DRILLING HIGHLIGHTS
Drill hole HVD002:
- 0.70m @ 99.00 g/t Au from 94.90m downhole
Drill hole HVD003:
- 0.60m @ 147 g/t Au from 165.20m downhole
- 11.10m @ 160.45 g/t Au from 190.40m downhole including:
- 0.60m @ 2,430 g/t Au from 190.40m
- 3.00m @ 126 g/t Au from 198.50m
Confirmation of a section of visible gold assaying at over 78 ounces per tonne (2,430 g/t Au) demonstrates the high-grade potential of the Victorian Goldfields. The presence of four other intersections assaying greater than 3 ounces per tonne demonstrates this is not a 'one hit wonder' at
Remaining results for HVD002 and HVD003
and Initial results for HVD004 and HVD005 are pending
Analytical assay results have confirmed the tenor of visible gold and other mineralized zones identified in drill core from the first two diamond drill holes at the
HAPPY VALLEY GOLD PROSPECT
The Happy Valley Prospect is situated in the south eastern portion of the Company's Exploration Licence EL006724 in
Gold mineralization at
Drill hole HDV003 was drilled at a dip of -55o, (16o steeper than HVD002), and on the same azimuth as HVD002 (216o mag, 228o Grid). The drill hole has intersected two zones of quartz containing both sulphides and coarse gold. All intersections represent downhole lengths and as such do not represent true width intersections. Historic mining operations were undertaken on subvertical steeply dipping quartz vein structures.
All samples are 1/2 HQ diameter (63.5mm) diamond drill core. Sampling was conducted to geological contacts. Samples were shipped by E79 contractors to ALS Global in Orange, NSW,
TABLE 1. DRILL HOLES AND SIGNIFICANT INTERSECTIONS
HOLE ID | Sample ID | From | To | Interval | Grade (g/t) Au | Comment |
HVD002 | 41842 | 94.90 | 95.30 | 0.40 | 48.00 | Combined to 0.70m @ 99.00 g/t Au |
41843 | 95.30 | 95.60 | 0.30 | 167.00 | ||
41858 | 110.90 | 111.20 | 0.30 | 2.25 | Combined to 2.60m @ 1.86 g/t Au | |
41859 | 111.20 | 111.60 | 0.40 | 0.69 | ||
41860 | 111.60 | 112.20 | 0.60 | 1.08 | ||
41863 | 112.20 | 113.00 | 0.80 | 0.01 | ||
41864 | 113.00 | 113.50 | 0.50 | 6.46 | ||
41913 | 153.80 | 154.2 | 0.40 | 1.26 | Combined to 1.20m @ 3.07 g/t Au | |
41916 | 43.60 | 43.90 | 0.30 | 0.01 | ||
41917 | 27.70 | 28.27 | 0.50 | 6.24 | ||
HVD003 | 49836 | 165.20 | 165.80 | 0.60 | 147.50 | |
49847 | 190.40 | 191.00 | 0.60 | 2430.00 | Combined to 11.10m @ 160.45 g/t Au | |
49848 | 191.00 | 192.00 | 1.00 | 0.55 | ||
49849 | 192.00 | 193.00 | 1.00 | 0.09 | ||
49991 | 193.00 | 194.00 | 1.00 | Assays Pending | ||
49992 | 194.00 | 195.00 | 1.00 | Assays Pending | ||
49850 | 195.00 | 196.00 | 1.00 | 0.12 | ||
49851 | 196.00 | 197.00 | 1.00 | 0.04 | ||
49852 | 197.00 | 197.50 | 0.50 | 0.51 | ||
49853 | 197.50 | 198.00 | 0.50 | 0.72 | ||
49854 | 198.00 | 198.50 | 0.50 | 0.20 | ||
49855 | 198.50 | 199.50 | 1.00 | 178.00 | ||
49856 | 199.50 | 200.50 | 1.00 | 33.20 | ||
49857 | 200.50 | 201.50 | 1.00 | 174.00 |
TABLE 2. DRILL HOLE LOCATIONS
Hole | GDA (Z55) East | GDA (Z55) North | RL (m) | GDA (Z55) Azimuth | Dip | EOH (m) | Status |
HVD002 | 494221.0 | 5945655 | 714.7 | 229.3 | -40 | 410.90 | High Grade assay received only |
HVD003 | 494221.0 | 5945655 | 714.7 | 227.7 | -55 | 348.00 | High Grade assay received only |
HVD004 | 494220.6* | 5945655* | 714.7* | 254.5 | -35 | 248.90 | Assays Pending |
HVD005 | 494221.6* | 5945655* | 714.7* | 198.4 | -55 | 317.70 | Assays Pending |
*Coordinates are from drill design. Not yet surveyed. |
NEXT STEPS
- Reviewing follow-up drilling to expand on results once all other assays have been received
- Assessment of geological and structural data collection, assessment of hydrothermal alteration to aid in defining new target areas
- The Company continues to apply observations from the initial results to develop a comprehensive structural model for the
Happy Valley target area - A permit wide review and re-processing of geophysical data from the Myrtleford exploration license to define additional targets
QUALIFIED PERSON
President, Chief Executive Officer and Director
Phone: 604.288.8082
Email: info@E79resources.com
Website: www.E79resources.com
ABOUT
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. |
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