Highlights of the new drillhole results include:
- 2.50m @ 12.92g/t Au from 306.50m including 0.50m @ 35.50g/t Au (HVD010),
- 2.65m @ 7.94g/t Au from 190.00m (HVD009)
Drillhole HVD010 intersected a broad zone, from 296m to 435m downhole, of intermittent mineralisation (~35% of interval), containing quartz, quartz-sulphide and brittle quartz stringer veining. An interval within this contained a zone of quartz-sulphide mineralisation in the Porepunkah reef from 304.5m to 309.8m with multiple specks of visible gold in association with arsenopyrite, pyrite and, minor galena. This interval was submitted for analysis and returned 2.5m @ 12.92g/t Au. To date this result is the deepest intersection at 360m below surface and remains open at depth and along strike. The remainder of the broad zone have also been submitted for analysis and assays are pending.
Drill hole HVD009 intersected Porepunkah reef mineralisation approximately mid-way between HVD003 (0.60m @ 147.50g/t Au) and HVD007 (1.70m @ 5.51g/t Au)) and has returned an interval of 2.65m @ 7.94g/t from a mineralised quartz vein. This intersection indicates that the system remains open to the south. Please refer to Long Section in Figure 2.
These intersections represent downhole lengths only and as such do not represent true widths. Historical mining operations were undertaken on subvertical steeply dipping quartz vein structures. Although the geometry of the quartz body intersected in HVD010 is not clear, the drill core contacts observed are variable and many are low angle (15-20o to core axis) which may indicate that the drill hole is cutting across the veins at a low angle.
Drill holes HVD013 and HVD014 (assays pending) have been completed to test the upper flank of mineralisation to the south-east of previously reported mineralisation in HVD006 (2.30m @ 40.5g/t Au). Both drill holes passed through favourably mineralised quartz veins with visible gold being observed in HVD014 at a depth of 139.6m.
The Happy Valley Prospect is situated in the south-eastern portion of the Company's Exploration Licence EL006724 in
Gold mineralization at
Figure 1 - Happy Valley Mining Centre Structural Trend
Figure 2 - Long Section of Porepunkah Reef (looking WSW) Highlighting HVD009 & HVD010
Figure 3 - HVD010 Showing Quartz Veining 306.5m - 309.5m @ 12.92g/t Au.
Table 1. Drill Hole Location
Hole | GDA (Z55) | GDA (Z55) North | RL (m) | GDA (Z55) | Dip | EOH (m) | Status |
HVD009 | 494221.5 | 5945654.5 | 699.7 | 217.5 | -54.2 | 326.3 | Partial Assays Only |
HVD010 | 494221.5 | 5945654.5 | 699.7 | 214.1 | -61.1 | 450.3 | Partial Assays Only |
HVD014 | 494223.9 | 5945653.7 | 699.9 | 219.5 | -43.5 | 168.1 | Assays Pending |
*Coordinates are from drill design. Hole collars not yet surveyed.
TABLE 2. DRILL HOLES AND SIGNIFICANT INTERSECTIONS
HOLE ID | Sample ID | From | To | Interval | Grade (g/t) Au | Comment |
HVD009 | 8445 | 189.20 | 190.00 | 0.80 | 0.37 | |
8446 | 190.00 | 191.00 | 1.00 | 9.31 | Combined to 2.65m @ 7.94g/t Au | |
8448 | 191.00 | 192.00 | 1.00 | 3.06 | ||
8449 | 192.00 | 192.65 | 0.65 | 12.35 | ||
8450 | 192.65 | 193.50 | 0.85 | 0.09 | ||
HVD010 | 8454 | 301.00 | 301.45 | 0.45 | 0.04 | |
8455 | 301.45 | 302.45 | 1.00 | 4.08 | 1.00m @ 4.08g/t Au | |
8456 | 302.45 | 303.50 | 1.05 | 0.05 | ||
8457 | 303.50 | 304.50 | 1.00 | 0.04 | ||
8458 | 304.50 | 305.50 | 1.00 | 0.09 | ||
8459 | 305.50 | 306.50 | 1.00 | 0.18 | ||
8462 | 306.50 | 307.50 | 1.00 | 8.58 | Combined to 2.50m @ 12.92g/t Au | |
8463 | 307.50 | 308.50 | 1.00 | 5.97 | ||
8464 | 308.50 | 309.00 | 0.50 | 35.50 | ||
8466 | 309.00 | 309.50 | 0.50 | 0.09 | ||
8467 | 309.50 | 310.10 | 1.10 | 0.35 |
All samples are ½ HQ diameter (63.5mm) diamond drill core. Sampling was conducted to geological contacts. Samples were shipped by E79 contractors to a globally recognised analytical company in
The Company continues to undertake internal QAQC procedures upon laboratory results utilising LeachWELL and gravimetric analyses.
The company is also pleased to report that it has obtained formal permission to utilise a second drill platform at
Future Activities
- Completion of surface mapping and rock-chip sampling program over the
Happy Valley and Twist Creek Trends. - Step-out drilling to define the mineralised system at further depth and along strike.
Qualified Person
Interim President, Chief Executive Officer and Director,
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Cautionary Note Regarding Forward-Looking Statements
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking statements" with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicates", "opportunity", "possible" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although E79 believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund its obligations under its property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop its projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations, future prices of gold, copper and other metals, changes in general economic conditions, accuracy of mineral resource and reserve estimates, the potential for new discoveries, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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