Gold79 Completes Trenching of the Tyro Main Zone at the Gold Chain Project
Gold79 Completes Trenching of the Tyro Main
Zone at the Gold Chain Project
Ottawa, Ontario--(Newsfile Corp. - May 27, 2024) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF)
("Gold79" or the "Company") is pleased to announce that it has completed a trenching program along
the Tyro Main vein including mapping and sampling as announced on May 2, 2024. A total of 15
trenches were completed over 358 metres. Results are pending from the 217 samples taken (Figure 1).
Assay results are expected in 4 to 6 weeks.
Preliminary results from the work completed include:
Three trenches were cut at or a little south of the intersection of the White Spar Fault and Tyro Main
Zone where 2023 drilling returned 9.1m of 51.1 g/t Au (Figure 1; GC23-28). Trenching has
provided additional insight into the emerging structural model which will guide future drilling to
confirm and define the high-grade intercept.
Trenches and isolated vein samples adjacent to the open pit reveal that extensive banded
chalcedony-adularia veins form a broad envelope to the central veins up to 50 meters wide with
less than 20% exploited historically.
Surface discontinuities in the northern Main Tyro vein have been trenched. The visible results
suggest better continuity of the quartz veining along strike than originally observed.
Trench 13 (Figure 1) has identified several meters of silicified rock with moderate to strong quartz
veining extending the known vein an additional 50 meters beyond the historical mine workings and
near the end of the patented claim (Tyro claim).
Derek Macpherson, President and CEO stated, "
Completion of the Phase 1 trenching program at our
Tyro Main vein will provide us with important data needed to optimize the design of our Fall, 2024
drilling campaign. The acquisition of detailed geologic information, and eventually the gold assays,
will allow Gold79 to better understand the high-grade results from the 2023 drilling campaign and the
intersection of the White Spar and Tyro structural corridors.
"
Figure 1: Geologic map of the Tyro vein system showing recently completed trenches (T1-
T15), Phase 1 and Phase 2 drill hole locations and surface rock sample gold values.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/210712_a0331287142ef834_001full.jpg
Preliminary Interpretation
Description of the trenches has provided Gold79 with greater confidence in the emerging geologic
model. It is now clear that gold-bearing veins northeast of the intersection with the White Spar fault
(Figure 1) are guided by the Tyro structure and dominantly display a NE to ENE trend as defined by the
overall trend of the Tyro vein system. All veins are steeply dipping both to the northwest and southeast
(as observed in Figure 2). The entrance of the White Spar fault corridor from the north reveals (Trenches
T1 thru T3) a pronounced change in the vein's orientation to a series of NS to NNW en echelon veins
indicating that both the White Spar and Tyro structures were originally pre-mineral in age and the
resulting network of intersecting veins provide a column of high permeability and favorable exploration
conditions at depth. Fault movement along the White Spar system (N-S) continued until after the
mineralizing events resulting in the intense fracturing and displacement of the Decimal Hill area veins
and breccia southwest of the noted intersection (Figure 3).
Program Methodology
A track-mounted excavator (Figure 2) was utilized in the trenching program and when necessary, a
pneumatic hammer was employed for unfractured rock. Once the trench was cut, all rock exposures were
cleaned and geologically defined sample intervals were marked. Samples were collected along lines or
channels utilizing hammers and chisels. Samples were bagged, labeled and tagged on site and stored
in Gold79's secure sample facility in Bullhead City. After sampling, the trenches were mapped and
photographed with blanks and standards inserted prior to shipment. All samples were delivered to the
lab by a Company representative.
All aspects of the program, including sampling, were supervised
and/or conducted by Gold79's Vice President, Exploration.
Table 1: Description of the completed Main Tyro vein trenches.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/210712_a0331287142ef834_002full.jpg
Figure 2: Looking northeast into the Tyro Main Zone where trenching across the sheeted vein
system occurred (Trenches 4 and 5).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/210712_a0331287142ef834_003full.jpg
Figure 3: View of Trench 1 showing the intensely fractured vein at the intersection of the Tyro
and White Spar structural corridors along with sample intervals (red) and samples.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/210712_a0331287142ef834_004full.jpg
Financing Update
Further to its press release of April 11, 2024, the Company announces that it is extending the final
closing date of its non-brokered private placement financing by a period of up to thirty days to June 26,
2024. The first closing raising gross proceeds of $718,250 was announced on May 6, 2024.
Qualified Person / Quality Control and Quality Assurance
Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company's Vice President, Exploration is a qualified
person ("QP") as defined by NI 43-101 and has reviewed and approved the technical content of this
press release. Mr. Johansing has also been responsible for all phases of the Phase 2 drilling program
and Phase 1 trenching program including sample collection, labelling, bagging and transport from the
project to American Assay Laboratories of Sparks, Nevada.
Samples were then dried, crushed and
split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an ICP
finish, over limit samples were determined by fire assay and gravimetric finish. Silver plus 34 other
elements were determined by Aqua Regia ICP-AES, over limit samples were determined by fire assay
and gravimetric finish. Standard sample chain of custody procedures were employed during field work
and the drilling campaign until delivery to the analytical facility.
About Gold79 Mines Ltd.
Gold79 Mines Ltd.
is a TSX Venture listed company focused on building ounces in the Southwest USA.
Gold79 has four gold projects, two of which are partnered with major gold producers (Kinross at
Jefferson Canyon and Agnico at Greyhound). Gold79 is focused on establishing a maiden resource at
its Gold Chain project in Arizona and advancing its Tip Top Project in Nevada.
For further information regarding this press release contact:
Derek Macpherson, President & CEO
Phone: 416-294-6713
Email:
Website:
www.gold79mines.com
.
Book a 30-minute meeting with our CEO
here
.
FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements that are made as of the date hereof and
are based on current expectations, forecasts and assumptions which involve risks and uncertainties
associated with our business including any future private placement financing, the uncertainty as to
whether further exploration will result in the target(s) being delineated as a mineral resource, capital
expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals,
expansion and growth of the business and operations, plans and references to the Company's future
successes with its business and the economic environment in which the business operates. All such
statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-
looking statements under, applicable Canadian securities legislation. Any statements contained
herein that are statements of historical facts may be deemed to be forward-looking statements. By
their nature, forward-looking statements require us to make assumptions and are subject to inherent
risks and uncertainties. We caution readers of this news release not to place undue reliance on our
forward-looking statements as a number of factors could cause actual results or conditions to differ
materially from current expectations. Please refer to the risks set forth in the Company's most recent
annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at
www.sedarplus.ca
. Gold79 does not intend, and disclaims any obligation, except as required by law, to
update or revise any forward-looking statements whether as a result of new information, future events
or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/210712