Everest spins drill bit in search for gold northeast of Southern Cross
Everest Metals has started spinning the drill bit at its Mt Dimer Taipan project in the hunt for further gold and silver at the site, 150 kilometres northwest of Kalgoorlie.
The reverse circulation drilling program will test four high-priority targets identified through advanced satellite imagery and geochemical anomalies. Targets were defined from the integration of interpreted geochemical anomalies and alteration zones outlined by high-resolution satellite imagery.
The company aims to expand the existing mineralisation at Mt Dimer Taipan, which remains open to the south and at depth, by combining historical data with advanced exploration methods.
The project contains an existing mineral resource of 722,000 tonnes grading 2.1 grams per tonne (g/t) gold for 48,545 ounces.
Management submitted a mining proposal and mine closure plan for the project last August to the Western Australian Department of Energy, Mines, Industry Regulation and Safety and anticipates receiving approval within the next two months.
Everest has completed extensive work on its mining proposal, including a geotechnical study, hydrogeological modelling, baseline environmental study and flora and fauna surveys.
The department requested further information in January and Everest submitted updated proposal and closure plans on March 12.
The company also applied for a 45-million-litres-per-annum groundwater licence and plans to drill a water borehole to a depth of 120m to support its upcoming activities and future mining operations at site.
When the mining proposal is approved, Everest expects to launch into mining activities.
Mt Dimer Taipan's mining proposal involves a cutback of the existing pit to extract ore laterally and from the pit's base. Everest plans to process the ore nearby.
Given today's sky-high gold price, the company believes it has a terrific opportunity to charge into the task of turning Mt Dimer Taipan into a profitable mining operation, utilising a toll-treatment agreement with one of the nearby mills. Negotiations with nearby plant operators are ongoing.
Everest completed a geochemical soil sampling program in 2021 to verify historical geochemical results, structures, shear zones and lithological contacts previously mapped by the Geological Survey of WA, which were interpreted from magnetic inferred structures.
The program outlined three distinct geochemical anomalies in part of the company's ground, returning assay values up to 430 parts per billion (ppb) gold and 420 parts per million arsenic. Four anomalous zones with gold values exceeding 100ppb were identified and two are considered higher-priority targets for testing.
Everest's recently processed satellite data identified iron oxide and alteration mineral signatures relevant to orogenic gold and banded-iron formation-style exploration. Analysis techniques were applied to identify hydrothermal alteration minerals linked to orogenic gold systems.
An alteration mineral intensity map was generated, highlighting alteration zones in the central part of the licence area, with characteristics similar to those at Mt Dimer Taipan and nearby gold mining districts.
Everest acquired Mt Dimer Taipan in 2020, along with an additional exploration tenement to the west of the project. A range of rotary air-blast drilling, reverse circulation and diamond drilling identified mineralisation at the project.
Former owner Taipan Resources mined the project in the mid-1990s, hauling out 84,000t at about 4.61g/t for 5933 ounces of gold. Several small players later leached the stockpiles for gold and silver, with moderate success.
With gold and silver prices remaining strong, Everest will be hoping for a mountain of positive news from this drilling program.
Is your ASX-listed company doing something interesting? Contact:
matt.birney@wanews.com.au
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