Gold79 Starts Drilling at Gold Chain Project, Arizona
Gold79 Starts Drilling at Gold Chain Project,
Arizona
Ottawa, Ontario--(Newsfile Corp. - October 31, 2024) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB:
AUSVF) ("Gold79" or the "Company") is pleased to announce that it has commenced drilling at its Gold
Chain Project in Arizona. This next phase of drilling is expected to consist of seven core holes totaling
approximately 1,000m.
Derek Macpherson, Executive Chairman, CEO and Director stated,
"We are excited to continue drilling
at Gold Chain following up on the drilling success from 2023. Importantly, the first hole of this new
program will test below Hole No. GC23-28, which returned 51.1 g/t Au over 9.1m
within a broad zone of
gold mineralization recorded from surface to the end of hole
. Also, this core program coupled with the
prior work completed should move the Company one step closer to delivering a maiden resource at
Tyro."
Figure 1: Drill Rig at Gold Chain Project, Arizona, starting hole GC24-29
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/5717/228425_figure1.jpg
Drill Program
Planned drilling consists of seven HQ core holes, totaling approximately 1,000 metres to test along the
Tyro Main structure as well as to depth, within the Gold Chain project. The core drilling program has been
designed to provide additional geologic context to previous reverse circulation drilling; surface and
underground mapping/sampling; and, the recently completed trenching program. Core holes are
intended to confirm the geologic model and grade continuity along the nearly 1km strike. Increased
confidence in the geologic model will assist Gold79 in the design of additional drill holes proposed for
early 2025 to advance this target toward a maiden resource (Figure 2).
The final hole of the 2023 drill program, GC23-28, intersected 51.1 g/t Au over 9.1m at the intersection of
the Whitespar fault and the Tyro Main zone within a broad zone of gold mineralization recorded from
surface to the end of hole depth of 85.3m. Trenching conducted by Gold79 in May 2024 across this
intersection returned 39.7 metres at 1.14 g/t Au and corroborated a N-NW trend to the Whitespar
chalcedony vein swarm.
The first hole of the current program, GC24-29, is designed to traverse this zone beneath GC23-28
about 80 metres below the surface exposures. There are also one or two additional holes planned to test
the intersection of these two structures.
The balance of the drill holes are designed to test the northeast-trending Tyro Main Zone vein grades,
density and orientations along the main zone. Most of the holes will test the 500m drilling gap between
hole GC23-23 which returned 44.2m at 2.10 g/t Au and GC21-16 which returned 21.2m at 1.73 g/t Au.
Historical mining, geologic mapping and trenching support continuity along this zone.
It is anticipated that the results from this drill program should provide the data required to design a follow-
up drill program. The follow-up program is expected to be completed in Q1 2025, following which the
Company plans to complete a maiden resource estimate.
Figure 2: Tyro Main Zone Plan View with Proposed Drill Holes
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/5717/228425_56b2868134e03ab5_002full.jpg
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 been responsible for all phases of work conducted to date at Gold
Chain by Gold79.
About Gold79 Mines Ltd.
Gold79 Mines Ltd. is a TSX-V 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, Executive Chairman and CEO, Gold79
Phone: 416-294-6713
Email:
Or
Quentin Mai, President, Gold79
Phone: 604-638-5622
Email:
Website:
www.gold79mines.com
.
Book a 30-minute meeting with Derek Macpherson
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 the proposed amalgamation transaction with Bullet Exploration
Inc., any future tranches of the current private placement or future private placements, 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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https://www.newsfilecorp.com/release/228425