Bonanza grade gold assays support existence of large-scale orogenic gold system at the Revere project in WA
Results received from blast holes undertaken as part of Everest Metals’ bulk sampling program
Bulk sampling to provide variability date, confirm geological assumptions and identify extent of mineralisation in tested area
Special Report: Shallow, bonanza grade assays up to 1m at 97g/t at Everest Metals’ Revere project provide more support for the existence of a large-scale orogenic gold system.
The bonanza grade hits were returned from blast holes undertaken as part of a bulk sampling program at the project, about 90km northeast of Meekatharra in Western Australia.
Everest Metals Corporation (ASX:EMC) had recently completed initial drill and blasting of the 36,000t bulk sampling program of the Revere Reef system, which is designed to delineate the extent of high-grade gold mineralisation contained within the reefs.
The 171km2 Revere project sits along an inferred extension of the Andy Well Greenstone Shear System, which also hosts the DeGrussa and Monty copper-gold mines along strike about 55km to the northeast.
It includes a system of richly endowed gold reefs – the Revere Reef system – that surface over a strike of 7km.
Alluvial gold in the area has been known to exist since the 1900s, leading to the development of the Goodins Alluvial field in the 1930s.
In addition to this gold/orogenic style prospectivity, strong VHMS/SEDEX-style base metals potential has also been shown at depth in previously completed shallow holes that were followed by deep diamond holes to test mineralisation at depth.
These deep holes completed in September 2023 returned assays of up to 1m at 83.5g/t silver and 7m at 0.4% zinc that reinforce the presence of a wide corridor of base metal sulphide mineralisation.
Blast holes at Revere showing high-grade intercepted gold mineralisation. Pic: Everest Metals Corporation
Bulk sampling underway
With the initial drill and blasting now complete, EMC expects to complete bulk sampling and processing work over the second and third quarters of 2024.
The pit locations were designed to provide geometallurgical variability data as well as confirming geological assumptions in relation to the project.
Bulk sampling will also help the company identify the extent of mineralisation in just a small section of the Revere Reef.
Additionally, it expects to deliver meaningful gold recoveries from the program using a simple gravity gold circuit for processing Revere ore as well as generating a substantial inferred (and possibly indicated) resource through the conversion of historical high-grade mineralisation results (17g/t to 325g/t gold).
Processing of the bulk sample will also assist in calibration of mining and metallurgy parameters.
EMC added that while the width and distribution of the vein-hosted gold mineralisation has yet to be established, the results from the blast holes provide evidence of extensive mineralisation occurrences within large alteration zones which have the potential to contain gold ore grade concentrations.
It noted the overall tenor and grade of the mineralisation with associated halo zones encountered, which grade from 0.1-0.9g/t gold, is encouraging and supports continued exploration along the Revere reef corridor.
Visible gold in the Revere Reef system, about 15cm quartz vein outcrop in shallow costean. Pic: Everest Metals Corporation
“The 7km long Revere Reef system has delivered prolific gold from surface over many years so it’s pleasing to receive assays consistent with the smaller bulk sampling programs previously completed over the tenure,” Everest chief executive officer Mark Caruso said.
“EMC regards this bulk sampling program as the beginning of what will be a systematic and methodical approach to ultimately unlocking what we believe to be a large orogenic gold system – the Revere Reef system.”
The company has also completed heritage protection agreements over the entire Revere project, paving the way not only for its development but also to provide social, cultural, and environmental benefits to the Yugunga-Nya people.
Next steps
EMC expects the entire bulk sampling program to take about 3 months months to complete.
Once this is done, it will progress an aircore drill campaign to establish additional resources with near surface gold potential.
The company is also negotiating a mining agreement over the Revere project.
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.
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