Gold79 Mines Ltd. is pleased to announce the additional results of its recently completed 16-hole drilling program at the Gold Chain project in western Arizona. The remaining 12 holes highlighted in this press release are concentrated in the 10km North Oatman trend northwest of 2km, including the historic Roadside mine and the Banner mine in the southeast. Highlights: Drilling along the Hongshan ledge...
Gold79 Mines Ltd. (TSX: AUU) (OTC: AUSVF) ("Gold79" or "Company") is pleased to announce its recently completed 16-hole drilling at the Gold Chain project in western Arizona Additional results of the plan. The remaining 12 holes (852 meters) highlighted in this press release are concentrated in the 10 km North Oatman trend northwest of 2 km, including the historic Roadside mine and the Banner mine in the southeast (Figure 1).
Figure 1. The Gold Chain project area shows the foreground and surface rock samples (gold)
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/5717/101592_201caa6944e18a66_001full.jpg
President and Chief Executive Officer Mr. Derek McPherson said: “I think our first drilling program in Gold Chain has been a great success. These results indicate that the 10km North Ultraman trend is more than 2km economic class. We previously learned from Tyro The published results (see the press release on October 25, 2021) have returned a wide range of shallow mineralized zones with good grades.” Mr. Macpherson continued, “We plan to conduct additional drilling, further sampling, and along with the drilling plan. Trends and geophysical mapping, with a view to mining virgin resources in the Gold Chain."
Figure 2. Comprehensive geological map of the Roadside – Banner mine (according to Murphy and Faulds, 2013), showing the Red Hill Ledge and boreholes
To view an enhanced version of Figure 2, please visit: https://orders.newsfilecorp.com/files/5717/101592_201caa6944e18a66_002full.jpg
Table 1: Summary of drill holes for GC21-01 to -05 (roadside mining area) and GC21-06 to -12 (Banner mining area).
Note: The mineralization width is the measured downhole width, not the true width. Additional drilling samples in holes GC21-01, GC21-03, GC21-04 and GC21-08 GC21-05 hole did not reach the bedrock, so it did not return significant Analysis of GC21- well 07 and GC21-11 did not return significant detection
Mr. Robert Johansing, Vice President of Exploration, said: “The main purpose of these drill holes is to confirm Roadside’s historical drilling and determine whether similar grades can be replicated along the North Oatman trend. Banner’s high score is a very positive surprise.” Johansing Mr. continued, “These results, along with Tyro’s drilling results, provide valuable information that enables us to continue to advance our larger Gold Chain project.”
Red Hill Ledge Prospect (Banner Claim)
A roughly east-west hole fence was drilled along the cantilever wall of the Red Hill Ledge (Figure 3), which was partially developed in the historic Banner Mine. The goal of these "reconnaissance" holes is to better define the geological environment associated with several gold-bearing samples collected from surface exposures.
These drilling results support that the gold mineralization that intersects during this activity is located on the Red Hill Ledge and confirms the initial surface sample of 1.23 g/t Au at 3.6m at the journal of the Banner shaft. Hole number GC21-08 (Table 1; Figure 3) Drilled 3.1m of 10.68 g/t Au on Red Hill Ledge, while GC21-10 drilled down from 1.5m to Red Hill Ledge and drilled 2.56 g/t of 13.7m. t Au. Hole GC21-09 cuts similar quartz veins, but there is no obvious gold value. Hole GC21-11 is located on the adjacent footwall, and no gold mineralization has been encountered under the Red Hill Ledge. The cave did not reach the precambrian contact surface where the Yangjing Rock Shelf was expected to be located.
Figure 3. Generalized geological section showing drilling results along the Red Hill Ledge
To view an enhanced version of Figure 3, please visit: https://orders.newsfilecorp.com/files/5717/101592_201caa6944e18a66_004full.jpg
Five holes were drilled on the approximate NS line passing through the mineralized zone identified by historical drilling, with a total length of 281 meters (Figure 2). All holes were drilled vertically to a depth between 61.0 and 70.1 meters (Table 1).
