E79 Resources Corp Announces Further High Grade Gold Results Extends Mineralised System to 360M Below Surface At the Happy Valley
February 01, 2022 at 08:00 am
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E79 Resources Corp. ("E79" or the "Company") announced that it has received priority assay results from diamond drill holes HVD009 and HVD010 on the Myrtleford Exploration License (EL) located in the Victorian Goldfields, Australia. 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. 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 Victoria, Australia (Figure 1) and lies within a 12km long trend of historical workings. The Happy Valley Mining Centre has a documented historical production of 34,200 ounces of gold predominantly between 1866 1875, which produced at an average grade of 31g/t Au. These high grades present 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. Regionally mineralization appears to be proximal and related to the emplacement of several major regional Devonian age granitic plutons. Gold occurs as free particles within the quartz veins and in association with sulphides, including pyrite and to lesser degrees arsenopyrite and galena. 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 Queensland, Australia. The samples were crushed to a nominal 85% passing 3.15 mm. A 1 kg split was obtained using a Boyd rotary splitter and pulverized in its entirety to a nominal 85% <75 µm. Two quartz washes were run through both the crushing and pulverizing equipment between all samples for intersections in which visible gold was noted during logging, and sizing tests were performed on both the coarse crush and pulverized material. All samples were analysed by 50g fire assay with an atomic absorption (AA) finish. Over-range samples >100 ppm Au are re-assayed using a 50g fire assay with a gravimetric finish. In addition, those intersections containing visible Au are also assayed using 1,000g LeachWELL cyanide analysis with the tails being analysed by 50g fire assay with an AA finish, although there is a time lag before the LeachWELL results are available. The sum of the LeachWELL and tails fire assay provides a bulk analysis of the sample, in addition to an indication as to the proportion of Au dissolved in the cyanide leach. Certified reference materials (CRM) and coarse quartz blanks were also submitted with the samples to monitor accuracy and possible cross contamination, respectively. The results for all quality control samples related to the results reported in this release lie within acceptable limits. Note that the CRM results monitor the fire assay data only. 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 Happy Valley, which will allow it to test structures to 600m below surface. Core logging and sampling of core continues, the most promising intervals will be despatched to the laboratory on a priority basis. The drilling at Happy Valley continues to map out the dimensions of the mineralised system, with particular attention to the high-grade zones that are still open in several directions.
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.
Serra Energy Metals Corp. is a Canada-based company, which is focused on the exploration and development of green metal projects, primarily in Brazil. The Companyâs main interest lies in the exploration of nickel, copper, cobalt, and lithium, with an emphasis on identifying and investigating exploration targets that are drill-ready and are situated near infrastructure. The Company operates in Brazil, a rising hub for green metals with numerous active copper, nickel, and lithium mines. Its Santa Luz Property comprises four mineral tenements covering approximately 8,000 hectares in Bahia state, Brazil. The tenements, which contain pegmatites, have the potential to host spodumene mineralization. The Santa Luz tenements are located approximately 20 kilometers (km) northwest of the city of Santa Luz and 273 km from the city of Salvador on the coast of Brazil. The property is also located 25 km southwest of Equinox Gold Corp.âs producing Santa Luz gold mine.