Gold79 Expands Land Position, Conducts Geological Mapping and Rock-Soil Geochemical Surveys at the Tip Top Gold Project, Nevada
Gold79 Expands Land Position, Conducts
Geological Mapping and Rock-Soil
Geochemical Surveys at the Tip Top Gold
Project, Nevada
Ottawa, Ontario--(Newsfile Corp. - September 29, 2020) - Gold79 Mines Ltd. (TSXV:
AUU)
("Gold79" or
the "Company") is pleased to announce it has significantly increased the size of the Tip Top Gold
Project, Nevada with the staking of 121 new claims.
This new staking has expanded the land position at
Tip Top from 22 claims (173 hectares) to a total of 143 claims covering approximately 1,062 hectares
(Figure 1).
Figure 1. Location of the Tip Top project showing both the original and expanded land
positions.
To view an enhanced version Figure 1, please visit:
https://orders.newsfilecorp.com/files/5717/64776_f9fde5bf245a79cd_001full.jpg
Geological mapping
Geological mapping of the Tip Top mine area has identified a broad zone, up to 80 metres wide, of
northeast-trending quartz-chalcedony veining hosted by silicified volcanic rocks (Figure 2). The broad
zone of veining can be traced for about 500 metres northeast from the mine where it appears to pass
below a diffuse zone of quartz veinlets hosted by clay-altered (quartz-illite) volcanic rocks and local
silicification. This mineralized zone has been historically drill tested (including 26.9 g/t Au over 1.6m and
19.8 g/t Au over 2.4m, Hecla Mining, 2001) in close proximity to the Tip Top mine. Recent mapping has
also identified additional zones of strong quartz veining and hydrothermal breccias in the footwall of the
Tip Top mine which have not been drill tested and a broader zone of gold mineralization is suspected.
The combination of 'high-level' vein textures, alteration products and shallow gold intercepts in the
historical drilling suggest that this epithermal gold system has suffered minimal erosion. This is also
supported by the widespread presence of mercury workings throughout the district.
Mapping has also revealed likely extensions of the epithermal system both to the northeast and
southwest although they are widely concealed by talus (overburden) or high-level alteration (clay and
opalite). The scale of the system extends well beyond the original 22 claims which prompted the recently
completed claim staking (Figure 1) which now envelops the broad (1km), northeast-trending corridor of
hydrothermal alteration and quartz veining.
Figure 2. New Preliminary Geologic Map for the Tip Top Gold Project.
To view an enhanced version Figure 2, please visit:
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Mr. Robert Johansing, VP Exploration, stated,
"Following several days of mapping at Tip Top, I believe
the expanded land position sufficiently improves Gold79's gold target opportunity within this structural
and hydrothermal corridor. The ongoing soil geochemical survey and planned rock sampling
scheduled for early October should allow us to clearly define drill targets as we advance the permitting
process."
Soil geochemical survey
To better define the emerging gold system at Tip Top, Gold79 has commenced a soil geochemical
survey being conducted by Ethos Geological over the altered volcanic rocks and widespread quartz
veining.
This survey comprises approximately 2,350 soil samples on 100 metre spaced lines with 50
metre spaced samples.
Within the central target area of the survey 25 metre spaced samples are being
taken. The survey is now about 90% complete and should be fully completed by early October with
analytical results expected to be available in November.
Permitting
Prior to drilling, Gold79 will comply with the U.S. Forest Service's guidelines for permitting a drilling
program. A Nevada based firm has been contracted and the components of this application process are
being assembled.
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.
The QP has not verified the historical analytical data or the quality control or quality
assurance procedures of previous operators related to drill hole intercepts from the Tip Top Gold project.
The mineralized intervals reported are drilled intercepts and true widths can not be determined at this
time.
About Gold79 Mines Ltd.
Gold79 Mines Ltd. (formerly Aura Resources Inc.) is a TSX Venture listed company engaged in the
acquisition, exploration and development of precious metal prospects in the Southwest USA. Gold79
holds 100% earn-in option and / or purchase agreements on three gold projects. The two priority projects
are located in Nevada, USA, the Jefferson Canyon Gold Project and the Tip Top Gold Project. The third
is located in Arizona, USA and is called the Gold Chain Project. Gold79 holds two projects with minority
interest being a 37.1% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle
Mines Limited and a 20% interest in the Taviche Project in Oaxaca, Mexico which is operated by
Minaurum Gold Inc.
For further information regarding this press release contact:
Gary Thompson, Executive Chairman
and Chief Executive Officer at (403) 870-1166 or by email at
. Gold79's website
is located at
www.gold79mines.com
.
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 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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