General Precious Metals
E79 Resources (CSE: ESNR)(OTC: ESVNF) CEO Rory Quinn on Intersecting Visible Gold in Drill Core Ahead of Assays at Happy Valley Gold Prospect, 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 the heck have you been?!
Rory Quinn: Good, Gerardo! Good to hear from you. It's been a minute here hasn't it?
Gerardo Del Real: It has! I must say you make quite an entrance: visible gold in two recently completed drill holes was the news today. The market responded well to it. You've now had visible gold in 5 out of the 7 deep exploration drill holes completed at Happy Valley. I would love for you to provide the context on this morning’s news.
Rory Quinn: Yeah, well, certainly encouraging to now be in visible gold on 5 out of 7 deep holes that are widely spaced and fanned out. So I think that gives us quite a bit of encouragement that there's plenty of gold there.
We've hit gold in two areas; in Hole-6 and then in Hole-7. We show about 5.5 meters of quartz, and we're in visible gold starting about 150 meters. So, I think, quite interesting. It's very interesting work, and we've been able to show an extension of that quartz vein at depths that was mined historically. And I think we've been able to demonstrate that it continues at-depth.
Gerardo Del Real: You seem to be getting a better understanding of the mineralization. Can you speak to that a bit?
Rory Quinn: Yeah, I mean, I think we're getting a better sense of the orientation. And so I think what that will do, I expect, is help us with our ongoing drilling, right? I mean, I think we feel like we've got a tiger by the tail here… maybe here we should be saying it's a kangaroo by the tail, right?
We've been into some really juicy gold; 11.5 meters at 160 grams per tonne. Some really nice visible gold before that. We've shown that visible gold here does translate very well into grade. And we've backed up those numbers by looking at those assays a few different ways… and so we know those numbers are really good. And it's just following that and triangulating where we feel that this quartz vein goes.
So I think the more holes we put in this, the smarter we get, right? So, look, if I had my druthers, I would have finished this program before I put a release out. But the work is going to go on. It’s really exciting work that we're doing. And we want to put more holes in this and get an even better idea of what we have… what direction it's going in.
And then, we can think about how else we want to go about it… what direction we want to start hitting it from… what other pads we want to permit. But more to do here in the short-term.
Gerardo Del Real: And you answered my next question; what the next steps are, right?
Rory Quinn: Yeah, I mean, that's it. I think from this pad, there's still plenty more we can do. These holes that we're putting in, we're not twinning these, right? These are pretty fanned apart. And the fact that we've been in gold 5 out of 7 times is, like I said, I think indicates that there's likely plenty of gold there, right?
So I think what we want to do is get more of an idea of the orientation of the plunge and just keep at it. We don't want to take our eye off the prize here, right? And when we feel really encouraged by what we're seeing — we just want to keep going. So we're not going to take our eye off the ball here right now in Happy Valley. We're going to keep utilizing the same pad and keep drilling.
And then, once we have a really good idea, a better idea, about how the things we're discussing are relative to depth orientation, plunge… then we'll plan a follow-up program. We'll get that news out on more of a holistic recap to the market. And then, obviously, in the meantime, with any luck, we can expect assays as well.
Unfortunately, that's not something that's in our control. But we've, as we talked about with Holes 2 & 3, we adopted a strategy to separate the mineralized portion and the areas of high interest of the drill holes and got those off to the lab on an expedited basis.
So the last time we did that, we were able to get results back in a few weeks. Obviously, we're dealing with a tricky situation in Australia now relative to the COVID variant, which is, I think, making a backed up process even more. It's exacerbating that even more. But look, I'd love to get results out in October.
Gerardo Del Real: Looking forward to them. I know there is a webinar tomorrow. We will make sure to provide a link. Thank you for the update, Rory. Always a pleasure. Is there anything else that you'd like to add?
Rory Quinn: No, that's great, thanks. Great to talk to you again, Gerardo. And I'm sure we'll be speaking again soon. It’s been a long summer, and we've been busy, and I think you can expect a steady stream of news from us.
Gerardo Del Real: Looking forward to it! Thank you again.
Rory Quinn: Cheers. Bye-bye.