DRILLING HIGHLIGHTS
Drill hole HVD015:
- 7.15m @ 10.4 g/t Au from 211.85m including;
- 0.45m @ 54.6 g/t Au from 211.85m downhole and,
- 1.85m @ 26.5 g/t Au from 217.15m downhole
Drill hole HVD014:
- 1m @ 27.7 g/t Au from 139.0m down hole, and,
- 3m @ 4.1g/t Au from 153.0m downhole including
- 1m @ 11.35 g/t Au from 153.0m downhole
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
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
All drill results have now been received for holes HVD011 to HVD014 and partially for HVD015. Significant high grade intersections include 0.45m @ 54.6g/t Au and 1.85m @ 26.5g/t Au (HVD015) and 1m @ 27.7g/t Au (HVD014). 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
The current interpretation of the high-grade shoots is that they vary in strike length from 35-70m and were mined continuously down-plunge to 180m below surface. Drilling has now confirmed that the mineralisation extends to at least 350m 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 as depicted in figure 2. The construction of a detailed 3D geological model of the structures and mineralised quartz reefs is in progress with the aim to refine ongoing drill targets.
A first-pass rock chip sampling and mapping program of historic workings along the
HAPPY VALLEY GOLD PROSPECT
The Happy Valley Prospect is situated in the south eastern portion of the Company's Exploration Licence EL006724 in
Gold mineralization at
For drillhole specifications please refer to Table 2. All intersections represent downhole lengths and as such do not represent true width intersections. Historic mining operations were undertaken on subvertical steeply dipping quartz vein structures (Figures 1 & 2).
NEXT STEPS
- 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 3km strike length. Further to this, an ongoing first-pass rock chip sampling and mapping program along the 7km 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 in progress.
OTHER COMPANY EXPLORATION ACTIVITIES
The Company continues to expand its ground tenure in Eastern and Central Victorian regions with recent Exploration License (EL) applications having been submitted.
TABLE 1. HAPPY VALLEY SIGNIFICANT GOLD INTERCEPTS (HVD011-HVD015)
HOLE | From | To | Interval | Gold (g/t) | Comment |
HVD011 | 110.50 | 112.00 | 1.50 | 1.00 | Porepunkah Reef |
HVD012 | 364.00 | 365.00 | 1.00 | 0.20 | |
HVD013 | 123.00 | 125.00 | 2.00 | 0.30 | |
HVD014 | 139.00 | 140.00 | 1.00 | 27.70 | Porepunkah/Happy |
and | 153.00 | 156.00 | 3.00 | 4.08 | |
including | 153.00 | 154.00 | 1.00 | 11.35 | |
HVD015 | 211.85 | 219.00 | 7.15 | 10.40 | Porepunkah/Happy |
including | 211.85 | 212.30 | 0.45 | 54.60 | |
and | 217.15 | 219.00 | 1.85 | 26.50 |
TABLE 2. DRILL HOLE LOCATIONS
Hole | GDA | GDA | RL (m) | GDA | Dip | EOH | Status |
HVD011 | 494221* | 5945655* | 699.7 | 252.9 | -50.2 | 255.3 | All assays received |
HVD012 | 494221* | 5945655* | 699.7 | 253.2 | -60.8 | 387.3 | All assays received |
HVD013 | 494221* | 5945655* | 699.7 | 205.9 | -30.8 | 138.1 | All assays received |
HVD014 | 494221* | 5945655* | 699.7 | 219.6 | -43.4 | 168.1 | All assays received |
HVD015 | 494221* | 5945655* | 699.7 | 221.2 | -42 | 249.4 | Selective assays received only |
*Coordinates are generated from the LiDAR digital terrain model. Collar position not yet surveyed.
All samples are ½ HQ diameter (63.5mm) diamond drill core. Where visible gold has been observed in the core a field duplicate sample has been taken by splitting the ½ core in half again (¼ core) with both samples being independently assayed and the combined weighted average given to the interval. Sampling was conducted to geological contacts. Samples were shipped by E79 contractors to ALS Global in
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Cautionary Note Regarding Forward-Looking Statements
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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 no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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