E79 drills 54.6 g/t gold over 0.45 metres at Myrtleford, Australia
E79 Resources Corp. [ESNR-CSE; ESVNF-OTCQB] reported assay results received from drill holes HVD011 to HVD015 at its Happy Valley gold prospect on its 100%-optioned Myrtleford property in Victoria, Australia.
Drilling highlights included hole HVD015 that returned 7.15 metres of 10.4 g/t gold from 211.85 metres, including 0.45 metres of 54.6 g/t gold from 211.85 metres downhole and 1.85 metres of 26.5 g/t gold from 217.15 metres downhole. Hole HVD014 returned 1 metres of 27.7 g/t gold from 139.0 metres down hole, and 3 metres of 4.1 g/t gold from 153.0 metres downhole, including 1 metres of 11.35 g/t gold from 153.0 metres downhole.
Martin Pawlitschek, President and CEO, stated, “Our drill program at Happy Valley continues to yield high grade results, with mineralisation showing significant vertical continuity with impressive gold values. The latest round of results with grades up to 54.6 g/t gold intersected in drillhole HVD015 confirms the high grade nature of the Happy Valley system. Drilling is now testing the gold bearing structures down to 500m below surface.
“We are also excited that nearby targets including the Champions/Franklin and Managers Hill gold workings are now ready for their maiden drill test program. This could allow us to identify multiple shoots within close proximity to the high-grade Happy Valley system.”
All drill results have now been received for holes HVD011 to HVD014 and partially for HVD015. Drillholes HVD011, HVD012, and HVD013 all intersected the structure with anomalous gold intersections outside the now defined high grade shoots.
The company is now expanding its drill program with large step-out drillholes to test the Happy Valley structure down-plunge to 500 metres below surface.
Drilling has now confirmed that the mineralization extends to at least 350 metres below surface as indicated in HVD010. Each of the gold-bearing quartz reefs are interpreted to be offset by a series of flat west-dipping faults. The construction of a detailed 3D geological model of the structures and mineralized quartz reefs is in progress with the aim to refine ongoing drill targets.
The Happy Valley drill program will then shift its focus to nearby workings (Champions/Franklin and Managers Hill) that have never been drill tested. This follows confirmation of the company’s geological model that high-grade gold mineralization extends to depth below historic gold mining areas. These drill sites have recently been approved with several drillholes planned for each site.
A first-pass rock chip sampling and mapping program of historic workings along the Happy Valley trend has now been completed with assay results due soon. The aim of this program is to identify multiple drill targets within the Happy Valley trend for future drill testing.
The Happy Valley Prospect is situated in the south eastern portion of the company’s Exploration Licence EL006724 in Victoria. It lies within a 12-km long trend of historical workings mines. The Happy Valley Mining Centre has a documented historical production of 34,200 ounces of gold predominantly between 1866-1875. The Happy Valley Mining Centre produced at an average grade of ~31 g/t gold. To date, only limited modern exploration has been conducted at this prospect, with the recent drilling by E79 defining bonanza grade mineralisation at depth.
A further two drill sites have been approved to allow maiden drill testing of Champion/Franklin and Manager’s Hill targets located within 500m of the high-grade Happy Valley workings.
Rock chips assay results from preliminary mapping of historical workings along Happy Valley trend are imminent. The assay results from this program will be known shortly and will provide the platform to potentially identify multiple targets for future drilling.
At Twist Creek, a maiden drill program is in progress testing multiple targets beneath historical workings over a 3-km strike length. Further to this, an ongoing first-pass rock chip sampling and mapping program along the 7-km long corridor is in progress.
At Beaufort, a review of the project including structural mapping has been completed and near surface targets identified. Planning for the next drill program is underway.
E79 continues to expand its ground tenure in Eastern and Central Victorian regions with recent Exploration License (EL) applications submitted.
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