Initial drilling confirmed the presence of gold in holes GC21-02 and -03, containing 6.2m of 0.62 g/t gold and 21.3m of 0.98 g/t gold, respectively. This mineralization package is included in the wider quartz vein envelope, and additional sampling results are awaiting. In addition, these results need to be considered relative to the surrounding historical interception, and after this analysis is completed, additional shallow drilling may be required to confirm the degree of mineralization.
Preliminary exploration along the 1 kilometer Sunset vein has identified a wide area up to 50 meters wide, in which there are powerful quartz-chalcedony veins developed in Precambrian granites along the silicified rhyolite veins. Although the surface sampling only locally determined the high gold value, that is, >10 g/t Au, this broad vein band is widely anomalous in gold (>100 ppb Au), and is related to the high vertical position in the superhydrothermal system. Unanimous.
Hole GC21-06 was drilled from the bottom wall of the Sunset vein to a depth of 105.2m. The hole was lost in the broken ground. The hole encounters a moderate to strong pulse with a depth of about 85m and a wide range of abnormal gold values (Table 1). The hole tested the vein complex at a depth of about 60m below the surface, and it did not appear in the wall of the dam, where the surface work produced 11.47 g/ton gold samples. Hole number GC21-12 was drilled further into the lower plate of the venous complex (Figure 2) and drilled to a depth of 130m. Like hole GC21-06, this hole encounters a 75-meter-deep medium to strong quartz chalcedony vein, which ends in a rhyolite vein; the value of gold is also abnormal to a similar depth. Additional drilling is required along the Sunset vein, but at a deeper depth and from the upper wall side of the dyke complex.
The next steps of the gold chain
Based on the notable results obtained in Gold Chain’s preliminary drilling plan, the company plans to prioritize the follow-up plans as follows:
Qualified personnel/quality control and quality assurance
Robert Johnshin, Master of Science in Economics. Geol., P. Geo., the company's vice president of 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 is also responsible for all stages of drilling, sample collection, labeling, bagging and transportation from the project to the American laboratory in Sparks, Nevada. The sample is then dried, crushed and split, and a pulp sample is prepared for analysis. Gold is determined by fire test and ICP surface treatment, and over-limit samples are determined by fire test and gravimetric analysis. Silver and 24 other elements were determined by aqua regia ICP-AES, and over-limit samples were determined by fire analysis and gravimetric methods. Standard sample chain-of-custody procedures are used during the drilling process until it is delivered to the analysis facility.
Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the southwestern United States. Gold79 has the option of 100% income from the agreement to purchase three gold projects: the Jefferson Canyon Gold Project and Tip Top Gold Project in Nevada, USA, and the Gold Chain Project in Arizona, USA. In addition, Gold79 holds two minority equity projects, namely Agnico Eagle Mines Limited’s 36.6% interest in the Greyhound project in Nunavut, Canada and a 20% carried interest in the Taviche project in Oaxaca, Mexico. The mining company is currently selected by Fortuna Silver
For more information about this press release, please contact: Derek Macpherson, President and Chief Executive Officer, email dm@gold79mines.com or call 416-294-6713. Gold79's website is located at www.gold79mines.com.
This press release may contain forward-looking statements made as of the date of this press release. These statements are based on current expectations, forecasts and assumptions, and involve risks and uncertainties related to our business, including any private equity financing, and whether to further explore whether Will result in the target being defined as mineral resources, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated targets, business and operation expansion and growth, plans, and references to the company's future success and its business and business operations. Related to the economic environment of the place. All such statements are made in accordance with the "safe harbor" provisions of applicable Canadian securities legislation and are intended to be forward-looking statements. Any statements about historical facts contained herein may be considered forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We remind readers of this press release not to rely too much on our forward-looking statements, as many factors may cause actual results or conditions to differ materially from current expectations. Please refer to the company's most recent annual MD&A and the company's continuous disclosure documents for the risks specified, which can be found on SEDAR at www.sedar.com. Gold79 does not intend and does not assume any obligation, unless required by law, to update or revise any forward-looking statements, whether due to new information, future events or other reasons.
Neither TSX Venture Exchange nor its regulatory service provider (as the term is defined in the policies of TSX Venture Exchange) is responsible for the adequacy or accuracy of this press release.
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