Everest eyes gold bars with Mid West bulk sampling program

Everest Metals Corporation is aiming to sure up the resource at its Revere gold project in WA’s Mid West with a 36,000 tonne bulk sampling campaign, however the sample will be put through a mobile plant to produce gold. The program has been designed to convert the current exploration target of between 2.5 and 4.1 million tonnes grading between 1 and 2.5 grams per tonne gold into a JORC resource.

Management says it will process the material using a “Modular Gekko” gold processing plant which is being used in some sectors of the industry to get into quick cashflows without huge capex outlays.

Drill and blast contractors are already on site and the earthmovers and crushing plant will be mobilised over the next month, with the bulk sampling program expected to be completed next quarter.

Previous testwork from a shallow prospecting pit in the Revere reef system was made up of two different samples, one from the main quartz vein and one from the siltstone host rock. The quartz vein pulled grades as high as 305g/t gold, of which 47 per cent was in visible coarse gold. High recoveries of 97 per cent and 92.8 per cent to a primary gravity concentrate were achieved from both the quartz vein sample and the host rock siltstone sample respectively.

Metallurgical testing completed in March last year showed coarse gold hand-picked from a 41kg bulk quartz vein sample accounted for 47 per cent of recovered gold. The bulk quartz sample had a head grade of 305g/t gold and gravity separation recovered 97 per cent of the remaining precious yellow metal.

Gravity separation testing of a 59kg sample of siltstone host rock to the quartz veins - grading 3.7 g/t gold – delivered recovery rates of up to 92.8 per cent.

Based on the testwork results, Everest has planned a low-cost crushing, grinding and gravity separation processing facility at Revere. The Department of Energy, Mining, Industry Regulation and Safety has already approved the program of work areas, while site preparation was completed over the past two months.

Importantly, the company says its Gekko system is designed to produce a concentrate that could be directly sold to the Perth Mint.

Everest Metals chief executive officer and executive chairman Mark Caruso said: “Record gold prices of circa $3500/oz have coincided with the commencement of EMC’s bulk sampling program. We are confident of building a high quality resource at Revere. The bulk sampling program also presents the opportunity to process high grade ore, which, extensive metallurgical test work has demonstrated high grade recoveries through primary gravity concentrate production.”

The Revere project sits 90km to the north-east of Meekatharra in WA’s Murchison region and is 900km north of Perth. It is situated just 55km south-west of and along strike from the DeGrussa and Monty copper-gold mines.

Mapping and drilling of the quartz-carbonate gold reef system indicate a complex stockwork of gold lodes that are hosted within an at least a 7km-long system. Gold mineralisation has been intersected from surface to 130m below surface.

Whilst the goal of Everest’s bulk sampling campaign is to sure up the resource, it might just accidentally make some money – and at 36,000 tonnes, plenty of it. The only question is what grade will it pull in that bulk sample and what will the recoveries be? This could be fun!

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au