VANCOUVER, BC, Feb. 24, 2022 /CNW/ - E79 Resources Corp. (CSE:ESNR) (OTCQB: ESVNF) ("E79" or the "Company") is pleased to report the arrival of the second diamond drill rig to its flagship Myrtleford project in Victoria. E79 has committed to a significant diamond drill program testing extensions to the high-grade gold discovered at Happy Valley and the commencement of a maiden drill program at its Twist Creek prospect located in Victoria, Australia.
DRILL TARGETS
Happy Valley:
- Test lateral extensions and depths to 600m below surface on the Happy Valley and Porepunkah Reefs
- Maiden drill test of nearby historic workings at Champion/Franklin and Managers Hill
Twist Creek:
- Maiden drill program testing multiple lines of Reef with historical gold grades up to 2 ounces per tonne
Martin Pawlitschek, E79's Interim President and Chief Executive Officer stated, "We're excited to secure a second diamond drilling rig and target areas where there is significant potential to intersect bonanza grade gold mineralisation".
"The commitment to ramp up our drilling activities in the Myrtleford region is the result of the projects ability to yield high grade results at Happy Valley but now we're looking to not only aggressively expand our drilling at Happy Valley but commence a maiden drill program at Twist Creek where multiple lines of Reef have been historically mined at gold grades averaging up to an ounce per tonne".
A second drill rig has arrived onsite at the Twist Creek Project to commence a maiden drill program located 40km northwest of Happy Valley. The initial 3,000m program will target up to 6 lines of reef over a 3km strike length that were historically mined with gold grades up to 2 ounces (see figure 4). Most of these mines did not extend below the water table (<30m). None of these mined reefs have ever been drill tested so represents a great opportunity for the Company.
Diamond Drilling at Happy Valley continues as the Company aims to expand the envelope of mineralisation along strike and down dip. Previously reported drill intercepts include 11.10m @ 160.45 g/t from 190.4m including 0.6m @ 2,430g/t Au and 5.35m @ 32.07g/t from 149.8m (see June 14 & Nov 15, 2021 press releases). These bonanza grade intersections identified beneath historic gold working at Happy Valley have given us the encouragement to test nearby workings at Champion/Franklin and Managers Hill areas which have never been drill tested. (see figure 3).
OTHER COMPANY EXPLORATION ACTIVITIES
- At Happy Valley, preliminary mapping of historical workings and first-pass rock chip sampling have been completed along the 12km long corridor. The assay results from this program will be known shortly and will potentially identify multiple targets for future drilling.
- At Twist Creek, first-pass rock chip sampling and mapping is in progress along the 7km long corridor.
- Awaiting drill site approvals to allow maiden drill testing of Champion/Franklin and Manager's Hill targets located at Happy Valley
- Review of geophysical data from the Myrtleford exploration license to define additional regional targets.
- At Beaufort, a review of the project including structural mapping, rock chip sampling and drillcore assessment is in progress.
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 1). 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.
TWIST CREEK GOLD PROSPECT
The Twist Creek Prospect is situated in the northern portion of the Company's Exploration Licence EL006724 in Victoria, Australia (Figure 1). It lies within a 7km long trend of historical workings mines. The Twist Creek Mining Centre produced gold at an average grade of ~31g/t Au. To date, no modern exploration has been conducted at this prospect and remains untested.