The company is continuing its 36,000-tonne bulk sampling program. Pic: Getty Images.
Everest Metals reveals high grade gold reef system in WA
Mining
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- Revere gold reef system a saddle reef system similar to the Bendigo gold field
- Advantages include free milling gold close to surface
- Everest Metals is planning 5,500m of aircore drilling later this month
Special Report: Everest Metals’ bulk sampling at its Revere gold and base metal project in WA has revealed a high-grade gold reef system.
Geological interpretation has confirmed strong structural and mineralised system similarities to the world class Bendigo gold province of Victoria, which includes the legendary Fosterville gold mine.
The scale potential of this kind of system is attractive as it has historically produced, on average, 130,000 ounces of gold per each linear kilometre along its anticline axial surface stacked saddle reefs.
Free milling gold from surface
The company says a significant advantage of the Revere system compared to the Bendigo goldfield is that the gold is oxidised to a certain depth, free milling, and mineralised from surface – with bulk sampling returning grades of 46.8g/t gold over 2m.
Additionally, the host material appears to be easily excavated once the lateritic cap (1-4m) is blasted.
“The current bulk sampling program continues to unlock our understanding of the geological mineralised system which demonstrates the existence of repeatable high grade gold reef systems and associated mineralisation,” Everest Metals (ASX:EMC) executive chairman and CEO Mark Caruso said.
“The system has a strong geological correlation to the high grade, nuggety Bendigo gold fields deposits of central Victoria.”
Not to mention, gold has been found along the entire system, extending over 7 km in strike length and up to 300 meters wide.
This suggests the potential for a large mineralisation system with multiple gold deposits.
Looking forwards
Bulk sampling primary and secondary ore crushing have now commenced, with the Gekko processing plant mobilisation scheduled for September 2024 to commence processing the high-grade gold ore.
The company also plans to kick off 5,500m of exploration drilling later this month.
“The initial sampling to date does not do justice to the potential of the Revere gold project as we have only targeted a small part of the 7km system,” Caruso said.
“We will continue with our accelerated systematic methodical approach to exploration and JORC resource categorisation drilling and sampling program, whilst concurrently progressing our mining permitting processes.”
This article was developed in collaboration with Everest Metals, 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.
