E79 Gold Mines : Major Drilling Program Sees Key JV Milestone Achieved

ASX ANNOUNCEMENT 10 March 2022

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Major Drilling Program Sees Key Joint Venture

Milestone Achieved at Laverton South

The first milestone of the Pinjin JV earn-in with St Barbara has been reached, with >$310,000 spent during the first contribution period

Initial air-core drilling on the Pinjin JV is now complete with 281 holes drilled for 15,000m

Drill results are expected to start coming back in the coming weeks, with final results due to be returned in May

Gravity survey at Jungar Flats is also now complete, with processing and interpretation underway

West Australian-based explorer E79 Gold Mines Limited (ASX: E79) ('E79 Gold' or 'the Company') is pleased to advise that it continues to make strong progress with its maiden exploration program at the Laverton South Gold Project in WA.

E79 Gold has now reached milestone 1 of the earn-in for the Pinjin Joint Venture ('JV') with St Barbara Limited (ASX: SBM) ('St Barbara'), by spending >$310,000 within the first contribution period (12 months), giving E79 Gold a 51% interest in the JV ground.

E79 Gold CEO, Ned Summerhayes, said: "We are pleased to have achieved this initial earn-in milestone for the Pinjin JV at Laverton South. Building on the work that St Barbara has done over the years, E79 Gold has drilled over 280 air-core holes for 15,000m since listing late last year, as well as undertaking several geophysical surveys. We look forward to continuing our relationship with St Barbara as we move towards completion of stage 2 of the earn-in, whereby we will earn 80% of the project. Meanwhile, at the Jungar Flats Project in the Murchison, the gravity survey has been completed and is undergoing processing and interpretation, ahead of planned exploration activities."

ASX Code: E79	Head Office
Shares on issue: 65M	Level 1, 168 Stirling Hwy
Market capitalisation: 11 .4M	Nedlands, Western Aust ralia 6009
Cash: $ 8 . 15M (31 December 2021)	T: [phone]
ABN 34 124 782 038	E: [e-mail] .au W: e79gold. com .au

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Figure 1: Aircore drill rig at Target 4 at the Pinjin JV, Laverton South

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.

Laverton South Project

Lake Yindana (100%) and the Pinjin JV (E79 Gold 51% and earning-in up to 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.

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Pinjin JV (E28/2283, E28/2284, E28/2375, E31/0999, E31/1005, E31/1007, E31/1056, E31/1082) E79 Gold 51% and earning-in up to 80%

E79 Gold has a farm-in agreement with St Barbara over the Pinjin Project, covering 139km2 of prospective ground within the Laverton South Project. Milestone 1 of the farm-in agreement details an expenditure of $310,000 over 12 months, for a 51% stake in the JV.

This condition has now been met and E79 Gold moves towards completion of milestone 2 of the farm-in agreement, whereby an additional spend of $500,000 over 24 months will give E79 Gold an additional 29%, totalling 80%, in the JV.

The Pinjin JV contains a number of targets that were evaluated and ranked by St Barbara, including walk-up drill targets. Aircore drilling has been completed on a number of targets between November 2021 and February 2022.

In total, 281 holes for 15,103m were drilled into three target areas, with the laboratory results due back between the end of March and May 2022.

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, 9km to the north-west.

In addition, interpretation of recent gravity data suggests intrusion-related targets within the greenstone stratigraphy. 1

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.

• Refer to ASX announcement by E79 Gold 14 October 2021
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Pinjin JV

Lake Yindana

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

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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 ground gravity survey over the bulk of the tenement package is now complete and undergoing processing and interpretation. Of particular interest is the central greenstone belt, which is obscured by granite through the central zone of the tenements. The gravity survey will allow E79 Gold to infer contacts between granite, the greenstone sequences and broad structural trends under cover and help refine and plan our initial exploration activities.

Figure 3: Jungar Flats Project area showing E79 Gold tenements.

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