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E79 Resources discovers visible gold in consecutive drill holes at Happy Valley, Australia

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Happy Valley, located in Myrtleford, along with Beaufort, are both located in the Victorian Goldfields, Australia, where E79 Resources is focused on exploring for Fosterville-type mineralization.

Additional Information:

Company: E79 Resources
Website: http://www.E79resources.com
Stock Symbol: CSE: ESNR
Date Published: Apr 27, 2021
Transcript: Available

Video Transcript:

I’m Megan Edwards for InvestmentPitch Media
E79 Resources reports the discovery of additional gold mineralization including visible gold within the company's second exploration drill hole at the Happy Valley Gold Prospect in Australia.

Happy Valley, located in Myrtleford, along with Beaufort, are both located in the Victorian Goldfields, Australia, where E79 Resources is focused on exploring for Fosterville-type mineralization.

The Myrtleford property represents the consolidation of an entire historic gold camp with over 70 past producing gold mines on the property, where the bulk of historic mining stopped at the water table.

The Happy Valley Mining Centre has a documented historic production of 34,200 ounces of gold predominantly between 1866 – 1875, with high-grade production reported at approximately 31 g/t gold.

To date, only limited exploration has been conducted, with only two recorded drill holes since production ceased, presenting the company with a very attractive target.

The company reported multiple occurrences of visible gold observed in drill hole HVD003, in two separate zones.

The gold occurs in association with quartz veining and is accompanied by a variety of sulphide minerals, confirming the extension of mineralized structures substantially below known historic mining levels.

HVD003 is being logged and intervals of interest will be submitted for gold assaying and multi-element analysis.

Assay results for HVD002 are pending.

Rory Quinn, President and CEO, stated: "The intersection of strong primary gold mineralization associated with sulphides and quartz at depth; well below the standing water-table, adds to the Company's belief in not only the potential of the Happy Valley target, but also the large number of historic gold mines, 7km along strike at Happy Valley and elsewhere within the Company's licence area. These historic gold mines were only exploited to a shallow depth through the late 1800's and early 1900's. Many of these shallow, historic gold mines are on mineralized structures; some of which each extend for kilometres in strike, and these structures have never been tested at depth. As soon as assays have been received, we will update the market further."

Further drilling will continue to test the extents of the mineralized structures below known mine levels and along strike.

At Beaufort, an opportunity exists to explore for a hard rock source of a major alluvial goldfield along a structure that is known to host gold in the region.

The company is commencing with drill preparations on a number of targets at Beaufort and plans to commence with drill testing upon completion of drilling at the Myrtleford project.

The shares are trading at $0.29.

For more information, please visit the company’s website, www.E79resources.com, contact Rory Quinn, President and CEO, at 604-288-8082 or email info@E79resources.com.

I’m Megan Edwards for InvestmentPitch Media