Featured Companies: E79 Resources
Here’s What Happens When Gold Intercepts are Measured in “OUNCES” Per Tonne!
E79 Resources (CSE: ESNR)(OTC: ESVNF) — following last Friday’s closing price of C$0.37 per share — is currently trading over 220% higher at approximately C$1.20 per share following the release of positive assays from the first two holes at the Happy Valley Gold Prospect (Myrtleford Property) in the Victorian Goldfields, Australia.
Hole No. 2:
- 0.70 meters of 99 grams per tonne (g/t) gold from 95 meters downhole
Hole No. 3:
0.60 meters of 147 g/t gold from 165 meters downhole
11 meters of 160 g/t gold from 190 meters downhole, including:
0.60 meters of 2,430 g/t gold (78 ounces per tonne) from 190 meters
3.0 meters of 126 g/t gold from 198 meters
The company is in visible gold in the current drilling round as illustrated below:
| Drill core image from hole No. 3 showing occurrences of visible gold — Happy Valley Gold Prospect, Myrtleford Property, Victorian Goldfields, Australia
E79 CEO, Rory Quinn — whom you’ll be hearing more from in a moment — commented via press release:
"Our drill program at Happy Valley was designed to test for down-dip extensions of previously mined high-grade (~31g/t Au) quartz vein structures. The first two drill holes at Happy Valley confirm extension of mineralized structures substantially below known historic mining levels. HVD002 intersecting gold roughly 60m beneath known historic mining and HVD003 intersecting gold roughly 80m below that. Confirmation of a section of visible gold assaying at over 78 ounces per tonne (2,430 g/t Au) demonstrates the high-grade potential of the Victorian Goldfields. The presence of four other intersections assaying greater than 3 ounces per tonne demonstrates this is not a 'one hit wonder' at Happy Valley. Happy Valley sits within a ~7km corridor of historic gold mines at Myrtleford and that is one of 5 distinct corridors of historic gold mines observed on our Myrtleford property."
These first two holes represent an excellent start to the ongoing Phase-1 drill program at the Happy Valley Prospect by confirming the company’s thesis that high-grade gold mineralization exists at-depth below the historical gold workings at the 100%-owned Myrtleford Property.
With 70-plus historical gold mines dotting the Myrtleford property, there should be no shortage of high-priority drill targets going forward. Additional assays from the current drill program are pending.
Upon completion of that program, drilling will shift to E79’s other 100%-owned Victorian Goldfields project — the Beaufort Gold Project — where the goal is to uncover a hard-rock source of a major alluvial goldfield boasting historic production of over 1 million gold ounces.
So lots happening with E79 Resources as it successfully deploys its two-pronged exploration approach at Myrtleford/Beaufort. The company is beginning to hit Fosterville-style mineralization at-depth in a district that hosts Kirkland Lake’s prolific Fosterville Gold Mine — and the market is starting to take notice.
Our own Gerardo Del Real of Junior Resource Monthly caught up with E79 CEO, Rory Quinn, to go over the latest high-grade intercepts at Happy Valley along with a look ahead to what’s next as the drills continue to hone in on the high-grade at multiple projects. CLICK HERE TO LISTEN. Transcript is also available.
Yours in profits,
Editor, Resource Stock Digest
Mike Fagan has mining in his blood. As a teenager he staked countless gold and silver properties in Nevada alongside his dad, Brian Fagan, who created the Prospect Generator model that’s still widely used today in the resource space. One of those staking projects was put into production by a major Canadian mining company — a truly rare and profitable experience. That background uniquely qualifies him as a mining stock speculator. One of the most well-known names in the business, Mike is now putting that experience to use for the benefit of Resource Stock Digest and Hard Asset Digest readers.
Click here to see more from E79 Resources