VANCOUVER, BC, Sept. 27, 2021 /CNW/ - E79 Resources Corp. (CSE: ESNR) (OTCQB: ESVNF) ("E79" or the "Company") is pleased to provide an update on drilling at the Happy Valley Gold Prospect in Victoria, Australia.
Rory Quinn, E79's President and Chief Executive Officer stated, "Significant visible gold has been observed in two recently completed drill holes in ongoing drilling at Happy Valley. While assays are pending, and drilling continues, we feel that we are beginning to get a better understanding of the mineralization.
We have now observed visible gold in 5 out of 7 deep exploration drill holes completed at Happy Valley."
Highlights
- Visible gold observed in drill holes HVD004, HVD006 and HVD007 (in addition to HVD002 & HVD003)
- Modelling appears to show a high-grade quartz vein extends at depth below the old Happy Valley Mine workings
Drill holes HDV006 & 007 have now been completed. Visible gold has been observed in HVD006, in two separate locations, and also in HVD007. These zones have been preferentially sampled and dispatched (Figures 1-10). All assay results are still to be received.
HVD008, drilled on the same sectional line as HVD005 but at a steeper inclination (-65o compared to -55o), intersected several zones containing minor quartz veining and occasional sulphide mineralization was observed.
HVD009 has been designed to target the structures midway between the two existing drill sections (HVD002-007 and HVD005-008). At the time of reporting drilling is ongoing.
Preliminary modelling is appearing to show the high-grade quartz vein Porepunkah ("Reef") extends at depth below the old Happy Valley Mine workings (Figure 12).
The presence of mineralization located in HVD003, and now a further intersection containing visible gold within HVD006 below the New Happy Valley (NHV) Reef may indicate a steep south-easterly plunge on mineralization (Figure 13) which is consistent with historic reports.
Happy Valley Gold Prospect
The Happy Valley Prospect is situated in the south eastern portion of the Company's Exploration Licence EL006724 in Victoria, Australia (Figure 14). It lies within a 7km long trend of historical workings. The Happy Valley Mining Center has a documented historical production of 34,200 ounces* of gold predominantly between 1866 – 1875. The Happy Valley Mining Center produced at an average grade of ~31g/t Au*, which presents E79 with an extremely attractive target. To date, only limited modern exploration has been conducted at this prospect.
Gold mineralization at Happy Valley occurs as quartz infill fractures and spurry formations within carbonate altered sedimentary units of Lower Ordovician age (448 – 443MA). Regionally mineralisation appears to be proximal and related to the emplacement of several major regional Devonian age granitic plutons. The gold can occur as free particles within the quartz veins and can also be also associated with sulphides, including pyrite and to lesser degrees arsenopyrite and galena.
*Technical Report dated October 26, 2020, filed on Sedar
TABLE 1. DRILL HOLE LOCATIONS
| Hole
ID | GDA (Z55) East | GDA (Z55)
North | RL (m) | GDA (Z55) Azimuth | Dip | EOH
(m) |
| HVD004 | 494220.6* | 5945655* | 669.7# | 254.5 | -35 | 248.90 |
| HVD005 | 494221.6* | 5945655* | 669.7# | 198.4 | -55 | 317.70 |
| HVD006 | 494221.0* | 5945655* | 699.7# | 229.5 | -48 | 230.9 |
| HVD007 | 494221.0* | 5945655* | 699.7# | 230.1 | -60 | 270.3 |
| HVD008 | 494222* | 5945654* | 699.7# | 204.0 | -65 | 387.3 |
| HVD009 | 494221.5* | 5945654. | 699.7# | 217.5 | -54 | 300 |
| *Coordinates are from drill design. Not yet surveyed. #RL change based upon LiDAR DTM surface. |
Next Steps
- Additional targeted drilling to test structural interpretations
- Continued Assessment of geological and structural data collection, assessment of hydrothermal alteration to aid in defining new target areas
- Continued application of observations from all drilling results to develop a comprehensive structural model for the Happy Valley target area
Qualified Person
Peter de Vries, MAIMM, MAIG a "Qualified Person" as defined by National Instrument 43-101, has read and approved all technical and scientific information contained in this news release. Mr. de Vries is the owner of Geological, Educational and Mining Services (GEMS) Pty Ltd, a geological consulting services company based in Victoria, Australia, and is Exploration Manager for E79 Resources.
Rory Quinn
President, Chief Executive Officer and Director
E79 Resources Corp.
Email: info@E79resources.com
Website: www.E79resources.com
Rory Quinn, President and CEO of E79 Resources, will be participating in a live webinar on September 28th and providing a company overview along with an exploration update based on these results. Registration details are below:
Date: September 28, 2021
Time: 2:00 P.M. Eastern Time (Canada and U.S.)
Registration Link: E79 Resources Webinar