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Private Placement: Gold79 Mines Ltd. (TSXV:AUU)

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The company is looking to raise gross proceeds of up to $2 million from the placement of up to 25 million units priced at $0.08 per unit. The units consist of 1 share and 1 warrant, with the warrant exercisable at $0.12 for 24 months.

Additional Information:

Company: Gold79 Mines Ltd.
Website: http://www.gold79mines.com
Stock Symbol: TSXV: AUU
Date Published: Mar 22, 2021
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Gold79 Mines Ltd. has announced a non-brokered private placement.

The company is looking to raise gross proceeds of up to $2 million from the placement of up to 25 million units priced at $0.08 per unit.

The units consist of 1 share and 1 warrant, with the warrant exercisable at $0.12 for 24 months.

In addition to the accredited investor exemption, the units will be offered under the existing security holder exemption.

The shares are currently trading at $0.10.

Proceeds will be used for exploration on the company’s three major projects in the Southwest, United States, for working capital and general corporation purposes.

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.

At the Gold Chain Project, historical RC drill data from the 1980s and recent sampling have identified broad zones of oxide gold mineralization.

Gary Thompson, CEO and Executive Chairman, stated, “We are excited to see the widespread gold numbers coming out of the Gold Chain project. Gold Chain shares many similarities with the highly profitable Moss Mine located 12km to the south and operated by Northern Vertex. The plan for a phase one 2021 program is to drill up to 10,000m within 100-150 shallow holes using RC drilling with the objective of establishing the extent of the shallow gold mineralization.”

The Jefferson Canyon Project is located in south central Nevada and contains a large volcanic-hosted epithermal gold-silver system which is the same age as the nearby Round Mountain deposit, which to date has produced 15 million ounces of gold.

A 1985 drill hole by CR Exploration returned 41.2 metres of 6.4 grams per tonne gold and 402 grams per tonne silver.

Permitting is underway for an aggressive drill program on the newly defined 4 square Kilometre gold-in-soil anomaly which remains largely untested by drilling.

The Tip Top Gold project contains several low-sulphidation oxide gold-silver epithermal veins.

Two of the veins historically produced a total of 6,900 ounces of gold and some silver.

Since 1980, the property has been drilled by 5 companies, with 143 drill holes totalling more than 24,000 feet.

Recent exploration work at the Tip Top Project identified a northeast-trending, multi-kilometre long gold-in-soil anomaly, which encompasses the known gold mineralization at Tip Top suggesting the hydrothermal system is more extensive than previously thought.

Gold79 also holds a 37.1% interest in the Greyhound Project, Nunavut, Canada under a joint venture with Agnico Eagle Mines, which, in May, will initiate a diamond drilling program of 8 holes for approximately 1,100 metres, focused on three priority target areas with the objective of identifying gold-bearing structures or veins at two targets and VMS-type mineralization at another target area.

The company also has a 20% carried interest in the Taviche Project in Oaxaca, Mexico now under option to Fortuna Silver Mines Inc.

For more information, please visit the company’s website at www.gold79mines.com, contact Gary Thompson, CEO and Executive Chairman, at 403-870-1166 or by email at GT@gold79mines.com.
I’m Megan Edwards for Investmentpitch Media