Everest Metals has started a 6,000-metre drilling campaign at Revere while commissioning a Scoping Study targeted for March quarter 2027. A separate $150,000 cash and share transaction would lift EMC’s stated joint venture interest to 56% and halve a royalty burden over selected tenements.
- 6,000m aircore campaign targeting resource growth and geological confidence
- Revere maiden resource totals 260,780 ounces of contained gold
- Como Engineers appointed for Scoping Study due in March quarter 2027
- JV interest expected to rise from 51% to 56%
- Royalty burden over two exploration licences to fall from 2.0% to 1.0%
Revere Moves From Resource Definition to Development Testing
Everest Metals Corporation Ltd (ASX:EMC) is advancing its Revere Gold Project on two fronts: drilling for more ounces and studying how the existing resource might be developed. The company has commenced a 6,000-metre aircore program in Western Australia’s Murchison region and appointed Como Engineers to deliver a Scoping Study targeted for the March quarter of 2027.
That marks a change in emphasis for Revere. The project now has a maiden Mineral Resource of 15.0 million tonnes at 0.54 grams per tonne gold for 260,780 ounces of contained gold, reported in May, and EMC says it will assess development pathways using that resource rather than waiting for a larger estimate. The drilling campaign will continue in parallel, leaving room for later resource growth to be incorporated into the project’s evaluation.
Aircore Campaign Targets Armstrong and Big John Extensions
The program is concentrated on the Armstrong deposit and the north-eastern extension of Big John within the Revere Shear System. At Armstrong, about 100 holes will be drilled across 15 fence lines, with the holes spaced 20 metres apart and generally reaching 60 to 80 metres.
EMC says the work is intended to close gaps within known mineralisation, improve confidence in continuity and test both along-strike and down-dip extensions. Armstrong currently carries an Inferred Resource of 2.01 million tonnes at 0.50 grams per tonne gold for 32,307 ounces. The wider mineralised system remains open along strike and at depth, although the announcement provides no new assay results or revised resource estimate.
The campaign is expected to take three weeks, with assay results anticipated in early November 2026. Those results should provide the first near-term test of whether the resource envelope can be expanded or better defined ahead of future Mineral Resource updates.
Como Engineers to Frame Revere’s Development Options
Como Engineers will assess potential development pathways based on the existing resource while EMC continues permitting and technical work. The company describes Como as experienced across mineral processing, project development, metallurgical testing, engineering design and modular gold processing plants.
The study is not an economic development decision and the filing provides no capital cost, operating cost, production, recovery or financial estimates. Its value at this stage is more basic but still important: it is intended to establish a technical framework for deciding what further evaluation Revere may require.
Ownership Transaction Simplifies JV and Royalty Structure
EMC has also agreed to acquire Angelo Levissianos’ 5% interest in relevant Revere tenements and the associated joint venture interests, lifting its stated share from 51% to 56%. Following completion, the announced ownership would be EMC 56%, Entelechy Resources 39% and Laszlo Szalay 5%.
The transaction consideration is $150,000 cash and 1,000,000 fully paid EMC shares. It also removes separate surface-mining and alluvial rights held by Mr Levissianos and Mr Szalay, while Mr Szalay retains his 5% tenement and joint venture interest.
For two exploration licences, the deal would reduce the gross revenue royalty burden from 2.0% to 1.0% after EMC acquires and extinguishes Mr Levissianos’ half of the existing royalty. His royalty interest over another mining lease and exploration licence is to be assigned to Mr Szalay, who would become the sole payee under that arrangement. The announcement does not state when completion will occur, so the final ownership and royalty position remains a transaction milestone rather than an accomplished fact.
Bottom Line?
Revere now has a defined resource, active expansion drilling and a development study on the timetable. The next hard evidence will come from November assays, followed by the Scoping Study’s technical and economic parameters in the March quarter of 2027.
Questions in the middle?
- Will the 6,000-metre campaign add enough continuity or scale to alter the current resource base?
- What mining, processing and financial assumptions will Como Engineers use in the Scoping Study?
- When will the JV and royalty restructuring complete, and how will the additional EMC shares affect ownership?