Everest Metals Finishes 125-Hole Revere Drill Program as December Assays Loom
Key Takeaways
- Everest Metals finished 7,877m of aircore drilling across 125 holes at Revere, but reported no assay results, so the grade outcome remains unknown.
- Assays are due in early December 2026, the next catalyst for assessing extensions to the 260,780oz maiden Mineral Resource.
- Armstrong took 6,934m of the program, drilled on a 50m x 20m grid over roughly 600m x 200m, aimed at lifting confidence in its 32,307oz Inferred resource.
- More than 60% of the Revere Reef system remains untested, and the mineralised system stays open along strike and at depth.
- Revere is free milling with gravity-only recovery and a Mining Lease already granted, though the 0.54 g/t Au resource grade leaves little margin for error.
Aircore drilling completed at Revere: 7,877m across 125 holes
Everest Metals Corporation Ltd (ASX: EMC) announced on 12 October 2026 that it has completed a 7,877m aircore drilling program at its Revere Gold Project in Western Australia’s Murchison Region. The program comprised 125 holes across the Armstrong and Big John deposits and the Tree Reef prospect.
One thing to be clear on: the announcement reports no assay results. Assays are expected in early December 2026, which the company describes as the next catalyst for assessing potential extensions to known mineralisation.
Aircore drilling is a method of sampling shallow ground. The drilling is finished, so the market now waits on laboratory data that could show whether the maiden Mineral Resource has room to grow.
Mark Caruso, Executive Chairman and CEO
“With more than 60% of the Revere Reef system remaining untested, we see significant opportunities to expand our understanding of this extensive gold system. The upcoming assay results will be important in determining where we focus our next phase of exploration…”
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Where the metres went: Armstrong takes the focus
Most of the drilling effort went to one deposit. Armstrong accounted for 6,934m of the 7,877m total, which tells you the company’s priority is improving confidence in its existing resource area rather than spreading the program thinly.
Program breakdown
| Area | Holes | Metres | Purpose |
|---|---|---|---|
| Armstrong | 110 | 6,934m | Eleven north–south-oriented infill drill fences |
| Big John | 5 | 400m | Targeting the northeastern extension of the deposit |
| Tree Reef | 10 | 543m | Infill holes to increase drill density and improve geological understanding |
| Total | 125 | 7,877m |
The three areas sum correctly: 6,934m + 400m + 543m = 7,877m.
Armstrong detail
The close-spaced drilling at Armstrong covered an area of approximately 600m x 200m on a 50m x 20m drill grid. Drill fences were spaced 50–100m apart, with vertical holes drilled at 20m intervals to depths of 60m and 80m.
Field observations and geological logging indicate that most drill holes intersected the interpreted mineralised envelope. That is a visual observation, not a grade measurement, so only the assays can confirm what it means.
Armstrong currently hosts an Inferred Mineral Resource of 2Mt @ 0.5g/t Au for 32,307oz of contained gold. Subject to laboratory assay results, the drilling will assist in assessing potential extensions and opportunities for future Mineral Resource growth.
Tree Reef
The Tree Reef prospect sits approximately 5km north of the Revere Reef system. Past results, not new ones, include aircore intercepts from December 2025 of 2m at 2.1 g/t Au from 30m and 1m at 2.2 g/t Au from 40m.
The 10 new holes target gaps in existing drill coverage, with assay results to be included in the current geological model.
Revere’s resource base and the case for growth
Maiden Mineral Resource (14 May 2026)
The maiden Mineral Resource Estimate, reported in line with the JORC Code (2012), totals 15.0Mt at 0.54 g/t Au for 260,780oz, estimated at a 0.1g/t Au cut-off. Big John holds most of the contained gold.
| 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 |
| Grand total | 15.0 | 0.54 | 260,780 |
What is aircore drilling, and why does it matter?
Aircore drilling uses compressed air to bring small rock samples to the surface from shallow depths. The announcement describes continuous one-metre samples collected from the drill cyclone across all 125 holes.
Drilling alone does not change a resource. The samples must be assayed, meaning measured in a laboratory for gold content, and that data is what any resource update would draw on.
A total of 7,927 samples, including quality assurance and quality control (QA/QC) materials, were submitted to ALS Laboratories in Perth. They will be analysed using the PhotonAssay™ technique.
Key strengths
The announcement highlights several features of the project:
- The mineralised system remains open along strike and at depth.
- The Resource model indicates the deposit is amenable to open pit mining methods, with low stripping requirements.
- Bulk sampling and metallurgical studies demonstrate that Revere is ‘free milling’, allowing processing and excellent gold recovery via a simple gravity-only circuit.
- A Mining Lease was granted, per the company’s 21 July 2026 announcement referenced in the release.
- The tenement package covers 118km² in the Murchison Region, approximately 90km northeast of Meekatharra.
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Next steps: assays due early December 2026
Assay results are expected in early December 2026, and further exploration activity will be planned based on them. For investors, that makes December the point where this drilling either adds to the story or does not.
Caruso said the results will help determine how the company progresses “opportunities for Resource growth and near term mine development.” The announcement does not provide timelines beyond the assay date.
Until the data arrives, the program is a completed piece of groundwork with its outcome still unknown.
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