General Precious Metals
E79 Resources (CSE: ESNR) CEO Rory Quinn on Visible Gold in Maiden Drill Hole at Myrtleford Gold Project, Victorian Goldfields, 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 today?
Rory Quinn: Gerardo, good to hear from you. Very good, thank you.
Gerardo Del Real: It's good to have you back on. You had some news that was very well-received. The headline reads:
Visible gold intersected down-hole in maiden exploration drill hole at Happy Valley Gold Prospect.
Doesn't get a whole lot better than visible gold on the very first one, right?
Rory Quinn: Could not have asked for any more. We're looking for down-dip extensions of the previously mined high-grade gold mineralization there, and we're into a mineralized structure underneath that; underneath the water table. So exactly what we were looking for.
Gerardo Del Real: And it sounds like you're seeing visible gold in two separate zones. Is that accurate?
Rory Quinn: That is accurate. So at about 95 meters and about 115 meters; so way well down hole.
Gerardo Del Real: Now, for those that are not familiar with the project or the region, can you give us a brief overview of the project, the region, and why you're so excited to be into a system that has already given you the kind of results, visually anyway, that you got on the first one?
Rory Quinn: So we're in the Victorian goldfields in Australia. And on this property in particular – it's a relatively large property – it's really the collection of a historic gold camp.
There's over 70 past producing gold mines on the property, and almost all mining and exploration stopped at the water table due to lack of capital, historically, or lack of pumping equipment. So we're going to get underneath that water table and explore for extensions at-depth. That's just one of the properties at Myrtleford.
The other property at Beaufort; over a million ounces of historic gold production. No source ever identified for all of that gold; never been sourced to hard rock. We've got some wonderful targets set up there. So when we wrap up our program here at Myrtleford, we'll move the drill over to Beaufort.
Gerardo Del Real: It should be noted that, technically, you hit visible gold in hole two because the first one was terminated at 16 meters. And so, if I don't point it out, somebody on Twitter will! So let me just go ahead and get that out of the way.
Rory Quinn: No, that's a good point! Yeah, we were slightly less vertical than we wanted to be. We wanted to be at about 39 degrees to cut across the structures we wanted to. So you're absolutely correct. This is hole number two. Hole one went down 60 meters; hole two will go down about 350.
Gerardo Del Real: It's going to be important for you and the team to get a good understanding of the structures on this property, right? And I'm assuming that that's going to be a major focus for you all with the initial data as it comes in.
Rory Quinn: Well, that's it. So we will gain quite a bit of understanding with this. We've only reported on visible gold down to about 120 meters. We'll go down to 300-350 meters… really get a sense of the structure down to that depth. We'll put in at least another couple of drill holes on just this round and get a really good idea about how we want to approach this at-depth and along strike.
Gerardo Del Real: We've seen the nightmarish stories here in the US and in parts of Canada with the assay labs. How are things in your part of the world in Australia?
Rory Quinn: There, it's been pretty good. I would say about two months from when we're logging core, putting it on a pallet, sending it off to Western Australia. Western Australia, I think, has been quite efficient. Getting it back, interpreting it, writing it up; I think two months.
Gerardo Del Real: Fantastic! Rory, anything else to add?
Rory Quinn: No, that's great! Keep watching us at ESNR, and we'll be reporting news weekly.
Gerardo Del Real: Here, quick question before I let you go because I had a reader ask it earlier. An Over-the-Counter or US listing? How is that coming along?
Rory Quinn: We are in the US on OTCQB; I believe it should be up and running in a week.
Gerardo Del Real: Excellent! Perfect. Rory, thanks again. We'll chat soon. Appreciate the time.
Rory Quinn: Excellent! Thanks, Gerardo.
Gerardo Del Real: Bye now.
Rory Quinn: Appreciate it. Bye-bye.Click here to see more from E79 Resources