Gold79 Discovers New High-Grade Zone at Tyro, Intersecting 9.1m of 51.09 g/t Au Within a Broad Zone of Gold Mineralization at Its Gold Chain Project in Arizona
Gold79 Discovers New High-Grade Zone at
Tyro, Intersecting 9.1m of 51.09 g/t Au Within a
Broad Zone of Gold Mineralization at Its Gold
Chain Project in Arizona
Ottawa, Ontario--(Newsfile Corp. - February 28, 2023) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB:
AUSVF) ("Gold79" or the "Company") is excited to announce the completion of its Phase 2 drilling
campaign and the analytical results from its Gold Chain project in Mojave County, Arizona. The program
consisted of 12 reverse circulation (RC) drill holes totaling 956 metres (m) testing the Tyro, Sheep Trail
and Boulevard mine targets with about 50 percent of the drilling focused on the Tyro vein system.
Highlights from the drilling include:
GC23-23: 44.2m of 2.01 g/t Au - drilled approximately 50m south of the underground mine
workings at Tyro and returned similar grades and mineralization to the underground sampling
previously completed (Figure 1, 2, and 3).
GC23-24: 27.4m of 2.17 g/t Au - drilled approximately 150m south of the underground mine
workings at Tyro and returned similar grades and mineralization to the underground sampling
previously completed (Figure 1, 2, and 4).
GC23-28: 85.3m of 6.23 g/t Au - tested the northwest-southeast trending White Spar fault that
intersects the Tyro vein system at approximately 45 degrees. The hole included two lower grade
zones (61.0m of 0.58 g/t Au and 15.2m at 0.74 g/t Au) with a new high-grade zone in-between of
9.1m at 51.09 g/t Au.
Analytical results for Phase 2 drilling are presented below in Table 1 and 2.
Derek Macpherson, President & CEO, stated, "
We are very pleased with the drill results from Tyro
which confirm a strike length of nearly one kilometre for Tyro and have discovered a new high-grade
zone at this target. Considering that Gold79 has only drilled 28 holes for 2,024m at Gold Chain we are
very pleased with the progress to date. Our next step is to further evaluate the Tyro Vein system as we
believe the strike could exceed two kilometres. Additionally, we plan some follow-up surface work at
Sheep Trail to better understand these results
."
Table 1. Summary of the Phase 2 Gold Chain Drilling Program.
Hole No.
Target
Interval (m)
Width
(m)*
Gold (g/t)
Comments
From
To
Boulevard Mine
4.6
16.8
12.2
0.25
GC23-17
including
24.4
27.4
3.0
1.35
Widespread quartz veinlets
including
61.0
64.0
3.0
0.42
GC23-18
Boulevard Mine
12.2
27.4
15.2
0.33
Widespread quartz veinlets
GC23-19
Boulevard Mine
No Significant Intervals
Sheep Trail Mine
12.2
35.1
22.8
0.24
GC23-20
including
16.8
21.3
4.5
0.63
Widespread quartz veinlets
and
47.2
51.8
4.6
0.28
Sheep Trail Mine
27.4
35.1
8.7
0.27
GC23-21
including
30.5
32.0
1.5
1.08
Widespread quartz veinlets
and
48.8
61.0
12.2
0.29
and
67.1
71.6
4.6
0.24
GC23-22
Sheep Trail Mine
29.0
35.6
6.6
0.62
Widespread quartz veinlets
47.2
54.9
7.7
0.69
Tyro Mine
57.9
102.1
44.2
2.01
GC23-23
including
62.5
67.1
4.6
5.19
Line 400 below pit
including
85.3
93.0
7.6
4.26
Tyro Mine
18.3
44.2
25.9
2.27
GC23-24
including
18.3
25.9
7.6
3.93
Line 300
including
42.7
44.2
1.5
14.53
GC23-25
Tyro Mine
24.4
76.6
51.8
0.28
Line 200
GC23-26
Tyro Mine
3.0
35.0
32.0
0.54
Line 150
GC23-27
Tyro Mine
0.0
18.3
18.3
0.13
Lost hole below void (stope?).
Tyro Mine
0.0
85.3
85.3
6.23
including
0.0
61.0
61.0
0.58
GC23-28
including
61.0
70.1
9.1
51.09
Strong quartz veining
including
65.5
68.6
3.1
151.60
Strong quartz veining
including
65.5
67.1
1.5
282.00
including
70.1
85.3
15.2
0.74
Hole lost at fault
*Reported mineralized intervals are downhole widths. True widths have not been determined at this time.
Tyro Results
The results from drill holes GC23-23 and GC23-24 are consistent with the results from the Tyro 200 level
sampling program (
see Gold79 press release from April 28, 2022
) about 50 - 150m north and 60m
vertically above (Figure 1). Following from the well-defined geologic model north of Line 300, where the
vein system is near vertical, the mineralized zone is estimated to have a true width of 20m to 30m. On
Lines 850 to 1000, approximately 500m to the NE, similar grades and widths were identified in the 2021
drilling program (
see Gold79 press release from October 25, 2021
). The suspected continuity along the
Tyro vein system is best portrayed in longitudinal section (see Figure 1). Geologic sections for both
holes are shown in Figures 2 and 3.
