Everest Metals Defines 260,780 Ounce Maiden Gold Resource at Revere with Open Pit Potential

• Maiden JORC Mineral Resource Estimate of 260,780 oz gold
• Resource spans Big John and Armstrong deposits within 6 km Revere Reef
• Over 40% classified as Indicated Mineral Resources
• Near-surface mineralisation open along strike, low stripping ratio
• Bulk sampling and metallurgical testwork confirm gravity gold recovery

Significant Maiden Resource Defines Revere as Open Pit Target

Everest Metals Corporation Ltd (ASX:EMC) has taken a major step forward at its Revere Gold Project in Western Australia's Mid-West, unveiling a maiden Mineral Resource Estimate (MRE) of 15 million tonnes grading 0.54 g/t gold for a total of 260,780 ounces. Notably, over 40% of this resource is classified as Indicated, providing a solid foundation for future development. The resource is contained within the Big John and Armstrong deposits along the 6 km Revere Reef shear system, with mineralisation starting at surface and remaining open along strike, highlighting further upside potential.

EMC’s Executive Chairman and CEO Mark Caruso emphasised the significance: "The maiden Mineral Resource at Revere represents a significant milestone for the Company, confirming a large, near-surface gold system with demonstrated continuity." The resource model suggests amenability to open pit mining with low stripping requirements, a key factor for economic extraction.

Resource Details and Drilling Footprint

The resource estimate, prepared under the JORC Code (2012), is reported using a 0.1 g/t Au cut-off grade. Big John accounts for 228,307 ounces (6.38 Mt Indicated at 0.57 g/t and 6.62 Mt Inferred at 0.53 g/t), while Armstrong adds another 32,307 ounces inferred at 0.50 g/t. The deposits are located approximately 1 km apart within the broader Revere Reef system, which remains largely underexplored, with only about 25% systematically drilled to date.

The drilling database underpinning the resource comprises 843 drillholes (RC, RAB, and AC) totaling 21,669 metres, with drill spacing at Big John ranging from dense 3.5 m x 3 m grids in bulk sampling areas to broader 18 m x 22 m spacing elsewhere. Armstrong’s drilling is sparser, leading to its resource classification as Inferred. The company plans further aircore drilling to test strike and down-dip extensions, aiming to expand and upgrade the resource base.

This announcement builds on EMC’s recent confirmation of continuous high-grade gold mineralisation at Revere, following extensive aircore drilling results along the reef system continuous gold mineralisation.

Bulk Sampling and Metallurgical Confidence

Supporting the resource estimate, a bulk sampling program processed 7,414 tonnes of near-surface mineralised material through a 10 TPH mobile Gekko gravity processing plant, yielding an average grade of 0.5 g/t Au. The program recovered coarse gold effectively via gravity methods, with metallurgical testwork confirming recoveries of up to 97% to primary gravity concentrates. This gravity-only circuit, notably free of cyanide or added chemicals, underlines a potentially low-cost, environmentally friendly processing pathway.

The recovered gold was refined at the Perth Mint, producing doré bars averaging 95.98% gold purity. The metallurgical results align with prior testwork and bulk sampling, reinforcing confidence in the resource grade and processing route.

Geological Setting and Structural Controls

Revere is situated within the Paleoproterozoic Yerrida Basin, hosting mesothermal-style gold mineralisation associated with a complex folded quartz reef and shear system. Gold occurs both as coarse nuggets within quartz veins and as finer disseminations in altered siltstone halos. The mineralisation is structurally controlled along an anticline fold hinge, with multiple saddle reefs forming high-grade zones.

The Big John and Armstrong deposits are positioned on opposing limbs of a synclinal fold, with mineralisation extending from surface to depths exceeding 130 metres and remaining open. The nuggety nature of the gold introduces sampling variability, but the combination of drilling, bulk sampling, and geochemical modelling provides a robust resource framework.

Environmental and Tenure Status

The project benefits from a favourable location near Meekatharra, a well-established gold mining centre with existing infrastructure. Environmental surveys covering flora, fauna, and heritage have found no material impediments, and the company is advancing negotiations with the Yugunga-Nya People native title group toward a Mining Agreement.

Mining lease application M51/905, covering the entire Big John resource, is progressing, alongside granted exploration tenements. The company holds a groundwater licence permitting extraction of up to 43 million litres per annum, supporting future mining operations.

Next Steps Toward Development

Everest Metals plans to build on this milestone with complementary metallurgical testwork, a scoping study, and resource expansion drilling to upgrade confidence and potentially increase the resource inventory. The company’s broader portfolio, including the Mt Edon Critical Mineral Project and Mt Dimer Taipan Gold Project, demonstrates a diversified exploration strategy Mt Edon Critical Mineral Project and Mt Dimer gold production.

With only a quarter of the Revere Reef system drilled and mineralisation open along strike and at depth, the resource estimate is an important foundation, but far from the final word on the project’s potential.

Bottom Line?

Revere’s maiden resource confirms a near-surface, open-pit gold system with solid metallurgical credentials, but drilling density and nuggety mineralisation leave room for resource growth and classification upgrades.

Questions in the middle?

• How will further drilling impact the resource classification at Armstrong and along strike?
• What economic outcomes will the upcoming scoping study reveal regarding open pit mining viability?
• How might evolving metallurgical testwork influence processing strategies and recovery rates?