E79 Resources Commences Maiden Diamond Drilling Program at Happy Valley Gold Prospect

VANCOUVER, BC, March 29, 2021 /CNW/ - E79 Resources Corp. (CSE: ESNR) ("E79" or the "Company") is pleased to report commencement of the Company's maiden exploration drilling program at the Happy Valley Gold Prospect on the Myrtleford property in Victoria, Australia. The diamond drilling program is designed to test for down-dip extensions of previously mined high-grade quartz lodes and provide detail on the structural and lithological controls on the mineralization for follow up drilling campaigns.

Figure 1 – Diamond Drilling Rig - Happy Valley Mining Centre (CNW Group/E79 Resources Corp.)

Figure 2 – EL006724, Myrtleford, showing location of the Happy Valley Mining Centre (CNW Group/E79 Resources Corp.)

 

Figure 1 – Diamond Drilling Rig - Happy Valley Mining Centre (CNW Group/E79 Resources Corp.)Figure 2 – EL006724, Myrtleford, showing location of the Happy Valley Mining Centre (CNW Group/E79 Resources Corp.)

Rory Quinn, E79's President and Chief Executive Officer stated, "This represents an important milestone in the evolution of the Company from one that has previously been focused on generating high-quality surface gold targets to a Company that is now actively drilling to discover primary hard-rock gold mineralization.

We are excited to have the drill bit turning at Happy Valley. The Company is targeting down-dip extensions of high-grade gold (31g/t Au)1 historically mined at Happy Valley. This 7-8km trend of intermittent shallow workings has never been systematically explored at depth or along strike.

We look forward to communicating early results from this drilling, soon." 

Highlights

  • Drilling currently underway
  • Initial plan is for 1,000 meters of diamond drilling targeting down-dip extensions of previously mined quartz lodes at the Happy Valley Gold Mine, which historically produced at 31g/t Au1
  • The majority of historic gold mining operations terminated at the water table, due to limited pumping capacity at the time
  • The Happy Valley Mining Centre sits along a multi-kilometer trend which is defined by historic workings and has never seen modern, systematic exploration

Happy Valley Gold Prospect

The Happy Valley Prospect is situated in the south eastern portion of the Company's Exploration Licence EL006724 located in Victoria, Australia (Figure 2). The Happy Valley Mining Centre has documented historic production of 34,200 ounces of gold1 predominantly during the period 1866 – 1875. Since that time only limited exploration has been conducted, despite the high-grade nature of the mineralization.

Next Steps

  • All core will be geologically and structurally logged, assessed for hydrothermal alteration and sampled for Au and multi-element geochemistry to aid in defining new target areas
  • The Company will use the observations from the initial results to develop a comprehensive structural model for the Happy Valley target area
  • A permit wide review and re-processing of geophysical data from the Myrtleford exploration license has begun to define additional targets
  • This interpretation will be integrated with the drilling results to drive further targeting at Happy Valley and across the entire project area

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. The Company continues to evaluate corporate development opportunities in the underexplored and historically prolific Victorian Goldfields.

1.

NI 43-101 Technical Report EL006724 Myrtleford Northeast Region, Victoria, Australia prepared for E79 and filed on SEDAR, Oct 26, 2020.
   

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.

SOURCE E79 Resources Corp.

For further information: Rory Quinn, President, Chief Executive Officer and Director, E79 Resources Corp., Email: info@E79resources.com, Website: www.E79resources.com