Everest Metals Launches Government-Backed Drilling at Mt Dimer Gold Project

Government-Backed Drilling Targets High-Priority Gold Anomalies

Everest Metals Corporation Ltd (ASX:EMC) has commenced a 2,000-metre reverse circulation (RC) drilling program at its Mt Dimer Exploration Project (E77/2383) in Western Australia, with up to $145,000 of the costs co-funded by the WA Government’s Exploration Incentive Scheme (EIS) Round 32. The drilling campaign focuses on three identified high-priority anomalies that show strong geochemical signatures of gold mineralisation, arsenic, and lead, all indicative of orogenic gold and banded iron formation (BIF)-hosted mineralisation.

Located approximately 150km northwest of Kalgoorlie and 120km northeast of Southern Cross, the Mt Dimer Exploration Project sits strategically between Beacon Minerals’ Mt Dimer mining leases and Everest Metals’ own Mt Dimer-Taipan gold mining operation. The proximity to these established mines, which share the same geological structures, underpins the geological confidence that the mineralised system extends into EMC’s exploration tenement.

Historical Data Supports Exploration Targets

Previous soil geochemical surveys in 2021 identified gold concentrations up to 430 parts per billion (ppb) and arsenic up to 420 parts per million (ppm), defining three significant anomalies within the tenement. These anomalies align spatially with structural features such as a prominent north–south strike-slip fault and hydrothermal alteration zones, which are classic hallmarks of orogenic gold systems. A scout drilling program completed in May 2025 tested two of these anomalies with inclined holes reaching 120 metres depth, returning low-grade gold intercepts that warrant follow-up.

The current drilling program aims to expand on these initial results by testing 16 RC holes across the target zones, with drilling expected to be completed within two weeks. Assay results are anticipated in September 2026 and will be crucial in determining the potential to delineate new mineral resources.

Mt Dimer-Taipan: Established Resource Base

The adjacent Mt Dimer-Taipan Gold Project, held under mining lease M77/515, has a maiden inferred mineral resource estimate of 48,545 ounces of gold at 2.10 g/t and 89,011 ounces of silver at 3.84 g/t, reported in 2021. This resource includes higher-grade zones below 380mRL with grades up to 3.2 g/t gold. Everest Metals acquired the project in 2020 and has since been advancing exploration and mining activities, including a recent 3,078m grade control drilling program that confirmed continuity of high-grade mineralisation.

Executive Chairman and CEO Mark Caruso highlighted the strategic importance of the exploration program, noting the WA Government’s support through the EIS co-funding scheme covers half the drilling and mobilisation costs. This assistance reduces financial risk while allowing the company to test compelling targets adjacent to its existing operations and those of Beacon Minerals.

Next Steps and Market Implications

With drilling underway and assay results due in the coming months, the market will be watching for confirmation that the Mt Dimer Exploration Project can extend the known mineralised system. Success here could enhance resource inventories and support longer-term mining plans. The co-funding arrangement also reflects ongoing government commitment to encouraging exploration in Western Australia’s prolific gold belts.

Meanwhile, Everest Metals continues to advance its portfolio, including the recently secured mining lease for the Revere Gold Project and resource upgrades at Mt Edon, underscoring a multi-pronged approach to growth in precious and critical minerals.