Gold79 Releases Newly Obtained Historical Drill Results and Provides a Permitting Update for Jefferson Canyon
Gold79 Releases Newly Obtained Historical
Drill Results and Provides a Permitting Update
for Jefferson Canyon
Ottawa, Ontario--(Newsfile Corp. - April 7, 2022) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF)
("Gold79" or the "Company") has recently obtained additional historical drill hole data for its Jefferson
Canyon project in Nevada. These newly acquired results confirm the current geologic model. In addition,
Gold79 is pleased to provide an update on the current permitting program for the Company's maiden
drill program at Jefferson Canyon.
"New" Historical Drill Hole Highlights:
Angled drill holes across the B Zone are highlighted by:
JDD-10 - 36.6m at 1.0 g/t Au
RMJ-108 - 1.5m at 6.8 g/t Au
RMJ-109 - 12.2m at 2.1 g/t Au
The new data confirms Gold79's view that Jefferson Canyon has the potential to be a large
disseminated mineralized system containing some higher-grade zones
Permitting Update:
Permits tracking to be completed in Q3-2022, with most of the necessary documentation (baseline
studies, finalized application) submitted to the USFS
The block coverage of baseline surveys will allow for flexibility in locations of surface disturbance in
the current permit application and future permitting efforts.
Target drill readiness in late Q3-2022
Derek Macpherson, President and CEO, stated, "
We recently were granted access to some new
historical data from Jefferson Canyon which included the drill holes announced today. Importantly,
when the work at Jefferson Canyon was done in the late 1980's, it was viewed as a silver project, in a
low silver-price environment. However, we believe that all the evidence to date points to this being a
gold-silver project with significant scale potential. We look forward to drilling Jefferson Canyon later
this year."
"New" Historical Drill Holes at Jefferson Canyon
Recently Gold79 was granted access to a number of paper documents related to the exploration and
project development work completed at Jefferson Canyon in the late 1980's. The documentation
included: exploration results, detailed drill logs for all known holes, preliminary metallurgical work, a
small-scale development plan, detailed sections and maps, historical surface sampling, etc. The key
takeaway from this data was the addition of 11 historical drill holes to our database, increasing our
database to 145 drill holes.
The "new" historical holes appear to be the last holes drilled at the project and were a series of angle
holes drilled into the 'B' zone where prior drilling was highlighted by hole GJ-81 which returned 167m at
1.9 g/t Au and 145 g/t Ag, including 41.2m of 6.4 g/t Au and 402 g/t Ag. As seen in Figure 1, these
shallow angle holes returned grades and widths indicative of a disseminated gold system (Table 1).
Figure 1: Section looking North through the 'B' Zone at Jefferson Canyon showing new
Historical Drill Holes
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5717/119572_0617c5cd1449086c_001full.jpg
Table 1: Select Intercepts from the "New" Historical Holes
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5717/119572_0617c5cd1449086c_002full.jpg
The addition of these holes to our data base has allowed us to produce an updated long-section with the
0.3 g/t AuEq grade shell (Figure 2). The project continues to be open both along strike, given the small
footprint of the historical drilling and at depth, given the shallow depths of historical holes.
Figure 2: Long-Section of Jefferson Canyon Project Looking North-Northeast along the
Jefferson Canyon Fault
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5717/119572_0617c5cd1449086c_003full.jpg
Figure 3: Cross Section of Jefferson Canyon Project Through the "B" Zone showing the the
Jefferson Canyon Fault
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5717/119572_0617c5cd1449086c_004full.jpg
Link to Updated Jefferson Canyon Video:
https://youtu.be/oNAP3s7eIZ4
Gary Thompson, Chairman, stated, "
While the permitting process has been long, we believe the
potential prize at Jefferson Canyon will be worth both the time and expense. The large conductive
feature down plunge along the Jefferson Canyon fault below the surface gold anomalies has not been
tested because of shallow prior drilling. Please see the updated video of the Jefferson Canyon model
at the link above. We look forward to drilling deeper on this target in 2022."
Jefferson Canyon Permitting Update
The permitting of the Jefferson Canyon project for a maiden drill program is progressing towards
completion. The biological and cultural surveys have been completed. The block coverage of baseline
surveys will allow for flexibility in locations of surface disturbance in the current permit application and
future permitting efforts. The biological survey has been submitted to the United States Forest Service
(USFS) for review along with the final application for the Plan of Operations, which has been amended
based on prior USFS comments. The final application contains locations for 23 drill pads from which
multiple holes can be drilled along with the associated roads to access them. The cultural survey is
expected to be submitted shortly.
Assuming that no new concerns are raised by the USFS and the USFS has the human resources to
meet the statutory review timelines, we anticipate the document review and granting of permits is likely to
occur between 90 and 120 days.
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. The QP has not completed sufficient work to verify the historical information on the
properties, particularly in regard to historical drill results. However, the QP believes that prior drilling and
analytical results were completed to industry standard practices.
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 two projects with minority interest being a 36.6%
interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited and a 20%
carried interest in the Taviche Project in Oaxaca, Mexico now under option to Fortuna Silver Mines Inc.
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
.
Stay Connected with Us:
Twitter:
@Gold79Mines
Facebook:
https://www.facebook.com/Gold79Mines
LinkedIn:
https://www.linkedin.com/company/gold79-mines-ltd/
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 private placement financings, 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/119572