Everest Metals Launches Drilling to Expand Mt Dimer Gold Resource Ahead of Production

Drilling Commences to Expand Resource

Everest Metals Corporation Ltd (ASX, EMC) has kicked off a focused 2,500-metre reverse circulation drilling program at its Mt Dimer Taipan Gold Project in Western Australia. The campaign aims to upgrade the current inferred mineral resource and explore extensions along the southern strike and down-dip zones of the deposit. This move is a strategic step to bolster resource confidence ahead of the imminent mining phase.

The Mt Dimer Taipan deposit, located roughly 150 kilometres northwest of Kalgoorlie, hosts an inferred resource estimated at 722,000 tonnes grading 2.10 grams per tonne gold, equating to approximately 48,545 ounces of gold, alongside 89,011 ounces of silver. Previous drilling has indicated promising shallow high-grade extensions, reinforcing geological confidence in further resource growth.

Partnership and Funding Secure Near-Term Production

This drilling initiative is underpinned by a recently executed Right to Mine Agreement with MEGA Resources Pty Ltd, which provides up to A$18.6 million in non-dilutive funding. MEGA has already mobilised its mining fleet and commenced site preparations for open-pit operations, targeting first ore extraction by November 2025. Toll-treatment processing is scheduled to begin in March 2026 at a facility in Kalgoorlie, with an annual throughput agreement of 200,000 tonnes.

EMC’s Executive Chairman and CEO, Mark Caruso, highlighted the significance of the drilling program as a "critical value-add step immediately ahead of mining start-up." He emphasized the company’s strong geological confidence in extending mineralisation and the advantage of being fully funded without diluting shareholders. The assay results, expected in December, will directly influence mine planning and resource upgrades, positioning EMC to capitalise on the current robust gold price environment.

Additional Resource Potential from Tailings and Heap Leach Pads

Beyond the primary resource, EMC is also investigating the potential of gold recovery from the existing Tailings Storage Facility and Heap Leach Pad. Initial sampling conducted in 2020 revealed encouraging gold grades averaging around 0.41 to 0.51 grams per tonne. A more detailed sampling and shallow drilling program is planned to better define the volume, grade, and metallurgical characteristics of these materials, which could offer short-term income generation opportunities.

Project Permitting and Historical Context

The Mt Dimer Taipan Project is fully permitted, with mining proposals and closure plans approved by the Department of Mines, Industry Regulation and Safety. The project has a long exploration history dating back to 1992 and was acquired by EMC in 2020. The maiden JORC-compliant resource was reported in 2021, providing a solid foundation for the current development phase.

With drilling expected to complete within two weeks and assays due in December, EMC is poised to refine its resource base and advance towards production. The collaboration with MEGA Resources and the secured funding arrangement provide a clear pathway to near-term cash flow generation.