Highlights of the recent drill hole (HVD010) include: Multiple quartz stinger and quartz-sulphide stinger zones intersected over a 139m interval down hole (from 296m to 435m)
A 5.3m interval of intense veining with associated arsenopyrite, pyrite, galena and fine specks of visible gold from 304.5m to 309.8m
Hole HVD010 provides the deepest intercept of mineralisation containing visible gold to date approximately 360m vertically below the surface level of the workings. The hole is currently being logged and sampled with the most intensely altered and veined intervals to be priority dispatched for gold analysis.
Mineralisation is initially encountered approximately 50m above the projected position of the interpreted Porepunkah Reef in HVD008, at a vertical depth of 360m from the surface exposure of the workings. HVD008, a deeper hole, had encountered only weakly altered sediments and narrow quartz structures however from 296 metres onward HVD010 has intersected a broad zone of intermittent quartz, quartz-sulphide and brittle quartz stringer veins; making up 35% of the drill core, from 296m to 435m downhole. An intense zone of quartz-sulphides was intersected from 304.5m to 309.8m and contains multiple specs of visible gold in association with sulphides (arsenopyrite, pyrite, minor galena).
The company is also pleased to report that it has obtained formal permission to utilise a second drill platform at
The Happy Valley Prospect is situated in the south-eastern portion of the Company's Exploration Licence EL006724 in
Gold mineralization at
Drill hole HDV010 was drilled at an inclination of -63.1 o and towards 214o (GDA Grid). These intersections represent downhole lengths only and as such do not represent true widths. Historical mining operations were undertaken on subvertical steeply dipping quartz vein structures. Although the geometry of the quartz body intersected in this hole is not clear from this single intersection, the drill core contacts observed are variable and many are low angle (5-20o to core axis) which may indicate that the drill hole is cutting across the veins at a low angle.
Contact:
Email: info@E79resources.com
Web: www.E79resources.com
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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.
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