E79 Resources drills 17 g/t gold over 1.6 metres at Myrtleford, Australia

E79 Resources Corp. [ESNR-CSE; ESVNF-OTCQB] reported high-grade gold intersections at its inaugural drill program at the Twist Creek prospect located 40 km north of the Happy Valley prospect at its 100%-optioned Myrtleford project 40 km south of Victoria, Australia.

Drilling highlights: Multiple zones of high-grade gold mineralization and elevated base metals were intersected in all three drill holes completed at the Scandinavian Prospect at the Twist Creek area.

Drill Intersections include 1.6 metres at 17 g/t gold from 73 metres (hole TWD006), including 0.6 metres at 43 g/t gold, 25.5 g/t silver, 1.3% lead, and 0.25% zinc from 74 metres, and 0.4 metres at 6.77 g/t gold from 128 metres. Hhole TWD003 returned 1.1 metres at 15.3 g/t gold from 67.9 metres, including 0.6 metres at 27.4 g/t gold from 67.9 metres, and 1 metre at 3.84 g/t gold from 111 metres. Hole TWD004 returned 0.75 metres at 14.15 g/t gold from 75 metres.

The initial drill results from the Scandinavian Prospect confirm the extensions of gold mineralization beneath historical workings which remain open at depth. Drilling continues to expand on these results on multiple structures over a 3 km northwest trend with a further 4km of trend length remaining to be tested.

Patrick Donnelly, President and CEO, stated, “E79 Resources is extremely pleased that these results, from an area never previously drill tested, have returned excellent gold grades, and confirm that the Twist Creek area will be one of the focus areas for future expansion drill programs. I will also note that the Scandinavian Prospect is one of many prospects within the Twist Creek area and we are optimistic of more positive results as we continue our exploration activities. These drill intercepts also further support our view that the Myrtleford property may yield a significant gold discovery. The drilling at Twist Creek targeting a high-grade historical mining camp continues in parallel as we continue our work in the Happy Valley district to the south.”

At the Scandinavian Prospect, three drill holes were completed (TWD003, TWD004 and TWD006) targeting beneath the historical workings detected and mapped via aerial LiDAR surveys last year. These high-grade drilling results with gold up to 43 g/t, and elevated base metals up to 1.3% lead and 0.25% zinc are located 65 metres below surface and remain open at depth.

Two holes were also completed at the Polar Star Prospect, where both holes intersected the targeted subvertical structure which returned encouraging results including 7 metres at 0.6 g/t gold from 101 metres, including 1 metre at 1.53 g/t gold and 1 metre at 1.44 g/t gold.

Following the high-grade gold discovery hole at Happy Valley where drilling intersected 11.1 metres at 160.45 g/t gold (hole HVD003), the company made a commitment to ramp up drill activities to test the Twist Creek targets containing up to six lines of reef over a 3-km strike length (within the 7-km long trend) that were historically mined with grades up to 2 oz/ton gold. Drilling continues at both the Twist Creek and Happy Valley Prospects within the Myrtleford Project area.

At Happy Valley, drilling continues at the Manager’s Hill Prospect which is located within 500 metres of the high-grade Happy Valley workings. At Twist Creek, an inaugural drill program is in progress at the Sydney Prospect before completing the first-pass at the Excelsior target. Further to this, first-pass rock chip sampling and mapping programs will continue along the 7-km-long trend once the drilling is complete. At the Beaufort Property, a review of the project including structural mapping has been completed and near surface targets have been identified. An exploration program will be planned which will include further rock chip sampling followed by shallow drilling.

E79 Resources is focused on exploring for Fosterville-type mineralization at its Beaufort and Myrtleford properties in the Victorian Goldfields, Australia. At Beaufort, an opportunity exists to explore for a hard rock source of a major alluvial goldfield along a structure that is known to host gold in the region. The Myrtleford property represents the consolidation of an entire historic gold camp with over 70 past producing gold mines on the property, where the bulk of historic mining stopped at the water table.