Highlights
- EMC has entered into an agreement to acquire 100% of the Ninghan Project, southwest of Paynes Find in Western Australia – subject to due diligence.
- The Ninghan Project includes two exploration leases E59/2464 and E59/2500 which cover a combined 228km²
- The project is surrounded by several significant gold projects including the Mount Gibson Gold Project, the Rothsay Gold Project, the 1.1 million-ounce Minjar Gold Project, 1 million-ounce Kirkalocka Gold Project, and the Surefire Yidby Gold Project
- The project has an authorised DIMIRS PoW works program for drilling
- EMC is planning a geochemical program in the near-term to collect further data for a drilling program scheduled for mid-2023
Commenting on the acquisition of the Ninghan Project, Chief Executive Officer Mark Caruso said:
“EMC is pleased to have the opportunity to increase its footprint in the prospective Paynes Find region. Ninghan’s substantial land holding combined with having immediate exploration targets will complement the Company’s other projects in the area. Exploration success by others in the region demonstrate the propectivity of this project area and we look forward to providing the updates on our near-term exploration programs over the coming year.”
Everest Metals Corporation Limited (ASX: EMC) (“EMC” or “the Company”)is pleased to announce that it has entered into a Tenement Sale Agreement (“Agreement”) to acquire 100% of the Ninghan Project (“Ninghan”) located in the highly prospective region near Paynes Find in Western Australia. The Ninghan Project is considered prospective for Gold and associated metals.
PROJECT INFORMATION
The Ninghan Project is located 40km southwest of Paynes Find in the Shire of Yalgoo and 400km northeast of Perth. The Great Northern Highway straddles the project (Figure 1). Ninghan includes two exploration tenements, E59/2464 and E59/2500 which cover a combined 228km2 (76 blocks) lying to the north and south of the Great Northern Highway. E59/2464 sits to the north of Capricorn’s (ASX: CMM) Mt Gibson Project and E59/2500 is adjacent to Surefire Resources (ASX: SRN) Yidby Gold Project.
As mentioned, the project is located in a well-known mining district and surrounded by several gold projects including the Yidby and Rothsay Gold Projects respectively located 15km and 40km to the west, the Mount Gibson Gold Project, located 35km to the south, the 1.1 million-ounce Minjar Gold Project located 75km to the northwest, and the million-ounce Kirkalocka Gold Project, located 70km to the northeast.
The tenement area lies within the Ninghan Fold Belt mafic and ultramafic greenstone in the southern part of the highly gold-endowed Murchison province and is cut by several regional faults. The southwest portion of the tenement E59/2464 covers the greenstone unit, along the northwest-southeast strike fault zone of the Yidby gold deposit (Figure 2). Gold mineralisation and associated metals in the Ninghan area are predominantly hosted by intensely altered mafic to ultramafic units, and to a lesser extent, within BIF and chert units. As a result of supergene enrichment, the tenor of mineralisation is generally increased in highly weathered rock.
The project has a valid Program of Work (PoW 111215) in place for drilling. The Company is planning a geochemical program in the March 2023 quarter and will compile the results with the existing geophysical data to prepare for a drilling program, scheduled in mid-2023.
NEXT STEPS
- Geochemical program in Q1, 2023
- Drilling program in Q2, 2023
