E79 Gold Mines : Drilling Results from Laverton South Extend Gold Anomalism

ASX ANNOUNCEMENT

21 April 2022

Initial Aircore Results from Laverton South

Extend Gold Anomalism at Pinjin JV

Target 3 anomalism extended by 900m to the south, now over 1,600m

All aircore drilling results from 2021 now returned

Initial 40 holes returned from the lab, >240 holes outstanding

Positive results reinforce prospectivity, pave way for target definition

Pilot soil sampling program underway at the Murchison Project

West Australian-based explorer E79 Gold Mines Limited (ASX: E79) ('E79 Gold' or 'the Company') is pleased to advise that assay results have started returning from the laboratory from initial aircore drilling undertaken last year at its Laverton South Gold Project in Western Australia.

Initial results from the Pinjin JV with St Barbara (ASX: SBM) have extended existing zones of anomalism and reinforced the prospectivity of this greenfields project.

E79 Gold has 683km2 of prospective ground within its two flagship projects, the Laverton South Project in the world-class Laverton gold district and the Jungar Flats Project in the North Murchison region.

E79 Gold CEO, Ned Summerhayes, said: "We are pleased to see assay results begin to flow from our initial aircore programs at Laverton South. The results received to date are from Target 3 and show that the anomalism within the paleochannel identified by St Barbara has been extended by over 900m to the south. These results account for less than 50% of the drilling completed over the target and we look forward to seeing the return of results from the remainder of the program. Elsewhere, work is continuing to gather momentum at the Murchison Project, with soil sampling being undertaken over both historic targets and new targets identified by the recent gravity survey."

ASX Code: E79	Head Office
Shares on issue: 65M	Level 1, 168 Stirling Hwy
Market capitalisation: 14M	Nedlands, Western Australia 6009
Cash: $8.15M (31 December 2021)	T: [phone]
ABN 34 124 782 038	E:[e-mail]: e79gold.com.au

Figure 1: Max gold down-hole in aircore drilling over regional magnetics.

Laverton South Project

Lake Yindana (100%) and the Pinjin JV (E79 Gold 80%)

The Laverton South Project, with an area of 346km2, covers a southern portion of the Laverton Tectonic Zone ('LTZ') approximately 130km east-northeast of Kalgoorlie, within the major gold producing Archean Yilgarn Craton of Western Australia.

The LTZ is one of the world's richest gold belts with more than 30 million ounces (Moz) in historical production, reserves and resources and hosts numerous prolific deposits including Granny Smith (3.7Moz), Sunrise Dam (10.3Moz) and Wallaby (11.8Moz).

Within the Laverton South Project are two tenement packages, Lake Yindana and the Pinjin JV. These projects sit within 15km either side of the ~1Moz Rebecca deposit (Ramelius Resources), while the Pinjin JV ground straddles the Anglo-Saxon deposits (Hawthorn Resources) and is located 7.5km south of the historic Patricia open pits (OzAurum Resources).

Pinjin JV (E28/2283, E28/2284, E28/2375, E31/0999, E31/1005, E31/1007, E31/1056, E31/1082) E79 80%

E79 Gold's aircore drilling program at the Pinjin JV was undertaken between November 2021 and February 2022. In total, 281 holes for 15,103m were drilled into three target areas.

E79 Gold completed 81 holes for 3,342m over Target 3. Assay results from the first 40 holes from the program, drilled in 2021, have now been returned from the laboratory.

Best results include:

• • 4m @ 0.38 g/t Au from 32m (21LRAC024)

• • 4m @ 0.2 g/t Au from 56m (21LRAC033)

• • 4m @ 0.12 g/t Au from 68m (21LRAC005)

• • 4m @ 0.1 g/t Au from 68m (21LRAC032)

Previous work by St Barbara had identified a zone of anomalous gold extending over an area 300m wide and 600m in length and sitting at the paleochannel/rock interface. Results received to date from this program have extended the anomalism by over 900m to the south, with the anomaly now >1,600m in length.

The anomalism trends along a north-north-west trending magnetic high, which defines the boundary between a hematite altered granite to the east, and a foliated basalt to the west. This trend continues along a parallel magnetic high to the south and forms part of the Kirgella's Gift Project, which sits adjacent to E79 Gold' tenements, 5km to the south-south-east. Drilling by Renaissance Minerals Limited in 2010 at Kirgella's Gift intersected 33m @ 3.10 g/t, showing that thick high grades exist within the stratigraphic package.

The next assays to return will fill in the program to 300m line spacing and allow for a more detailed understanding of the distribution of gold mineralisation in the area.

Lake Yindana (E28/2659) 100%

Lake Yindana covers an area of 207km2 in the southern portion of the +30Moz LTZ, approximately 130km east-northeast of Kalgoorlie (Figure 2).

The Project consists of a large untested greenstone belt, defined by corroborating magnetics and gravity data, as well as historic drilling, which runs for over 25km through the tenement. Lithologies from the historic drilling show gabbro, ultramafic and granitic gneiss, with the latter being a similar host rock to Ramelius Resources' Lake Rebecca deposit, located 9km to the north-west.

In addition, interpretation of recent gravity data suggests the presence of intrusion-related targets within the greenstone stratigraphy.

E79 Gold believes that the largest deposits are typically found early in new exploration search spaces, and the recently identified greenstone belt at Lake Yindana represents an exciting 'first mover' opportunity.

Pinjin JV

Lake Yindana

Figure 2: Map of Pinjin JV tenements, showing neighbours and nearby deposits.

Murchison Project

Jungar Flats (E51/1975, E51/1803, E51/1848, E20/0926) 100%

The Jungar Flats Project, in the North Murchison region, is located 70km west of Meekatharra and 45km north-northeast of the 2.8Moz Big Bell gold deposit (Figure 3). The Project tenure covers an area of 336km2, contains approximately 30km of strike of the highly prospective Big Bell Shear, and straddles a narrow north-south trending greenstone belt.

A recent gravity survey shows the interpreted position of the Big Bell shear traversing in an arcuate north-south trace along the eastern margin of a series of gravity highs, interpreted to reflect denser mafic intrusions. Several east-west to east-northeast cross-cutting structures have been identified throughout the project. The mapped dolerite in the central part of the project is interpreted to be more extensive at depth under cover to the south. A pilot soil sampling program is currently underway to assess multiple targets.

Figure 3: Jungar Flats Project area showing recent gravity data.