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.”

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 (-65^o compared to -55^o), 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

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.

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.

Figure 1 – HVD007 Visible gold within interval 153.0 – 153.3m downhole (CNW Group/E79 Resources Corp.)

Figure 2 – HVD006 Visible gold (circled) within interval 135.1 – 135.7m downhole (CNW Group/E79 Resources Corp.)

Figure 3 – HVD006 Visible gold within sulphides from interval 135.1 – 135.7m downhole (CNW Group/E79 Resources Corp.)

Figure 4 – HVD006 Visible gold within interval 135.1 – 135.7m downhole (CNW Group/E79 Resources Corp.)

Figure 5 – HVD006 Visible gold within sulphides from interval 151.5 – 151.9m downhole (CNW Group/E79 Resources Corp.)

Figure 6 – HVD006 Visible gold within sulphides from interval 151.5 – 151.9m downhole (CNW Group/E79 Resources Corp.)

Figure 7 – HVD006 Gold within sulphides from interval 135.1 – 135.7m downhole (CNW Group/E79 Resources Corp.)

Figure 8 – HVD006 Gold within sulphides from interval 150.3 – 152.4m downhole (CNW Group/E79 Resources Corp.)

Figure 9 – HVD007 Zone of quartz 150.4 – 155.9m downhole (CNW Group/E79 Resources Corp.)

Figure 10 – Cross section through drill holes (228° GDA94) showing location of previously released assay results (CNW Group/E79 Resources Corp.)

Figure 11 – Happy Valley surface plan showing location and orientation of drill holes (CNW Group/E79 Resources Corp.)

Figure 12 – Long section of Porepunkah Reef along section A-A’ from Figure 11 (CNW Group/E79 Resources Corp.)

Figure 13 – Long section of New Happy Valley Reef along section B-B’ from Figure 11 (CNW Group/E79 Resources Corp.)

Figure 14 – Happy Valley Mining Center Structural Trend EL006724 (CNW Group/E79 Resources Corp.)