Gold79 Mines Ltd. announced the completion and analysis of an airborne magnetic and radiometric survey over its Gold Chain project located in Mohave Co., NW Arizona. The survey was conducted in March, 2022 by Goldspot Discoveries Corp. over the entire Gold Chain block. Additionally, the Company announced that it has commenced the planned 1,100m drill program at Gold Chain. In low-sulphidation epithermal systems, such as the one at Gold Chain and within the Oatman District, areas of magnetic destruction ('quiet' zones or magnetic lows) and potassium enrichment may reflect the location and aerial extent of hydrothermal alteration and associated gold mineralization. The high- resolution aeromagnetic and radiometric data have been used to identify three magnetic quiet zones: two of these clearly correspond, over about 7 kilometres of strike, with gold-bearing zones associated with Miocene felsic dikes and structures. The distribution of gold values from surface samples, along with the survey results. A third magnetic low closely coincides with the Frisco Graben which is an emerging target defined by a structurally controlled flow dome complex formed along the margin of a NW-trending, elongate graben. Its proximity to the Tyro vein system and intense argillic alteration provides vectors for shallow (<100m) targets.
The most significant potassium anomaly identified in the radiometric survey closely coincides with the extensive gold mineralization identified in the 'Golden Elbow' composed of the Banner, Sheep Trail and Boulevard mines. Previous drilling returned 3.1m at 10.68 g/t gold from Banner and the Sheep Trail and Boulevard mines are being drill tested by the Company for the first time in the current drill campaign. Based on the results of the geophysical and radiometric survey's Gold79, has added 18 claims on the southwest portion of the Gold Chain project. Phase 2 Drilling Program Underway: Gold79 Mines announced that it has commenced Reverse Circulation (RC) drilling at the Tyro, Sheep Trail and Boulevard mines. A total of 1,100 metres is anticipated with hole depths of less than 150 metres. The Sheep Trail claim block was purchased by Gold79 in January of 2022 and has now been mapped and partially sampled revealing a structural corridor over the length of the claim block (~1.5km) hosting veins and stockwork zones with elevated gold values including 7.0m of 5.06 g/t gold and 3.7m of 19.52 g/t gold from surface outcrops. Drilling across the Tyro vein system will focus on a broad zone (up to 60m) of quartz veinlets and hydrothermal breccia at the south end of the vein system. Previous work, including drilling in 2021 across the north end, returned 21.3 metres at 2.0 g/t Au and sampling of the Tyro mine 200L revealed 25.4 metres at 2.53 g/t Au. Current drilling at Tyro is designed to provide Gold79 insight into the continuity of gold values along this greater than 1km vein corridor. Results of Geophysical Survey: The high-resolution aeromagnetic and radiometric data have been used to map regional/district-wide structure and identify the structural controls of hydrothermal alteration and mineralization. This survey has delineated zones of magnetic destruction that reflect the location and aerial extent of hydrothermal alteration and thus fossil geothermal systems. The Gold Chain project lies within a classic adularia-sericite epithermal gold province best characterized by the historical Oatman district several kilometres to the south. These gold deposits consist predominantly of quartz-adularia-calcite veins hosted in Miocene volcanic rocks (Oatman district), in Precambrian granite (Tyro and Katherine mines) or along and within Miocene felsic dikes emplaced into the Precambrian granite (Banner, Sheep Trail and Boulevard mines. These deposits are characterized by alteration haloes of local, high level silicification and pervasive clay alteration, potassium metasomatism, magnetite destruction, and sulfide mineralization (pyrite) over several square kilometres of aerial extent. The RMI/RTP image, reveals at least 3 elongate 'lows' or magnetic quiet zones in areas of known hydrothermal alteration and/or gold mineralization predominantly within or along felsic dikes emplaced into the Precambrian granite or along the margin of the Frisco Graben where felsic flow domes have emanated from deep seated structures. Magnetic highs correspond to weakly propylitized Precambrian granite.