General Precious Metals
E79 Resources (CSE: ESNR) CEO Rory Quinn on Start of Diamond Drilling Program at Myrtleford Gold Project, Victorian Goldfields — Victoria, Australia
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the president & CEO of E79 Resources — Mr. Rory Quinn. Rory, how are you this morning?
Rory Quinn: Very good, Gerardo. How about you?
Gerardo Del Real: I am well. Thank you for asking. We talked a bit off air. Obviously, gold is a bit soft right now. We both believe that will turn decisively.
But on the value-adding front, you have commenced a maiden diamond drilling program at the Happy Valley Gold Prospect. This is a big milestone for the company. Can you provide some context on the program and what you're hoping to get out of it?
Rory Quinn: Yeah. Well, we've been going for a couple of weeks now. We'll test using about three to four holes of 250 meters to maybe 300 meters each — testing structures at-depth and testing the rock that we're going to be in… and look forward to reporting back on that very quickly.
Gerardo Del Real: The initial plan is for 1,000 meters of diamond drilling. Is that correct?
Rory Quinn: That's right. We won't blow our brains out to get underway here. But we'll work to understand this initial testing. And that will help inform future drilling.
Gerardo Del Real: And you're targeting down-dip extensions of high-grade gold. I mean, we're talking grades up to 31 grams per tonne gold historically. There's a 7 to 8 kilometer trend of shallow workings that's never really been tested. How do you prioritize where to put that rig?
Rory Quinn: Yeah. Well, we've been working in this area targeting for quite a while and used a lot of historic information that was available to us in sort of spotting the rig to start with. So we're going to be sort of working to hit the structure sort of perpendicular and work our way across the structures that we've projected at-depth.
But yeah, as you might know, Gerardo, almost all of the previous mining exploration work at this area stopped at the water table. So really, it's wide open; the depth and certainly, yes, along strike too. But we'll use the information that we gather from this program and then apply that moving forward.
Gerardo Del Real: This is really the first modern exploration and drilling program at the property. Am I wrong?
Rory Quinn: It's incredible. There's only been three drill holes on the entire property. In Australia, they're very good at keeping records. And so these records go back to the fifties.
And when you're working a property, you're obliged to record all of it with the authorities. And it's amazing, given how prospective this area is – given how much alluvial gold has historically been produced – to only have three drill holes on the whole property.
So yeah, we're really excited to get underneath the extensions of this historic gold mining and really sort of test our thesis about this area.
Gerardo Del Real: You're also reprocessing a lot of geophysical data to define additional targets. How's that coming along?
Rory Quinn: Well, it's a big property. I mean, we'll report on that and on the greater Myrtleford property as we go forward. But above and beyond the drilling that we're doing at Happy Valley, we'll be doing geochemical work, soil sampling, and then structural work using publicly available information — but then, also our own work.
And we'll be flying some drones as well to get some geophysical data. So we'll be doing a lot of work to help us with our targeting at Myrtleford. Right now, though, the focus is on this drilling campaign, on providing an update on that in pretty short order here.
We'll likely be putting out news, I would suggest, every week for the foreseeable future. And then, of course, we'll be pivoting over to Beaufort where we already have some high-priority targets set there.
Gerardo Del Real: A lot of news flow. It sounds like we'll be chatting pretty soon and pretty often, Rory!
Rory Quinn: Excellent!
Gerardo Del Real: Wonderful. Thanks again for your time.
Rory Quinn: Thanks, Gerardo. Bye-bye.