EVERGOLD MINERALS LTD (EG1) - How Evergold Is Rewriting The Mount Monger Story

A single drill intercept can change the whole story, especially when it challenges the idea that a deposit should “pinch out” with depth. We’re joined by Tim Fraser, General Manager at Evergold Minerals Limited, to break down what’s happening at the Mount Monger gold project in Western Australia and why the latest result at Duchess of York (22 metres at 1.8 g/t gold) is such a meaningful confidence boost for the geological model and the next phase of drilling.

We talk through how Evergold’s understanding of Mount Monga has evolved after a full quarter of gravity surveys, soil geochemistry, and mapping. Tim explains why the team is now thinking beyond shallow resource potential, and how modern datasets like 3D gravity and drone magnetics can reveal a larger mineralised system hiding in plain sight. If you’re interested in ASX gold exploration, targeting strategy, and how technical work translates into investor catalysts, this is a clear look at the decision-making behind the scenes.

The conversation goes deeper on the Gladiator prospect and the sanukitoid intrusion model, described simply as the engine, the plumbing, and the trap. We unpack what that means in the field, why coincident soil anomalies and gravity features matter, and what the upcoming aircore drilling is designed to prove. We also cover Evergold’s growing Leonora Goldfields footprint, including the Randwick Tenements, and how the company is thinking about funding, discipline, and sequencing exploration alongside longer-term development goals like Craig’s Rest.

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Transcript

Andrew Musgrave

Welcome back to ASX Briefs, and today we're joined by Tim Fraser, the general manager of Evergold Minerals Limited, an Australian gold exploration company advancing the Mount Monger and Leonora gold fields projects in Western Australia. Tim, thanks for joining me today and welcome to the ASX Proofs podcast.

Tim Fraser

Thanks for having me, Andrew. Looking forward to it.

Andrew Musgrave

Now, Tim for listeners that are new to Evergold, can you give us a quick overview of the Mount Monger Gold project?

Tim Fraser

Yeah, so Mount Monger sits about 50 Ks southeast of Kalgoorlie. Our project tenure lies between Vault Daisy Milano and Cock-Eyed Bob gold mines. Early history of gold mining, it's been mined since the old timers. Groundwater likely capped what could be mined back then, so it was a little bit underexplored. But in recent history, it's had a lot of exploration, and there's a lot of gold mines in the area. Integra worked on it in the 90s. They discovered Dutchess of York, Red Dale North, Hickman's Find, and Kiaki Soaks and then gold went through a bit of a, they were bought out. The new owners didn't show much love, and then gold went through a bit of a rough patch over the last decade, and it remained the ugly duckling until we were able to sweep in and pick it up.

Andrew Musgrave

And you completed the 100% acquisition of the mine in February this year. Now that you've had a full quarter to build out the geological picture with gravity surveys, soil geochemistry and mapping, how has your understanding of the project evolved?

Tim Fraser

Yeah, so to be honest, when we originally acquired it, we acquired it for its sort of shallow resource potential. We looked at Dutchess of York and Hickman's and Kiaki Soaks and realized that there was there was good opportunity there. Then through the exploration project process, we went back to basics. We brought in Dr. Scott Halley from Fleet Space, who actually also used to work for the original Integra team. We did some mineral and alteration mapping, and that sort of gave us a bit of an inkling that there might be something bigger going on. That process identified as a very similar footprint to the Burns copper deposit to the south, the copper gold deposit to the south, which is also a sanukitoid model. Some historical reworking showed that Daisy Milano is also a sanukitoid model, and that sort of encouraged a whole new wave of sort of exploration thinking for us in terms of Mount Monger holding something a lot bigger. So, we've been progressing the Duchess of York deposit with the recent drilling, but also in the background doing a lot of work around 3D gravity, drone magnetics, field mapping, and some upcoming air core drilling to test that bigger picture on a larger scale.

Andrew Musgrave

Okay, and just touching on that RC drilling at Duchess of York, can you walk us through the significance of that result and what it tells you about how the mineralized system is shaping up at depth?

Tim Fraser

Yeah, so the 22 meters at 1.8 grams a ton hit in hole 24, it was a really significant confidence boost for us. So historically modelling had suggested the deposit might actually pinch out with depth. But our experience in working on a lot of gold deposits around the area shows you know gold is notoriously unpredictable. And we believe that there was every likelihood that the widths could open up with depth, so we've sort of drilled underneath it, and then first batch of assays, we get the biggest intercept in the project's history. That gives us an enormous confidence that you know the story at Duchess of York has a lot more to gold to give as we continue to drill it.

Andrew Musgrave

And these initial results only represent about 19% of the samples submitted so far. So, what should investors expect from the remaining assays?

