HIGHLIGHTS
Drill hole HVD010
Hole HVD010 intercepted a broad zone of mineralization at a depth of approximately 400m below surface and 200m below the historical mine workings.
This is the deepest intercept at the Happy Valley Prospect to date and demonstrates a significant vertical extent of mineralization.
Results include 3m @ 5.8 g/t gold (Au) from 390.0m and 0.6m @ 5.23 g/t Au from 374.4m within a broader zone, including 37.3m @ 0.9 g/t Au from 356.7m downhole.
Progress on Nearby Targets
Multiple quartz-sulphide-bearing structures have been intersected at the Franklin/Champion Reef Prospect.
Assay results are still pending for drill holes HVD017, HVD018 and HVD019, and results will be made available once they are received.
Drilling has commenced beneath historical workings at the Manager's Hill Prospect which is located approximately 500m northeast of the Happy Valley Prospect.
At
'Inaugural drill testing of nearby targets is in progress which could potentially identify multiple shoots at the Franklin/
'Drilling is also continuing at
The latest intercepts from drill hole HVD010 represent the remaining assay results for this hole. On
All drill results have now been received for holes HVD010 to HVD016. The final results from hole HVD010 include 3.0m @ 5.8 g/t Au and 0.6m @ 5.23 g/t Au. True widths for hole HPV010 are estimated to be approximately 15-20% of downhole width. Hole HVD016 intersected the structure with anomalous gold intersections outside the now defined high-grade shoots.
Hole HVD010 is the Company's deepest intercept at
The Company is now waiting for the results for the remaining three holes (HVD017-019) at the Happy Valley Prospect and detailed 3D geological interpretations are ongoing. The current exploration drilling focus has now shifted to nearby untested targets at the Franklin/Champion and Manager's Hill Prospects.
The latest results from the current exploration program continues to validate the Company's geological model which postulates that high-grade gold mineralization extends to significant depths below historical gold mining areas.
A first-pass rock chip sampling (consisting of 71 samples) and mapping program of historical workings along the
Contact:
Tel: 604.288.8082
Email: info@E79resources.com
Web: www.E79resources.com
ABOUT
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that may be deemed 'forward-looking statements' with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential', 'indicates', 'opportunity', 'possible' and similar expressions, or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Although E79 believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund its obligations under its property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop its projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations, future prices of gold, copper and other metals, changes in general economic conditions, accuracy of mineral resource and reserve estimates, the potential for new discoveries, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources and changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes
(C) 2022 Electronic News Publishing, source