Everest Metals (ASX:EMC) has received strong institutional and sophisticated investor support to raise $2.2m to support project development.
Everest Metals Corporation attracts $2.2m for development works at the Revere and Mt Edon projects
Mining
share
- Everest Metals Corporation has secured $2.2m to support its Revere (gold) and Mt Edon (rubidium) projects
- Revere sits along an inferred extension of a shear system which hosts the DeGrussa and Monty copper-gold mines
- Mt Edon puts Everest in the unique position of possessing a high-grade rubidium project
Special report: Everest Metals Corporation has received strong institutional and sophisticated investor support to raise $2.2m, fast tracking project development.
Everest Metals (ASX:EMC) holds a portfolio of advanced gold and critical mineral projects with its focus resting upon the development of the flagship Revere and Mt Edon projects in WA.
The Revere gold project, just off the Great Northern Highway, sits along an inferred extension of the Andy Well Greenstone Shear System, which also hosts the DeGrussa and Monty copper-gold mines.
It includes a system of richly endowed gold reefs – the Revere Reef system – that surface over a strike of 7km and has a long history of alluvial mining.
While no resource has been defined to date, the project does have an exploration target of 2.5Mt to 4.1Mt at grades between 1g/t and 2.5g/t gold, or up to 334,000oz of contained gold.
At Mt Edon, EMC is working towards releasing a rubidium resource after drilling intersected multiple pegmatites and expanded the existing target area.
Assay results are anticipated to be available later this month and a maiden resource should follow soon after.
Based on their Exploration target, Everest says this is shaping up to be one of, if not the highest grade stand alone Rubidium deposits in the world.
Funds expedite development at Revere and Mt Edon
EMC’s plan to fast track development at both Revere and Mt Edon has been supported with firm commitments received from new and existing investors to raise $2.2m, subject to shareholder approval.
Funds raised will be used to support the final stage of the bulk sample mining and processing of 36,000 tonnes of Revere Reef gold ore, fund the Phase 2 resource development and processing research at Mt Edon – and general working capital.
The raise represents a 25% premium to the November 2023 placement price with an issue price of $0.10 per share.
New shares proposed to be issued are subject to shareholder approval to be sought at a General Meeting of the company expected to be held in late July.
Pending assays to support deposit as ‘world-class’
“It’s pleasing to have such strong institutional and sophisticated investor support,” EMC executive chairman and CEO Mark Caruso says.
“Recent high grade gold assays at Revere Gold support the on-going bulk sampling program, including the processing of high-grade ore to deliver an initial resource.
“We are in no doubt that pending assay results from our Mt Edon critical mineral project will continue to support the deposit as world-class.”
This article was developed in collaboration with Everest Metals Corporation, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
