Everest Metals (ASX:EMC) to acquire Ninghan gold project, WA

• Everest Metals (EMC) enters a tenement sale agreement to acquire the Ninghan project in Western Australia
• The project, located 400 kilometres northeast of Perth, holds two exploration leases which cover a combined total of 228 square kilometres
• Ninghan is considered prospective for gold and associated metals
• EMC has a valid program of work (PoW) to begin drilling, with a geochemical program scheduled for the March quarter and a drilling program for mid 2023
• Company shares last traded at 10.5 cents at 12:30 pm AEDT

Everest Metals (EMC) has penned an agreement to acquire the Ninghan project in Western Australia, located in a highly prospective region near Paynes Find.

The company entered into a tenement sale agreement to acquire 100 per cent of the project, which remains subject to due diligence.

Located 400 kilometres northeast of Perth, the Ninghan project includes two exploration leases, E59/2464 and E59/2500, making up a combined 228 square kilometres.

EMC confirmed the project is considered prospective for gold and other metals.

Everest Metal’s CEO Mark Caruso said it was pleasing to expand the company’s presence within the prospective region.

“Ninghan’s substantial land holding combined with having immediate exploration targets will complement the company’s other projects in the area,” he commented.

“Exploration success by others in the region demonstrate the prospectively of this project area and we look forward to providing the updates on our near-term exploration programs over the coming year.”

Neighbouring significant gold projects include the Mount Gibson gold project, the Rothsay gold project, the 1.1 million-ounce Minjar gold project, the one million-ounce Kirkalocka gold project, and the Surfire Yidby gold project.

For now, EMC has a valid program of work (PoW) in place to start drilling, with a geochemical program scheduled in the March 2023 quarter and a drilling program to begin in the middle of 2023.

Everest Metals’ shares last traded at 10.5 cents at 12:30 pm AEDT.