Everest Metals Corporation Limited (ASX: EMC) has recommenced drilling at the Revere Gold Project (RGP) in Western Australia.
The company has also received DHEM results which have further defined the copper and gold potential at the Revere Project.
The DHEM survey results are a part of a further systematic geological approach in identifying where we need to be to follow up the significant visual mineralisation encountered in our phase 1 diamond drill programme. This systematic approach and the results continue to confirm the outstanding potential at the Revere Gold-Copper Project,” Chief Operating Officer, Simon Philips, said.
Background
The project is located just off the Great Northern Highway approximately 90km to the northeast of Meekatharra in the Murchison Region of Western Australia and 900km north of Perth. The tenement package size, including the tenements under option cover an area of 82km2. This is comprised of granted tenements E51/1766, E51/1770, P51/3240, P51/3241, and pending applications M51/905, E51/2119, E51/2088 and E51/2145. The project sits proximal and along strike of the DeGrussa and Monty Copper-Gold mines, just 55km to the southwest.
The Revere Gold-Copper Project is located in the Palaeoproterozoic Yerrida Basin – Doolgunna Formation. The alteration system appears to represent a classic precious metal ductile shear system – the Revere Reef System – that is associated with the Capricorn orogenic event. The historical geochemical anomaly is interpreted to represent hydrothermal mineralisation. Visual observations of the lode material from the Revere Reef indicate that coarse visible gold is contained within gossan iron oxide which forms the matrix of the quartz breccias.
The recent technical review and data interpretation by EMC demonstrated the potential of the Doolgunna formation to host DeGrussa-style Volcanic Hosted Massive Sulphide (VHMS) and Plutonic-style orogenic gold deposits. At depth, the anomalous high copper, zinc and arsenic values indicates the existence for a potential DeGrussa style copper-gold deposit below the zone of complete oxidisation. Copper and even gold lodes in the region are generally shear hosted shoots, narrow and long, comprised of high-grade lodes.
The company carried out remodelling and re-interpretation of the historic geophysical data using up to date technology – the results highlighted the potential of VHMS copper-gold mineralisation within the RGP1. The new model targets a discrete conductor that coincides with a discrete magnetic anomaly and suggests possible pyrrhotite mineralisation. Chalcopyrite and sphalerite are not strong conductors, and their conductance mostly depends on concentrations of associated pyrrhotite.
The modelled conductive plates identified new target areas adjacent to previously drilled conductors. Data from the VTEM survey indicates that this discrete conductor strikes northeast. The strongly conducting nature of the EM anomalies suggest they are either massive sulphide or highly graphitic bodies. A significant conductor was defined immediately north of the Revere Reef, south of DD Reef, and southwest of Tree Quartz Reef.
In July 2023, EMC completed a phase-1 drilling programme designed to test the separate plate conductors which are considered to be priority targets, drilling deep holes into each reef system. Three diamond deep holes (REV-01, REV-04 and REV-05) were drilled for a total of 1038.4 meters with sulphide mineralisation intersected in all holes. Mafic breccia, volcaniclastics and shales with chalcopyrite, sphalerite and pyrrhotite/pyrite were intersected at various intervals.
Geological logging (lithology, mineralogy, alteration, and structure) of the three drill holes at Revere represent the same stratigraphy as the Mooloogool Group in the Yerrida Basin that hosted the world class Monty, Taduna and Green Dragon deposits all of which also have a strong synergetic relationship with the DeGrussa copper-gold deposit.
The areas being investigated have proved to be highly prospective for sediment or volcanic hosted copper sulphide deposits. Assay results from phase-1 are expected to be received by mid- September 2023.
