E79 Gold Mines : Quarterly Activities Report 31.03.22

ASX ANNOUNCEMENT

28 April 2022

Quarterly Activities Report

Quarter Ended 31 March 2022

Initial 15,000m aircore program completed, with 241 holes drilled for 11,871m drilled to the end of the Quarter

JV earn-in completed at Pinjin JV, E79 Gold now 80% owner of the project

Newly acquired gravity data for Murchison Project $7.26M cash at end of Quarter.

West Australian-based explorer E79 Gold Mines Limited (ASX: E79) ('E79 Gold' or 'the Company') is pleased to advise on activities during the Quarter ended 31 March 2022.

E79 Gold has 683km2 of prospective ground within its two flagship projects, the Laverton South Project in the world-class Laverton gold district and the Jungar Flats Project in the North Murchison region.

E79 Gold CEO, Ned Summerhayes, said: "This has been a productive Quarter for E79 Gold, drilling multiple targets within the Pinjin JV and importantly earning an 80% ownership in these tenements. The Murchison gravity survey has successfully mapped the interpreted northern extent of the highly prospective Big Bell shear and associated favourable greenstone units under cover which traverse the core of the tenements. Work going forward will focus on exploring parts of the Murchison Project highlighted by the gravity survey and planning the next phase of drilling at the Laverton South Project while the remaining assays are returned."

ASX Code: E79	Head Office
Shares on issue: 65M	168 Stirling Hwy
Market capitalisation: 12M	Nedlands, Western Australia 6009
Cash: $7.26M (31 March 2022)	T: [phone]
ABN 34 124 782 038	E:[e-mail]: e79gold.com.au

Safety and Productivity

A summary of key performance indicators during the March 2022 Quarter are shown below:

• • Drilling activities were undertaken safely with no incidents to report;

• • 11,871m of aircore drilling completed; and

• • Stage 2 of earn-in of the Pinjin JV completed, E79 Gold now 80% owners in the project.

Laverton South Project

Lake Yindana (100%) and the Pinjin JV (E79 Gold 80%)

The Laverton South Project, with an area of 346km2, covers a southern portion of the Laverton Tectonic Zone ('LTZ') approximately 130km east-northeast of Kalgoorlie, within the major gold producing Archean Yilgarn Craton of Western Australia.

The LTZ is one of the world's richest gold belts with more than 30 million ounces (Moz) in historical production, reserves and resources and hosts numerous prolific deposits including Granny Smith (3.7Moz), Sunrise Dam (10.3Moz) and Wallaby (11.8Moz).

Within the Laverton South Project are two tenement packages, Lake Yindana and the Pinjin JV.

Lake Yindana (100%) 207km2 within a newly identified greenstone package

Pinjin JV (E79 80%) 139km2 of prospective ground with historical drill targets

These projects sit within 15km either side of the ~1Moz Rebecca deposit (Ramelius Resources), while the Pinjin JV ground straddles the Anglo-Saxon deposits (Hawthorn Resources) and is located 7.5km south of the historic Patricia open pits (OzAurum Resources).

Lake Yindana (E28/2659) 100%

Lake Yindana covers an area of 207km2 in the southern portion of the +30Moz LTZ, approximately 130km east-northeast of Kalgoorlie.

The Project consists of a large untested greenstone belt, defined by corroborating magnetics and gravity data, as well as historic drilling, which runs for over 25km through the tenement. Lithologies from the historic drilling show gabbro, ultramafic and granitic gneiss, with the latter being a similar host rock to Ramelius Resources' Lake Rebecca deposit, located 9km to the north-west.

In addition, interpretation of recent gravity data suggests the presence of intrusion-related targets within the greenstone stratigraphy.1

E79 Gold believes that the largest deposits are typically found early in new exploration search spaces and the recently identified greenstone belt at Lake Yindana represents an exciting 'first mover' opportunity.

Figure 1: Map of Laverton South tenements over regional magnetics, showing neighbours and nearby deposits

1 Refer to ASX announcement by E79 Gold 14 October 2021

Pinjin JV (E28/2283, E28/2284, E28/2375, E31/0999, E31/1005, E31/1007, E31/1056, E31/1082) E79 80%

E79 Gold has a joint venture agreement with St Barbara Limited ('St Barbara') over the Pinjin Project, covering 139km2 of prospective ground within the Laverton South Project. Details of the JV agreement can be found in the Company's Prospectus.

The Pinjin JV contains a number of targets that were evaluated and ranked by St Barbara, including walk-up drill targets. The initial aircore drilling program commenced in the December Quarter 2021 and was completed in the March Quarter 2022. 241 holes were drilled for 11,871m during the Quarter over multiple targets.

Whist assays for this part of the program were not received during the Quarter, lithologies and stratigraphy identified are similar to those encountered by St Barbara, which identified anomalous gold mineralisation over a width of 300m with bedrock drillhole intercepts including 8m @ 0.35g/t Au from 70m and 4m @ 0.27g/t Au from 58m 2. Mineralisation remained open along strike to the south, which is the focus of current drilling by E79 Gold.

Figure 2: Aircore rig in action at Target 4 during the quarter

2 Refer to E79 Gold Mines Limited Prospectus

Murchison Project

Jungar Flats (E51/1975, E51/1803, E51/1848, E20/0926) 100%

The Jungar Flats Project, in the North Murchison region, is located 70km west of Meekatharra and 45km north-northeast of the 2.8Moz Big Bell gold deposit. The Project tenure covers an area of 336km2, contains approximately 30km of strike of the highly prospective Big Bell Shear and straddles a narrow north-south trending greenstone belt.

A large-scale ground gravity survey was completed over the bulk of the tenement package during the Quarter. The survey shows the interpreted position of the Big Bell shear traversing in an arcuate north-south trace along the eastern margin of a series of gravity highs, interpreted to reflect denser mafic intrusions. The mapped dolerite in the central part of the project is interpreted to be more extensive at depth under cover to the south.

Figure 3: Jungar Flats Project area showing recent gravity data.