Excitement Brewing as Drills Target Next Fosterville

by Mike Fagan

Mike Fagan

E79 Resources (CSE: ESNR) — currently trading below C$0.50 per share — has announced the commencement of its maiden diamond drilling program at its Myrtleford Gold Project in Victorian Goldfields, Victoria, Australia where the hunt is on for the next Fosterville-style discovery.

For those who may not be aware, Kirkland Lake’s Fosterville Mine is one of the world’s highest-grade gold mines at an almost unheard of 17.9 grams per tonne and is the largest gold producer in Victoria at over 400,000 ounces of gold production per annum.

The below map shows the location of E79’s two primary projects — Myrtleford and Beaufort — with the Fosterville Mine, along with several other high-grade gold discoveries, in between.

                       Victorian gold fields

The initial drill program at Myrtleford is slated for 1,000 meters and will test the down-dip extensions of previously mined quartz lodes at the Happy Valley gold mine, which historically produced high-grade, near-surface gold at around 31 grams per tonne.

Amazingly, there have only been three holes ever drilled on the Myrtleford property, which adds to the excitement especially considering there are over 70 historical gold mines on the property with gold grades often exceeding an ounce per tonne.

E79 CEO, Rory Quinn — whom you’ll be hearing more from in just a second — stated via press release.

 "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 (31 [grams per tonne] Au) (1) historically mined at Happy Valley. This seven- to eight-[kilometre] 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."

Additionally, an opportunity exists at E79’s flagship Beaufort Gold Project to explore for a hard-rock source of a major alluvial goldfield along a proven gold-hosting structure. The company plans to pivot over to Beaufort once the current drill and surface sampling program is completed at Myrtleford.  

Our own Gerardo Del Real of Junior Resource Monthly sat down with E79 CEO, Rory Quinn, to go over the drill plan and objectives for this initial exploration phase at Myrtleford. Catch the interview here (or read the transcript).

Be sure to also click here to access our new report on E79 Resources.

Yours in profits,

Mike Fagan

Mike Fagan
Editor, Resource Stock Digest

Mike Fagan has mining in his blood. As a teenager he staked countless gold and silver properties in Nevada alongside his dad, Brian Fagan, who created the Prospect Generator model that’s still widely used today in the resource space. One of those staking projects was put into production by a major Canadian mining company — a truly rare and profitable experience. That background uniquely qualifies him as a mining stock speculator. One of the most well-known names in the business, Mike is now putting that experience to use for the benefit of Resource Stock Digest and Hard Asset Digest readers.