Ottawa, Ontario--(Newsfile Corp. - January 12, 2021) - Gold79 Mines Ltd. (TSXV: AUU) ("Gold79" or the "Company") is pleased to provide results from a property-wide soil geochemical survey on its Jefferson Canyon Project located 7 km east from the Round Mountain Gold Mine in Nevada USA.
Chairman Gary R. Thompson stated, "We are delighted with the significant extent and intensity of the gold and silver soil anomalies at the Jefferson Canyon Project. While previous exploration in the 1980's completed geophysical surveys, mapping, prospecting and drilling, the current exploration work marks the first ever property wide gridded soil geochemical survey. This new soil data provides the data needed to finalize our drilling plan for the permit application that is now in progress. We are keen to commence new drilling on the project."
Figure 1. Location Map of the Jefferson Canyon Project and Gold-in-Soil Anomaly
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Gold 79's targeting strategy resulted in the collection of 2,926 soil samples along 100m spaced grid lines at 25m stations (Figure 2) covering the entire mineral claim block. The results reveal a four square kilometre circular gold-in-soil anomaly. The highest Au-in-soil value was 4,470 ppb Au and anomalous values were distributed as follows: twenty-nine samples returned greater than 500 ppb Au; ninety-nine samples were greater than 200 ppb Au, 234 samples were greater than 100 ppb Au and 631 samples were greater than 20 ppb Au.
Figure 2. Gold Geochemistry: Gold-in-Soil Anomaly Map with Rock Samples
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The silver-in-soil contour plot (Figure 3) reveals a smaller 1.2km by 1.1km anomaly positioned within the gold anomaly. Both the gold and silver anomalies suggest a strong northwest response to the Jefferson Canyon fault.
The highest Ag-in-soil value was 339 ppm Ag and anomalous values were distributed as follows: fifty-six samples returned greater than 10 ppm Ag; one hundred and thirty-seven samples were greater than 5 ppm Ag, two hundred and eighty-eight samples were greater than 2 ppm Ag and four hundred and twenty-six samples were greater than 1 ppm Ag.
Figure 3. Silver Geochemistry: Silver-in-Soil Anomaly Map with Rock Samples
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Based on the 2,926 soil samples analysed, gold has a moderate positive correlation with Pb and As both having a 0.556 r values. The correlation between Au and Ag is moderately positive at 0.44. Silver reveals a strong positive correlation to Cu, Mn and Pb, with r values of 0.797, 0.717 and 0.638, respectively.
Au correlates well with Ag, As, Pb, Sb and Ag correlates well with Cu-Mn-Pb. Many of the high silver rocks samples contained MnOx in veins.
Based upon 46 rock samples from the Jefferson Canyon Project, Au has a strong positive correlation coefficient to Ag (0.728), Hg (0.558) and As (0.416).
Robert Johansing, Vice President, Exploration stated, "Previous exploration at Jefferson Canyon has identified significant gold both in the surface and sub-surface along the SE extent of the Jefferson Canyon fault. This newly acquired data supports a much broader gold-silver footprint and provides a symmetry not previously recognized providing several new drill targets."
Next Steps
Gold79 is submitting a drill permit application to the US Forest Service for an extensive drilling campaign at the Jefferson Canyon project. Additional reprocessing of geophysical data is also planned to further refine drill targets.
Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company's Vice President, Exploration is a qualified person ("QP") as defined by NI 43-101 and has reviewed and approved the technical content of this press release.
About Gold79 Mines Ltd.
Gold79 Mines Ltd. (formerly Aura Resources Inc.) is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in the Southwest USA. Gold79 holds 100% earn-in option and / or purchase agreements on three gold projects: the Jefferson Canyon Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project located in Arizona, USA. In addition, Gold79 holds two projects with minority interest being a 37.1% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited and a 20% carried interest in the Taviche Project in Oaxaca, Mexico held by Minaurum Gold Inc. and now under option to Fortuna Silver Mines Inc.
For further information regarding this press release contact: Gary Thompson, Executive Chairman, CEO by email at GT@gold79mines.com. Gold79's website is located at www.gold79mines.com.