Precious Metals

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).

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Figure 1: Section looking North through the 'B' Zone at Jefferson Canyon showing new Historical Drill Holes

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Table 1: Select Intercepts from the "New" Historical Holes

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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.

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Figure 2: Long-Section of Jefferson Canyon Project Looking North-Northeast along the Jefferson Canyon Fault

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Figure 3: Cross Section of Jefferson Canyon Project Through the "B" Zone showing the the Jefferson Canyon Fault

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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: dm@gold79mines.com
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

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Gold79 Mines

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Gold79 Returns 19.52 g/t Au over 3.7m From the Sheep Trail Mine Area at its Gold Chain Project and Presents the Gold Chain Project Virtual Tour

Gold79 Returns 19.52 g/t Au over 3.7m From the Sheep Trail Mine Area at its Gold Chain Project and Presents the Gold Chain Project Virtual Tour

Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) ("Gold79" or the "Company") is pleased to announce that it has completed additional mapping and sampling at the Sheep Trail Mine Area within its Gold Chain project, located in northwest Arizona. Additionally, the Company has completed a virtual tour video of the project, providing an overview of the project and its potential. Click here to start your tour (https:youtubejbbtqC5wmG8).

Highlights from these results include:

  • 6.0m of 3.96 g/t gold (composite of samples 752-754)
  • 7.0m of 5.06 g/t gold (composite of samples 755-757)
  • 3.7m of 19.52 g/t gold (composite of samples 758-759)

This sampling program focused on the Sheep Trail patented claim block (113.15 acres) and followed up initial sampling focused on the numerous small pits and mine dumps which revealed multiple high-grade sample results. The results reported below reflect chip-channel samples collected from widely mineralized outcrops spatially proximal to the initial results and likely reflect source material. All recent sample results from the Sheep Trail area are presented in Table 1 below.

Mr. Derek Macpherson, President & CEO, stated, "These new results from our Sheep Trail block, and in particular the Golden Elbow zone, continue to support our view that Sheep Trail could deliver a high-grade resource from surface. While more surface work is warranted, some of these targets are drill ready and we hope to test them later this year." Mr. Macpherson continued, "We encourage current and potential investors, to take the time to view the Gold Chain virtual tour video as it demonstrates why we are so excited about the scale of this project."

Drill Targets Identified

Figure 1 provides a view of the Sheep Trail geology mapped by Gold79's geologic staff along with rock samples collected to date. Gold mineralization is mostly hosted in the Miocene rhyolite dike complex near contacts with the hosting Precambrian granite. The primary structural corridor here is the Sheep Trail ledge (fault zone) where historical mining has occurred. Figure 1 clearly shows a bend in the ledge from E-W to the west and S50oE on the eastern side. At this pronounced bend, referred to as the Golden Elbow, quartz-chalcedony-calcite veins and veinlets attain greater widths (50-75 metres) and suggest a southwest-plunging shoot (see Figure 2). The rhyolite intrusive within this jog displays strong quartz-pyrite-illite alteration consistent with gold mineralization at depth. Figure 2 presents a geologic section thru this zone along with immediate targets within both the Sheep Trail and Red Hill (hanging wall) ledges.

Figure 1 also reveals that important gold values continue to the southeast through the Boulevard mine and beyond the limits of the patented claim or a distance of about 700 metres southeast of the Golden Elbow zone. Alteration of the rhyolite dike complex remains strong throughout this area.

Sampling Results

The results from this sampling campaign are shown below in Table 1. All samples are chip samples unless noted otherwise.

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Figure 1. Surface geology of the Sheep Trail patented claim with gold-in-rock sample results (2021 & 2022). Section A-A' (Figure 2) is also shown for reference.

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Table 1. Gold results and sample widths from recent sampling within the Sheep Trail claim block.

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Figure 2. Geologic section drawn across the Golden Elbow of the Sheep Trail block showing gold-bearing veins, veinlets and breccia along the Sheep Trail (FW) and Red Hill (HW) ledges. The preliminary design for proposed drilling is also shown.

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Mine History

The Sheep Trail mine was discovered in 1865 and later acquired by the New Comstock Mining Company who, in turn, was purchased by the Arizona-Pyramid Gold Mining Company in 1904. Mining occurred both at the Sheep Trail and Boulevard mines (about 1km to the southeast; Figure 1) where multi-ounce gold grades were exploited. The Sheep Trail mine was developed from the crest of the ridge to a depth of 428 feet and was accessed by a 750 foot tunnel from the north side of the ridge (Figure 1). It is reported that more than 5,000 feet of workings have been developed on the Sheep Trail vein system. The vein zone is reported to consist of quartz stringers with iron and manganese oxides and platy calcite (lattice texture); the best values were associated with vuggy quartz with manganese oxides which has been observed throughout the Gold Chain project area. It is reported that the mine produced about 15,000 tons of ore.

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 also been responsible for all phases of sample collection, labelling, bagging and transport from the project to American Assay labs of Sparks, Nevada. Samples were then dried, crushed and split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an ICP finish, over limit samples were determined by fire assay and gravimetric finish. Silver plus 34 other elements were determined by Aqua Regia ICP-AES, over limit samples were determined by fire assay and gravimetric finish. Standard sample chain of custody procedures were employed during field work until delivery to the analytical facility.

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: dm@gold79mines.com
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/126834

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Sampling highlights:

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Key 2021 Highlights:

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The Company's Gold Chain Project in Arizona is now comprised of 15 patented claims, covering approximately 264 acres and 361 lode claims on BLM land comprising about 7,180 acres (2,907 Ha).

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Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) ("Gold79" or the "Company") announces that it has retained Dig Media Inc. dba Investing News Network ("INN") to provide investor relations services for the Company in accordance with the policies of the TSX Venture Exchange. INN is a private company headquartered in Vancouver, Canada, dedicated to providing independent news and education to investors since 2007. Under the terms of the contract for this advertising and investor awareness campaign INN will provide various digital media advertising and related services to increase public awareness of the Company.

Derek Macpherson, President and CEO, stated, "We look forward to working with INN to increase market awareness of Gold79. With active exploration programs continuing at our Gold Chain, Arizona project and with drill permitting nearing completion at our Jefferson Canyon, Nevada project we anticipate an exciting year ahead for Gold79."

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