VANCOUVER, BC, Sept. 27, 2021 /CNW/ - E79 Resources Corp. (CSE: ESNR) (OTCQB: ESVNF) ("E79" or the "Company") is pleased to provide an update on drilling at the Happy Valley Gold Prospect in Victoria, Australia.
Rory Quinn, E79's President and Chief Executive Officer stated, "Significant visible gold has been observed in two recently completed drill holes in ongoing drilling at Happy Valley. While assays are pending, and drilling continues, we feel that we are beginning to get a better understanding of the mineralization.
We have now observed visible gold in 5 out of 7 deep exploration drill holes completed at Happy Valley."
Highlights
Drill holes HDV006 & 007 have now been completed. Visible gold has been observed in HVD006, in two separate locations, and also in HVD007. These zones have been preferentially sampled and dispatched (Figures 1-10). All assay results are still to be received.
HVD008, drilled on the same sectional line as HVD005 but at a steeper inclination (-65o compared to -55o), intersected several zones containing minor quartz veining and occasional sulphide mineralization was observed.
HVD009 has been designed to target the structures midway between the two existing drill sections (HVD002-007 and HVD005-008). At the time of reporting drilling is ongoing.
Preliminary modelling is appearing to show the high-grade quartz vein Porepunkah ("Reef") extends at depth below the old Happy Valley Mine workings (Figure 12).
The presence of mineralization located in HVD003, and now a further intersection containing visible gold within HVD006 below the New Happy Valley (NHV) Reef may indicate a steep south-easterly plunge on mineralization (Figure 13) which is consistent with historic reports.
Happy Valley Gold Prospect
The Happy Valley Prospect is situated in the south eastern portion of the Company's Exploration Licence EL006724 in Victoria, Australia (Figure 14). It lies within a 7km long trend of historical workings. The Happy Valley Mining Center has a documented historical production of 34,200 ounces* of gold predominantly between 1866 – 1875. The Happy Valley Mining Center produced at an average grade of ~31g/t Au*, which presents E79 with an extremely attractive target. To date, only limited modern exploration has been conducted at this prospect.
Gold mineralization at Happy Valley occurs as quartz infill fractures and spurry formations within carbonate altered sedimentary units of Lower Ordovician age (448 – 443MA). Regionally mineralisation appears to be proximal and related to the emplacement of several major regional Devonian age granitic plutons. The gold can occur as free particles within the quartz veins and can also be also associated with sulphides, including pyrite and to lesser degrees arsenopyrite and galena.
*Technical Report dated October 26, 2020, filed on Sedar
TABLE 1. DRILL HOLE LOCATIONS
Hole |
GDA (Z55) East |
GDA (Z55) |
RL (m) |
GDA (Z55) Azimuth |
Dip |
EOH |
HVD004 |
494220.6* |
5945655* |
669.7# |
254.5 |
-35 |
248.90 |
HVD005 |
494221.6* |
5945655* |
669.7# |
198.4 |
-55 |
317.70 |
HVD006 |
494221.0* |
5945655* |
699.7# |
229.5 |
-48 |
230.9 |
HVD007 |
494221.0* |
5945655* |
699.7# |
230.1 |
-60 |
270.3 |
HVD008 |
494222* |
5945654* |
699.7# |
204.0 |
-65 |
387.3 |
HVD009 |
494221.5* |
5945654. |
699.7# |
217.5 |
-54 |
300 |
*Coordinates are from drill design. Not yet surveyed. #RL change based upon LiDAR DTM surface. |
Next Steps
Qualified Person
Peter de Vries, MAIMM, MAIG a "Qualified Person" as defined by National Instrument 43-101, has read and approved all technical and scientific information contained in this news release. Mr. de Vries is the owner of Geological, Educational and Mining Services (GEMS) Pty Ltd, a geological consulting services company based in Victoria, Australia, and is Exploration Manager for E79 Resources.
Rory Quinn
President, Chief Executive Officer and Director
E79 Resources Corp.
Email: [email protected]
Website: www.E79resources.com
Rory Quinn, President and CEO of E79 Resources, will be participating in a live webinar on September 28th and providing a company overview along with an exploration update based on these results. Registration details are below:
Date: September 28, 2021
Time: 2:00 P.M. Eastern Time (Canada and U.S.)
Registration Link: E79 Resources Webinar
After registering, you will receive a confirmation email containing information about joining the webinar. Questions may be asked during the webinar or can be emailed in to [email protected]. If you are unable to access Zoom, the webinar will be live streamed and available for replay on YouTube: Adelaide Capital - YouTube.
About E79 Resources Corp.
E79 Resources is focused on exploring for high-grade gold at its properties in the Victorian Goldfields, Australia. The Myrtleford property represents the consolidation of an entire historic gold camp with over 70 past producing gold mines on the property, where the bulk of historic mining stopped at the water table. At Beaufort, an opportunity exists to explore for a hard rock source of a major alluvial goldfield along a structure that is known to host gold in the region.
Cautionary Note Regarding Forward-Looking Statements
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking statements" with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicates", "opportunity", "possible" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although E79 believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund its obligations under its property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop its projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations, future prices of gold, copper and other metals, changes in general economic conditions, accuracy of mineral resource and reserve estimates, the potential for new discoveries, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE E79 Resources Corp.
Tina Byers, Investor Relations, Adelaide Capital, Phone: 905.330.3275, E-mail: [email protected]
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