The explorer (previously Twenty Seven Co) optioned the Mt Edon mining lease, 5km from Paynes Find in Western Australia, last October from the son of its new executive chair, Mark Caruso, and pledged to fund some 500m of RC drilling.

 

Chief operating officer Simon Phillips said the work had confirmed "highly anomalous" mineralisation within pegmatites that outcrop over a 6km strike.

 

Grades were reported at up to 1220 parts per million lithium, 354ppm caesium, 219ppm tantalum and 3670ppm rubidium.

 

Further, Everest said there were indications in the reconnaissance program that the "extensive array" of pegmatites are connected at depth.

 

Based on the results of its initial 24 holes the company will seek shareholder approval to start its           51% earn-in of the southern Murchison lease. 

 

A meeting is expected next month to approve the issue of five million shares and a $25,000 cash payment.

 

Ultimately the company has the right to move to 100%.

 

Everest's next step will be to complete mapping of the 82sq.km lease and a geophysical survey to assess the deeper potential. 

 

The Mt Edon area has previously hosted tantalum production, and was explored owned by Caruso's former concern Mineral Commodities prior to 2021.

 

Yesterday the firm also announced another cash and scrip deal to acquire MRC's former Revere gold project, northeast of Meekatharra along an inferred extension of the Andy Well greenstone shear system.

 

The project contains a system of gold reefs where bulk sampling delivered up to 325 grams per tonne in 2018. 

 

Everest plans a 36,000t bulk sampling and deep diamond drilling campaign within the next few months, and also believes there is deeper copper potential.

 

Shares in the recapitalised explorer were up 10% this morning at A10c, valuing the company at $11 million.

 

It consolidated its shares on a 50:1 basis in December, and has around $3 million in remaining cash.

 

Everest also has the Rover lithium project with Rio Tinto.