EMC Accelerates Revere Gold with Drilling, Scoping Study and JV Cleanup
Key Takeaways
- EMC has appointed Como Engineers to conduct a Scoping Study on the Revere Gold Project, targeting completion in Q1 CY2027, based on the existing 260,780oz JORC 2012 Mineral Resource declared in May 2026.
- A 6,000m aircore drilling campaign is underway targeting resource expansion at the Armstrong deposit and the northeast extension of Big John, with assay results expected in early November 2026.
- Armstrong infill drilling spans approximately 100 holes across 15 fence lines and is expected to complete within three weeks of the announcement, directly supporting future Mineral Resource updates.
- EMC has acquired Angelo Levissianos' 5% JV interest for $150,000 cash plus 1,000,000 shares, lifting EMC's position from 51% to 56% and permanently halving the gross revenue royalty on E51/2199 and E51/1770 from 2.0% to 1.0%.
- The mineralised system at Revere remains open along strike and at depth, with the current 260,780oz resource explicitly framed by management as a starting point rather than a ceiling.
EMC advances Revere Gold Project on three fronts with drilling, scoping study and JV cleanup
Everest Metals Corporation (ASX: EMC) is running three concurrent workstreams at its Revere Gold Project in Western Australia, advancing resource expansion drilling, a formal Scoping Study appointment, and a joint venture ownership rationalisation simultaneously. All three initiatives are built on the foundation of Revere’s 260,780oz maiden Mineral Resource, declared in May 2026, which underpins management’s decision to push development forward without waiting for a larger resource base.
The project is located 90km northeast of Meekatharra in WA’s Murchison Region, and EMC’s Executive Chairman and CEO Mark Caruso has been direct about the intent behind the parallel-track approach.
Mark Caruso, Executive Chairman and CEO
“Revere now has a defined Mineral Resource and a Mining Lease, so our focus is now on developing this Project. We are not waiting for a larger Resource before advancing our development work. The Scoping Study will assess a pathway based on what we have today, while drilling continues to test the opportunity to add scale. Advancing these workstreams in parallel will give us a clearer basis for determining the next stage of Revere’s development.”
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Drilling program targets resource expansion at Armstrong and Big John
The 6,000m aircore drilling campaign is targeting resource expansion and improved geological confidence across the Revere mineralised system. Aircore drilling is a rapid, cost-effective exploration technique. The program focuses on the Armstrong deposit and the northeast extension of the Big John deposit within the Revere Shear System, with the broader mineralised system remaining open along strike and at depth.
Earlier aircore campaigns established the gold trend at Revere by confirming strike continuity across the Revere Shear System, providing the geological framework that the current 6,000m program is now designed to systematically infill and extend.
Armstrong deposit in focus
Armstrong is the primary near-term drilling focus. The infill design is structured to close drilling gaps within known mineralisation, improving geological confidence and continuity within the mineralised shear zone.
Key drilling parameters at Armstrong:
- Approximately 100 holes across 15 drill fence lines
- Fence lines spaced 50m apart, holes at 20m intervals
- Target depth: 60–80m
- Armstrong current resource: Inferred 2Mt @ 0.5 g/t Au for 32,307oz
- Program expected completion: within three weeks of the announcement
- Assay results anticipated: early November 2026
Results will support future Mineral Resource updates and guide further exploration across the broader Revere Project.
What is a scoping study, and why it matters for Revere investors
A scoping study is the first formal economic assessment a mining company undertakes for a project. It tests whether development is technically and financially viable, sitting between resource definition and a prefeasibility study (PFS) on the project development ladder. Think of it as the project’s first serious sanity check before significant capital is committed.
EMC has appointed Como Engineers Pty Ltd to conduct the Revere Scoping Study, with completion targeted for Q1 CY2027. Como Engineers is an Australian engineering group with experience spanning mineral processing, metallurgical testing through to feasibility studies, and modular gold processing plants designed for off-site construction and installation.
The study will assess development pathways based on the existing 260,780oz resource while retaining flexibility to incorporate future resource growth from the ongoing drilling campaign. For investors, the key point is timing: by running the Scoping Study in parallel with drilling rather than waiting for a larger resource, EMC compresses the development timeline. If drilling delivers positive results, the study framework is already in motion rather than starting from scratch.
JV rationalisation strengthens EMC’s economic exposure to Revere
EMC has agreed to acquire Angelo Levissianos’ 5% interest in the Revere “Goodins East” Project tenements and associated Joint Venture Interest, increasing EMC’s position from 51% to 56%. The transaction also restructures royalty arrangements across key tenements, reducing the gross revenue royalty burden on E51/2199 and E51/1770 from 2.0% to 1.0%.
Total consideration for the package is $150,000 cash plus 1,000,000 fully paid ordinary EMC shares.
The before-and-after positions across all elements of the transaction are summarised below.
| Item | Before | After | Outcome |
|---|---|---|---|
| EMC JV interest in relevant tenements | 51% | 56% | Levissianos’ 5% acquired by EMC; post-completion: EMC 56%, Entelechy Resources Pty Ltd 39%, Laszlo Szalay 5% |
| Gross Revenue royalty on E51/2199 and E51/1770 | 2.0% | 1.0% | EMC acquires Levissianos’ 50% share; that interest merges and is extinguished; Entelechy’s 1.0% continues unchanged |
| Surface mining and alluvial rights (Levissianos and Szalay) | Held by both parties | Surrendered and extinguished | Rights removed for both parties; ownership and operating structure simplified |
| Levissianos royalty on M51/905 and E51/1766 | Held by Levissianos | Assigned to Szalay | Levissianos ceases to hold any royalty interest; Szalay becomes sole payee under that royalty arrangement |
The permanent reduction of the Gross Revenue royalty from 2.0% to 1.0% on E51/2199 and E51/1770 means EMC retains a greater share of revenue per ounce sold from those tenements going forward. That royalty reduction does not expire or reverse, directly lifting EMC’s economic leverage to future production from those areas.
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Revere project snapshot, context for new investors
For investors coming to Revere fresh, here is the project at a glance:
- Location: 90km northeast of Meekatharra, Murchison Region WA; 900km north of Perth
- Access: Adjacent to the Great Northern Highway
- Tenement package: 118km², including granted Mining Lease M51/905
- Proximity: Approximately 55km from the DeGrussa and Monty Copper-Gold mines; approximately 40km from the Andy Well Gold Mine
- Mineral Resource (JORC 2012, effective 14 May 2026): 15Mt @ 0.54 g/t Au for 260,780oz
The full breakdown of the Maiden Mineral Resource Estimate by deposit and category is below.
| Deposit / Category | Tonnes (Mt) | Au Grade (g/t) | Contained Au (oz) |
|---|---|---|---|
| Big John — Indicated | 6.38 | 0.57 | 116,520 |
| Big John — Inferred | 6.62 | 0.53 | 111,787 |
| Big John — Total | 13.0 | 0.55 | 228,307 |
| Armstrong — Inferred | 2.01 | 0.50 | 32,307 |
| Armstrong — Total | 2.01 | 0.50 | 32,307 |
| Grand Total | 15.0 | 0.54 | 260,780 |
The resource model indicates the deposit is amenable to open pit mining methods with low stripping requirements. With the mineralised system remaining open along strike and at depth, the current resource represents a starting point rather than a ceiling, with the ongoing drilling campaign designed to test those extensions.
EMC’s broader project pipeline extends beyond Revere; the Mt Dimer Taipan Gold Project recently secured regulatory approval, giving the company a second permitted gold development asset in Western Australia as it advances Revere toward a scoping study outcome.
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