General Precious Metals
E79 Resources (CSE: ESNR)(OTC: ESVNF) CEO Rory Quinn on Visible Gold at Myrtleford Property & Start of Drilling at Beaufort Property, 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?
Rory Quinn: Very good. Thanks, Gerardo. Good to hear from you.
Gerardo Del Real: It's great to hear from you as well. I was joking off-air, it's truth-machine time! You want to provide the details?
Rory Quinn: Yeah, well, that's a good way of putting it. Yeah, I mean, we put out two really nice holes. And we put out some details about two really nice holes at Myrtleford where we intersected visible gold on our first hole.
And then our second consecutive hole, we intersected visible gold 80 meters away at-depth and this time broader and more spectacular. So we'll expect assays from that, which will be the real truth-machine, in the next few weeks. So that's exciting!
And then in the meantime, I think yesterday we wrapped up drilling at Myrtleford, and we'll be drilling to start next week at Beaufort. So… got multiple targets across both properties and we’ve got initial drilling. I put a news release out today where we'll start with four targets in Beaufort. And then, we'll add more targets as we go. I expect that we'll be drilling in Beaufort for the next few months.
Gerardo Del Real: So you have visible gold on one property. You have the truth-machine turning at the other property. It sounds like you're setting up for a pretty good quarter or two, at the very least, of news flow.
Rory Quinn: Yeah, I mean, that's the thing… it's quite a bit of hard work getting in there and doing all of the targeting and the soil sampling and then the infill soil sampling and generating all of these targets and then the permitting. And this is where all of that work comes together… is when we can mobilize the truth-machine, as you say.
Beaufort is really exciting because it has never been systematically drilled at-depth. All of the stuff at-surface was just alluvial gold — over 1.2 million ounces of alluvial gold produced there historically. Never been sourced to hard rock. So that's what we're working on here is an honest to goodness discovery.
And we're looking along this structure that's known to host gold in the region; runs for a couple hundred kilometers. Twenty kilometers off our property, we're seeing gold, arsenic, antimony, lead. A two-kilometer long gold, arsenic, antimony, and lead anomaly right on that structure. So we really couldn't ask for a better target.
Gerardo Del Real: And again, important to highlight… that is the geochem signature for bedrock gold mineralization in central Victoria, right?
Rory Quinn: That's exactly right. I mean, that's really what excited us about this property to begin with. We saw this really nice structure and then this coincidence of geochemical anomaly; a really strong geochemical anomaly. And then within that, we did infill soil sampling and picked the areas of the highest gold anomalies within that package within that pathfinder elements suite.
Gerardo Del Real: Excellent! Well, again, it sounds like a lot of news flow. It sounds like you and I will be chatting here in the next couple of weeks. Anything else to add to that? Where's the market cap today, Rory?
Rory Quinn: Market cap is roughly about C$15 million, and we've got probably just less than C$5 million in the bank. So a very good valuation. And an attractive place to gain exposure to this area of the world — to the Victorian Goldfields. I think we're very nicely priced.
Gerardo Del Real: Gold seems to be finding its legs… putting in a really, really pretty base right now. A lot to look forward to. I'm excited for the rest of the year and we'll chat in a week or two.
Rory Quinn: Yeah, it's a great time to put out news.
Gerardo Del Real: Alright, Rory. Thanks again; appreciate it!
Rory Quinn: Cheers, Gerardo. Bye-Bye.
Gerardo Del Real: Cheers.