Figure 1. Longitudinal section of the Tyro vein showing pierce points, sample data and mine
workings; section is located on Figure 2.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/156365_736e2559649d3936_001full.jpg
Recent surface mapping, in conjunction with the Phase 2 drill results, has confirmed that the Tyro vein
system is traversed by a N20W mineralized fault zone (White Spar fault) at about Line 300. Holes GC23-
25 and GC23-26 were drilled south of this structure, on Lines 200 and 150, respectively, and
encountered a broad zone (see Table 1) of silicification and quartz veining/breccia with significant gold
values (i.e. GC23-26 returned 32m of 0.54 g/t Au). Both holes intersected quartz veining distinct from the
veining observed north of Line 300. Surface mapping and sampling here identified a mineralization style
(along with lower gold grades) distinct from gold mineralization north of the fault. It is likely that the White
Spar fault has served as both a pre- and post-mineral structure guiding gold-bearing fluids and offsetting
the gold zone downwards south of the fault (see Figures 1 and 6).
The final hole in this campaign, GC23-28, was drilled N50E and roughly perpendicular to the previous
holes (Figure 1). The goal was to traverse a swarm of N20-50W veins associated with the White Spar
fault (Figures 2 and 6). The hole encountered a relatively high percentage of quartz vein to a total depth
of 85.3m and higher than expected grades. The results, summarized in Table 1, suggest that this
structural intersection could play an important role and will be a focus of future exploration.
Additional
detailed mapping of this area is planned to be completed in the near-term.
Figure 2. Geologic map of the Tyro vein system showing section lines, Phase 1 and Phase 2
drill hole collars/traces and structural setting; see Figure 6 for additional detail.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/156365_736e2559649d3936_002full.jpg
Robert Johansing, Vice President, Exploration, states, "
The recognition of this transverse structure and
its likely relation to high-grade gold values presents Gold79 with a vector defined by the intersection of
the Tyro structure, a northwest-trending structural corridor and multiple rhyolite dikes. To date, we have
focused on defining a +1.5 g/t vein system but now recognize an opportunity for higher grades as
demonstrated by drill hole GC23-28.
"
Figure 3. Section L400 showing GC23-23 results and relative position of the Tyro 200L and
open pit.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/156365_736e2559649d3936_003full.jpg
Figure 4. Section L300 showing GC23-24 results and relative position to the White Spar fault.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/156365_736e2559649d3936_004full.jpg
Figure 5. Preliminary geologic section along drill holes GC23-27 and GC23-28 showing revised
geologic interpretation with high gold grades developed in the hanging wall of the White Spar
fault.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/156365_736e2559649d3936_005full.jpg
Figure 6. Initial geologic map of the intersection of the Tyro vein system with the White Spar
fault showing drill holes and section lines.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/156365_736e2559649d3936_006full.jpg
Figure 7. Geologic map of the core area of the Gold Chain project showing select Phase 2 drill
holes and Phase 1 drill holes.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/156365_736e2559649d3936_007full.jpg
Phase 2 Drilling at the Sheep Trail and Boulevard Mine Areas
Six scout-type holes, ranging from 70.1 to 111.3 m in depth, were drilled across the footwall contact of
the rhyolite dike where historical mining has occurred at both the Boulevard and Sheep Trail mines
(Figure 6). All holes traversed broad zones of quartz veining hosting anomalous gold values (Table 1)
with gold values up to 1.35 g/t (3.1m) but did not reflect the elevated grades observed at the surface. The
strength of the veining and alteration in both the drill holes and surface exposures require additional work
to better understand the mineralization at this target.
Table 2. Hole Details of the Phase 2 Gold Chain Drilling Program.
Hole No.
Target
Collar Coordinates
Total Hole
Depth (m)
Azimuth
Angle
N (NAD83)
E (NAD83)
GC23-17
Boulevard Mine
3,900,147
732,195
70.1
30
-60
GC23-18
Boulevard Mine
3,900,169
732,132
76.2
30
-60
GC23-19
Boulevard Mine
3,900,095
732,129
111.3
30
-60
GC23-20
Sheep Trail Mine
3,900,374
731,869
80.8
60
-55
GC23-21
Sheep Trail Mine
3,900,375
731,869
74.7
30
-55
GC23-22
Sheep Trail Mine
3,900,446
731,780
79.3
50
-55
GC23-23
Tyro Mine
3,901,070
732,002
106.7
305
-50
GC23-24
Tyro Mine
3,901,020
731,926
67.0
305
-55
GC23-25
Tyro Mine
3,900,899
731,901
94.5
305
-50
GC23-26
Tyro Mine
3,900,874
731,849
91.4
305
-50
GC23-27
Tyro Mine
3,900,962
731,850
18.3
50
-55
GC23-28
Tyro Mine
3,900,968
731,858
85.3
50
-55
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
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 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon
Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project
located in Arizona, USA. In addition, Gold79 holds a 32.3% interest in the Greyhound Project, Nunavut,
Canada under JV by Agnico Eagle Mines Limited.
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.sedar.com
. 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.
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