Gold79 Mines Ltd. [AUU-TSXV] said Friday it has applied for permits that would allow the company to launch a maiden drilling program at its Jefferson Canyon project in Nevada.
“The work we have done over the last year at Jefferson Canyon continues to highlight the potential of this project,’’ said Gold79 President and CEO Derek Macpherson. “In particular, we have merged the very positive historical drill results with geochemical results and reprocessed geophysics,’’ he said.
“On the basis of this work, we have designed an initial drill program for Jefferson Canyon and submitted our application for drill permits.’’
Gold79 shares were unchanged at $0.07 Friday and trade in a 52-week range of 14 cents and $0.06.
Gold79 holds 100% earn-in option and or purchase agreements on three gold projects. The two priority projects are located in Nevada. They are the Jefferson Canyon and Tip Top gold projects. The third is located in Arizona and is known as the Gold Chain Project.
All three are located along the north-west trending Walker Lane, a structural lineament, which played an integral role in the history of Nevada, beginning in 1859 with the discovery of the Comstock Lode, representing 8.5 million ounces of gold and 400 million ounces of silver.
The Jefferson Canyon Project covers 57 unpatented claims and consists of a large volcanic-hosted epithermal gold-silver system, which is thought to be similar in style and age to the nearby Round Mountain mine.
In a January 26, 2021 press release, Gold79 Chairman Gary Thompson said: “Our work at Jefferson Canyon continues to highlight the significant potential of this asset.”
“Our recently identified 4.0-square kilometre gold-in-soil anomaly, along with a compilation of historical data suggests that this is an advanced exploration project,” said Thompson in a recent press release.
“We look forward to aggressively drilling Jefferson Canyon later this year, in an effort to start proving up the multi-million-ounce gold exploration target we have identified.”
On Friday, the company said results of a reprocessed magnetic survey, in light of historical drilling and gold and silver soil anomalies, reveal a coincident magnetic low likely related to a mineralizing event.
It said the reprocessed CSMAT resistivity data suggests that the Jefferson Canyon fault is a deep structure which likely controls the mineralization.
On July 21, 2021, the company submitted an application for a plan of operations at Jefferson Canyon. The application is for 15 drill sites with multiple holes from each site and the corresponding roads to service them. As part of he application process, the company is completing biological and cultural surveys at the project.
It is expected that the project should be drill-ready in 2022, the company said.