 1.6g/t Au (26-27m) ,and drill hole DRC89 1m at 1.6g/t Au (99-100m) [7]^&[8].

Now the reef system, proved by connecting two drill and blast areas (Pit 1 and Pit 2), reveals a ~90 metre width and 280-metre mineralised strike extending from the southwest of Pit 2 to the northeast of Pit 1. This is further validated by historical RC and previous air-blast drilling results. This represents only a small portion, approximately 40 percent, of the initial 700 metre target area defined based on historical drilling data.

During the bulk sampling, correlation of the initial drill and blasting with a well-developed quartz reef limb proved that the gold 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[9].

Total width and depth of the gold distribution along the anticlinal axis and bedding planes are yet to be established but the current results indicate a mineralised zone of 280m along strike and at least 90m wide.

Figure 3: Bulk sample from Revere Reef, well developed stockwork and spur network of quartz veins in highly mineralised zone

The 280m long zone is within an immediate target area with previously identified gold mineralisation of at least 700m along strike that forms part of the 7km Revere Reef gold system. 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 Au⁴_.

The total widths (cross-sectional area) of the numerous reefs are currently unknown; however, they have been shown to maintain continuity over a 20-metre-wide zone within a broader ~250 metre mineralised area.

The saddle reefs are expected to thin out down-dip along the fold limbs to the southeast and northwest. The reefs’ longest dimension runs parallel to the crest of the anticline. The thickness of the various stacked reefs appears to average between 10 and 20 cm, with vertical separations of 2–3 meters between each reef. In some areas, near-vertical spur veins have developed within the slaty cleavage, aligning with the fold’s axial surface and close to or within the fold hinge zone.

Figure 4: Revere Reef mineralised system, on tenements map

Additionally, the presence of highly enriched visible gold within fold hinges and dilation zones on parasitic fold limbs indicates a well-developed, large hydrothermal gold system.

The ongoing exploration program will attempt to confirm the bulk grade of some of the gold reef systems identified to date. Bulk sampling will be completed over the December 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 mineralised system.

This Bulk Sampling program will assist the Company in identifying the extent of the mineralisation in just a small section (about 10%) of the 7km’s of identified Revere Reef (Figure 4).

The Company expects meaningful gold recoveries from the program using a simple gravity gold circuit for processing Revere mineralised material as well as generating a JORC compliant resource through the conversion of current and historical mineralisation results. The processing of the bulk sample material will also assist in calibration of future mining and metallurgy parameters.

Following the bulk sampling program, EMC will progress a 5,500m air core drilling program along the Revere Reef to establish additional JORC compliant resources with near surface gold potential along the greater part of the Revere Reef system.

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).

REVER PROJECT BACKGROUND

The Revere 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 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.

The tenement package size covers an area of 171km² including the tenements under option. This is comprised of granted tenements E51/1766, E51/1770, E51/2119, E51/2088, E51/2145, E51/2135, E51/2136, P51/3240, P51/3241, newly granted E51/2199 and pending application M51/905, (Figure 5).

Figure 5: 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^[10]. 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 maiden Exploration Target of 2.5 – 4.1 million tonnes grading at 1 – 2.5g/t of gold was reported in October 2023^[11]. 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). The current Exploration Target is based on historical drilling data over an area of ~700m 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 6). 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^[12] .

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).

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).

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^[13]) 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^[14]. 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.