Tim Fraser

Yeah, so historically the northern portion of Duchess of York has carried the higher grades. So, we're very much looking forward to receiving those results and seeing if we get some larger numbers in the assays. The program you know was designed to extend mineralization, but it was also designed to give us a better understanding of the geology. So, from a technical perspective, the remaining assays, you know, will be paramount for us understanding how these sanukitoid deposits work at surface, and that'll give us more confidence across emerging targets across the project. As for Gladiator, it's very much a first-pass test. The process of defining the target suggests there should be gold there, but there's it's very early days of Gladiator, so every bit of new information will help the strategy to come, and we hope for gold results, but it is, yeah, very much a first pass test.

Andrew Musgrave

Remaining on the Gladiator prospect, which has emerged as what you've described as a potentially more significant system scale opportunity built on an 800 meter plus gold-in-soil anomaly and a coincident gravity feature. Can you explain the sanukitoid intrusion model behind this target and why it's exciting geologically?

Tim Fraser

Yeah, I won't lie, the sanukitoid model has been a learning curve model for myself and the team. But we've been incredibly lucky to have help from GSWA, Dr. Scott Halley, and among others the team at Lefroy Exploration to our south that have a similar deposit and have been more than happy to share their findings. As best as I can explain it, the sanukitoid intrusion acts as the gold generating engine. So, it's a mantle-derived magma source enriched in gold that, when it cools, releases a heap of fluids into the rock. Structures like faults and shear zone act as the plumbing that then channels that fluid to the surface. And while interactions with the right kind of host rocks then trigger gold precipitation into a concentrated deposit. So, if you get all three, you have the engine, the plumbing, and the trap, that's when you get the economic deposit. So, our strategy in sort of defining that has included gravity and mineral mapping to find that sanukitoid, drone magnetics and field mapping to find those structures, and geochemistry and drilling to make sure we've got the right rocks. So, the upcoming air core program is designed to test the targets that have those three things. So that kicks off in a couple of weeks, and it should be very exciting to see how many more Duchess of Yorks we potentially have across the project.

Andrew Musgrave

You've also grown the Leonora Goldfields footprint this year with the acquisition of the Randwick tenements, which carry a strong historical production grade. So, what attracted Evergold to this ground and how does it fit alongside your existing JORC inferred resource?

Tim Fraser

Yes, I'll have to pump up our director, Glenn Grayson. So, he joined the company in the middle of last year. He was formerly the exploration manager at Kin, which is now Patronus. So, he may have had a bit of inside goss on which were the unloved assets in the region. He's got a great relationship with all the prospectors across Leonora that offered a lot of extra insight into what ground had sort of previously been held but never really properly explored with modern techniques. Randwick was one of those, as well as Craig's Rest and Barlow's Gully and Victor Bohr. So, acquiring Randwick gives us a bit of blue-sky potential, whereas Craig's Rest is very much a well-defined deposit that we look to upgrade and bring into production. The Randwick and some of those other assets around Leonora are very much exploration targets that we can use the cash flow generated from Craig's rest to unlock their value.

Andrew Musgrave

Now, touching on the financials, you did a placement this year of over five million dollars to fund the exploration across Mount Monger and Leonora. With drilling now underway on multiple fronts, how are you thinking about capital allocation and funding the next 12 months of activity?

Tim Fraser

Yeah, so we've got $4 million in the bank as of this morning. We've also got a bit of R&D money coming in in the next four weeks, which will be good to announce when we get that finalized. We do have a lot of exploration currently underway and a lot more to come. The strong financial position we're in allows us to move a lot quicker than a lot of the other juniors in this space. But yeah, we obviously still need to remain vigilant that we don't just blindly spend money. So, we ensure that we do due diligence on every target and every program so that we're delivering value for money for shareholders, ensuring that hopefully we can continue to explore, and we don't need to raise again until we have something substantial to show the market, like potentially beginning mining at Craig's Rest or a big discovery at Mount Monger.

Andrew Musgrave

Okay, Tim. Now looking ahead between the remaining Duchess of York assays first drilling at Gladiator, the drone magnetic survey, and progress at Leonora and Randwick, what should investors keep an eye out for over the next few months?

Tim Fraser

Yeah, there's obviously in the next few weeks we'll have the rest of the results at Duchess of York. If all goes well, we should have a potential maiden resource there as well. The big one for me, the one that gets me excited is the deep sanukitoid targets that we've got EIS funding for. The drone magnetics and some of the three-day modelling shows they've got all the potentials to be up to be a big one. So, look forward to that sort of in the coming months. And then likely later this year or early next year, we'll have the drill out at Craig's Rest and look to upgrade that into a much larger resource and begin scoping studies for a 2027 production.

Andrew Musgrave

Okay, Tim, with maiden drilling results in hand at Duchess of York, a compelling new target to find at Gladiator and the Leonora footprint continuing to grow, it's shaping up as a busy year for Evergold. So, it's been great to chat today, and thanks for joining us on the podcast.

Tim Fraser

Thanks, Andrew. Thanks for having me. Appreciate it.

Andrew Musgrave

That concludes this episode of ASX Briefs. Don't forget to subscribe, and we look forward to catching you on our next episode.