E79 drills 5.35 m of 32.07 g/t Au at Myrtleford
2021-11-15 07:17 ET - News Release
Mr. Martin Pawlitschek reports
E79 RESOURCES DRILLS 5.35M @ 32.07G/T ON NEW STRUCTURE AT THE HAPPY VALLEY PROSPECT, VICTORIA, AUSTRALIA
E79 Resources Corp. has released partial assay results received from drill holes HVD006 and HVD007 at its Happy Valley gold prospect on its Myrtleford property in Victoria, Australia.
Drilling Highlights
Drill hole HVD007:
- 5.35m @ 32.07 g/t Au from 149.80m downhole, including: 3.85m @ 43.12g/t Au 1.00m @ 78.4 g/t Au
Drill hole HVD006:
- 2.30m @ 14.40 g/t Au from 135.10m down hole, including: 0.60m @ 54.30 g/t Au
Martin Pawlitschek, E79's President and Chief Executive Officer stated, "Our drill program at Happy Valley continues to yield high grade results, with the Porepunkah Reef now showing significant vertical continuity and consistent intercepts with impressive gold values.
A new intersection ( 5.35m @ 32.07 g/t Au including 1m @ 78.4 g/t) in HVD007 may represent a discovery of a completely new zone of mineralisation, as it resides outside of the known reef structures. This new zone will be tested with further drilling. It is known that two of the major Reefs mined historically; the New Happy Valley and Porepunkah Reefs, did not outcrop on surface and were only discovered during tunnelling, so the presence of buried, or a 'blind' reef, containing significant gold values is an exciting discovery that may lead to further mineralisation outside of the current target zone.
These results continue to confirm the concept that high-grade gold mineralization extends to depth below historic gold mining areas - where majority of historical mines terminated at shallow depths associated with the ground water levels. The current program continues to generate structural, lithological, alteration and geochemical information to determine their relationship to gold mineralization at the Happy Valley Mining Centre. The Company is currently looking to expand the envelope of mineralisation along strike and down dip with further drilling at Happy Valley. Mapping and rock chip sampling is in progress along strike from Happy Valley to identify further drill targets along the 12km long Happy Valley Corridor. This information will provide a model for exploration on the Company's Myrtleford prospects.
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 5). It lies within a 12km long trend of historical workings mines. The Happy Valley Mining Centre has a documented historical production of 34,200 ounces of gold predominantly between 1866 - 1875. The Happy Valley Mining Centre produced at an average grade of ~31g/t Au. To date, only limited modern exploration has been conducted at this prospect, with the recent drilling by E79 defining bonanza grade mineralisation at depth.
Gold mineralization at Happy Valley occurs as quartz veins within carbonate altered sedimentary units of Lower Ordovician age (448 - 443MA). Regionally mineralization 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 associated with sulphides, including pyrite and to lesser degrees arsenopyrite and galena.
Drill holes HDV006 and HVD007 were drilled at inclinations of -48o and -60o respectively, and on a similar azimuth to HVD002 and HVD003 (~216o mag, 228o Grid). The holes have intersected multiple zones of quartz containing both sulphides and, in some places, visible gold. 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, 3 and 4)