Everest Metals Corporation Limited announced that it has entered into a Tenement Sale Agreement ("Agreement") to acquire 100% of the Ninghan Project ("Ninghan") located in the highly prospective region near Paynes Find in Western Australia. The Ninghan Project is considered prospective for
Gold and associated metals. The Ninghan Project is located 40km southwest of Paynes Find in the Shire of Yalgoo and 400km northeast of Perth. The Great Northern Highway straddles the project. Ninghan includes two exploration tenements, E59/2464 and E59/2500 which cover a combined 228km2 (76 blocks) lying to the north and south of the Great Northern Highway. E59/2464 sits to the north of Capricorn's Mt Gibson Project and E59/2500 is adjacent to Surefire Resources Yidby Gold Project. As mentioned, the project is located in a well-known mining district and surrounded by several gold
projects including the Yidby and Rothsay Gold Projects respectively located 15km and 40km to the west, the Mount Gibson Gold Project, located 35km to the south, the 1.1 million-ounce Minjar Gold Project located 75km to the northwest, and the million-ounce Kirkalocka Gold Project, located 70km to the northeast. The tenement area lies within the Ninghan Fold Belt mafic and ultramafic greenstone in the southern part of the highly gold-endowed Murchison province and is cut by several regional faults. The southwest portion of the tenement E59/2464 covers the greenstone unit, along the northwest-southeast strike fault zone of the Yidby gold deposit. Gold mineralisation and associated metals in the Ninghan area are predominantly hosted by intensely altered mafic to ultramafic units, and to a lesser extent, within BIF and chert units. As a result of supergene enrichment, the tenor of mineralisation is generally increased in highly weathered rock. The project has a valid Program of Work (PoW 111215) in place for drilling. The Company is planning a geochemical program in the March 2023 quarter and will compile the results with the existing geophysical data to prepare for a drilling program, scheduled in mid-2023.