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    AUU   CA3807191042

GOLD79 MINES LTD.

(AUU)
Delayed Bourse de Toronto  -  05/27 03:39:56 pm EDT
0.0400 CAD    0.00%
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GOLD79 ACQUIRES THE SHEEP TRAIL PATENTED CLAIMS AT ITS GOLD CHAIN PROJECT AND REPORTS 51.9 GT GOLD FROM INITIAL SAMPLING

01/14/2022 | 10:08am EDT

Gold79 Mines Ltd. (TSX-V: AUU) (OTCQB: AUSVF) ('Gold79' or the 'Company') is pleased to announce the purchase of the Sheep Trail Group of patented claims and reports the initial sampling results from these claims.

The patented ground, covering 113.2 acres, is immediately east of the Banner patented claims. It encompasses an extensively altered and mineralized zone which has been traced for over 1.2 kilometres within the Sheep Trail block, forming a portion of the approximately 10km North Oatman trend the Company is exploring at Gold Chain. Widespread, shallow mine workings (pre-1920) can be seen throughout the claim block. Preliminary grab samples of mine dumps have yielded up to 51.9 g/t Au and rock chip samples have returned up to 2.0 metres at 20.4 g/t Au.

The Company's Gold Chain Project in Arizona is now comprised of 15 patented claims, covering approximately 264 acres and 361 lode claims on BLM land comprising about 7,180 acres (2,907 Ha).

Mr. Derek Macpherson, President & CEO stated, 'The 51.9 g/t gold value is the highest-grade sample to date from the Gold Chain project. The Sheep Trail block is the last of three critical blocks acquired by Gold79 Mines which collectively form the nucleus of our Gold Chain project. This is the first time that these patented claims and the surrounding lode claims have been consolidated by a single operator explaining the lack of modern exploration despite its excellent location and widespread gold mineralization.' Mr. Macpherson continued, 'Our focus now at Gold Chain is boots on the ground exploration and geophysics covering the entire project in early 2022 in preparation for the next round of drilling.'

Terms of Sheep Trail Acquisition

Gold79 USA Corp., a wholly owned subsidiary of the Company, has completed the acquisition from a private vendor of a 100% interest in the 113.2 acre patented claim block with a cash payment of US$250,000. There are no royalties associated with these claims and there are no further payments owing to the vendor of these patented claims.

About Gold79 Mines Ltd.

Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project located in Arizona, USA. In addition, Gold79 holds two projects with minority interest being a 36.6% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited and a 20% carried interest in the Taviche Project in Oaxaca, Mexico now under option to Fortuna Silver Mines Inc.

Contact:

Derek Macpherson

Tel: 416-294-6713

Email: dm@gold79mines.com

FORWARD-LOOKING STATEMENTS

This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including any private placement financings, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company's future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

(C) 2022 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales
Net income
Net Debt
P/E ratio
Yield
Capitalization 4,52 M 4,52 M -
EV / Sales -1
EV / Sales 0
Nbr of Employees -
Free-Float 89,4%
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Managers and Directors
Derek Macpherson President & Chief Executive Officer
John Darin McNeice Chief Financial Officer & Secretary
Gary R. Thompson Executive Chairman
James M. Franklin Independent Director
Walter William Boberg Independent Director
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