Gold79 Mines names Quentin Mai as CEO, director
Gold79 Mines Ltd. [AUU-TSXV, AUSVF-OTCQB] said Quentin Mai has been appointed CEO of the company and has jointed the board of directors, a move that took effect on December 13, 2024.
Mai remains President of the company and in conjunction with the appointment, Derek Macpherson has resigned as CEO. He remains Executive Chairman and a director. Ehsan Agahi has resigned from the board of directors to pursue other opportunities.
Mai has over 25 years of capital market and corporate communications experience working with successful early-stage growth companies from mineral discovery to production. He spent over 10 years at Corvus Gold, from its founding to eventual sale to AngloGold Ashanti Plc. [AU-NYSE, ANG-JSE, AGG-ASX], for $570 million. Corvus’ North Bullfrog project forms a part of AngloGold’s +10 million gold ounce greenfield projects being developed in Nevada.
Gold79 recently completed an amalgamation with Bullet Exploration. The transaction was expected to create a well funded gold exploration company with a focus on the southwestern U.S.
Gold79 holds 100% earn-in option to purchase agreements on three gold projects, the Jefferson Canyon and Tip Top projects in Nevada and the Gold Chain project in Arizona. It also holds a 32.3% stake in the Greyhound Project, Nunavut, under a joint venture with Agnico-Eagle Mines Ltd. (AEM-TSX, AEM-NYSE).
Gold 79 is focused on delivering a maiden resource at its Gold Chain project, exploring the newly acquired Jefferson North Gold-Silver Project in Nevada to define its scale potential, and continue to work with Kinross Gold Corp. (K-TSX, KGC-NYSE) to get a maiden drill program at Jefferson Canyon underway.
In a press release on November 22, 2024, Gold79 said it had closed the final tranche of a previously announced $6.0 million non-brokered private placement financing, raising gross proceeds of $6.11 million via the issuance of 24.4 million units priced at 25 cents each.
“Successfully completing the $6.1 million raise positioned Gold79 to initiate its drill program to rapidly advance Gold Chain towards a maiden resource,’’ Mai said. “The initial core drill program is now completed and with results anticipated in the New Year, we are already planning to start the next phase of drilling.’’
“The transaction between Gold79 and Bullet is a unique opportunity to consolidate exploration companies in the southwestern U.S.,’’ said Macpherson. “The combined entity is going to have multiple projects at various stages of exploration, be well funded and have improved access to capital,’’ he said.
On Monday, Gold79 shares rose 1.75% or $0.005 to 29 cents. The shares trade in a 52-week range of 36.5 cents and 15 cents.