E79 Resources Corp. (CSE: ESNR) (OTCQB: ESVNF) 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.”
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 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 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
|RL (m)||GDA (Z55)
|*Coordinates are from drill design. Not yet surveyed. #RL change based upon LiDAR DTM surface.|
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.
About E79 Resources Corp.
E79 Resources is focused on exploring for high-grade gold at its properties in the Victorian Goldfields, Australia. The Myrtleford property represents the consolidation of an entire historic gold camp with over 70 past producing gold mines on the property, where the bulk of historic mining stopped at the water table. At Beaufort, an opportunity exists to explore for a hard rock source of a major alluvial goldfield along a structure that is known to host gold in the region.
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