E79 Resources (ESNR-Cse) Visible Gold Intersected In Maiden Drill Program At Twist Creek Prospect, Victoria, Australia
Apr 14, '22 - NR
E79 Resources Corp. has intersected visible gold in its maiden drill program at the Twist Creek prospect on its Myrtleford project in Australia.
DRILLING HIGHLIGHTS
Multiple occurrences of visible gold in TWD006 from 73.9 to 74.5m downhole. The fine gold is associated with a laminated quartz reef and abundant sulphides including galena, sphalerite, chalcopyrite, and pyrite.
TWD006 confirms the extension of mineralization beneath the Scandinavian historic surface workings
Four additional drill targets will be tested as drilling continues along the 7km trend at Twist Creek
Martin Pawlitschek, E79's Interim President and Chief Executive Officer stated, "E79 Resources is extremely pleased that visible gold and sulphides have been intersected in our maiden drill program at Twist Creek, located 40km north of Happy Valley.
Four additional targets will be drill tested along the Twist Creek trend, none of which have ever been previously drilled. These drill intercepts further support our view that the Myrtleford property may yield a significant gold discovery. The drilling at Twist Creek targeting a historic high grade historic mining camp continues in parallel as we continue our work in the Happy Valley district to the south.
This new discovery in an area previously never drill tested, adds significant evidence to the Company's geological model that gold deposition is controlled by deep seated structural controls and as such gold mineralization may continue to significant depths within the Myrtleford project area where the Company has secured up to 45km of strike length of prospective geology with abundant historical mining activity.
After the high-grade gold discovery hole at Happy Valley, where drilling intersected 11.1m @ 160.45g/t Au (HVD003) the Company made a commitment to ramp up the drill activities to test the Twist Creek targets containing up to 6 lines of reef over a 3km strike length (within the 7km long trend) that were historically mined with grades up to 2 ounces of gold per ton. The Twist Creek maiden drill program was designed to focus on zones containing multiple reef structures with historic gold production. Drilling continues at both the Twist Creek and Happy Valley Prospects within the Myrtleford Project area.
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 and historical mines. The Twist Creek Mining Centre produced gold at an average grade of ~31g/t Au. Prior to E79's maiden drill program, no modern exploration had been conducted at this prospect.
Drill hole TWD006 was drilled at an inclination of -60o and towards 147o (GDA Grid). 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 this hole is not clear from this single intersection, the drill core contacts observed are variable and many are at moderate angle (35-55o to core axis).
Multiple historic stopes and voids have been intersected either side of the drillcore that contained the visible specs of gold at the Scandinavian prospect. No historic records of these workings were available but underline the potential for this prospect and what remains both beneath and along strike.
NEXT STEPSAt Happy Valley a further two drill sites are ready for maiden drill testing at Champion/Franklin and Manager's Hill targets located within 500m of the high-grade Happy Valley workings. Rock chips assay results from preliminary mapping of historical workings along Happy Valley trend are imminent and will provide a platform to generate drill targets along the extensive 12km corridor.At Twist Creek, a maiden drill program is ongoing with 4 additional targets to be tested beneath historical workings over a 3km strike length. Further to this, an ongoing first-pass rock chip sampling and mapping program along the 7km long trend is in progress.At Beaufort, a review of the project including structural mapping has been completed and near surface targets identified. Planning for the next drill program in progress.
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 Fosterville-type mineralization at its Beaufort and Myrtleford properties in the Victorian Goldfields, Australia. 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. 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.
Martin Pawlitschek
President, Chief Executive Officer and Director
E79 Resources Corp.
Phone: 604.288.8082
Email: info@E79resources.com
Website: www.E79resources.com
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