The Conversation (0)
Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) ("Gold79" or the "Company") is pleased to announce that it expects to start drilling at its Gold Chain Project in Arizona this week as the drill rig is enroute to the project. The program is anticipated to be at least 13 holes following up on our recent sampling success on the Banner patents (Figure 1) and the historical drilling at the Roadside mine (Figure 2).
Mr. Derek Macpherson, President & CEO stated, "While difficulties securing a drill resulted in this program starting later than expected, I am excited that we now have secured a drill rig and will start testing the approximately 12km of favourable altered and mineralized rocks in this trend." Mr. Macpherson continued, "I am particularly excited that we are going to put the first drill holes into the historic Banner Mine during this program."
Banner Mine Area
The focus at the Banner Mine Area (Figure 1) will primarily be testing the Type A targets, which consist of a rhyolite dike complex that has been pervasively silicified, altered, invaded by several faults parallel to the Precambrian contact and mineralized. In approximately 1918, the mine was developed on the Red Hill Ledge, a broad mineralized fault breccia, and an inclined shaft was sunken to a depth of 450 feet with limited development on the 250-foot level. Surface sampling on this target was highlighted by 20.47 g/t gold and 25.47 g/t gold.
Figure 1: Preliminary geologic map of the Banner claim block showing the Banner Mine, Red Hill Ledge, Sunset Vein and initial sampling results.
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Roadside Mine Area
The focus at the Roadside mine area (Figure 2) will be testing the continuation of gold mineralization exploited at the historical Roadside mine. Although widely concealed by alluvium, mapping suggests geologic controls similar to those observed at the Banner mine about 2 km to the east and potentially along the same trend. Historical drilling at the Roadside mine returned values up to 1.2 g/t Au over 15.2m.
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Figure 2. Geology of the Roadside mine area showing historical RC holes and proposed holes.
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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 and Chief Executive Officer by email at dm@gold79mines.com or by phone at 416-294-6713. Gold79's website is located at www.gold79mines.com.
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.
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