Ottawa, Ontario--(Newsfile Corp. - January 12, 2021) - Gold79 Mines Ltd. (TSXV: AUU) ("Gold79" or the "Company") is pleased to provide results from a property-wide soil geochemical survey on its Jefferson Canyon Project located 7 km east from the Round Mountain Gold Mine in Nevada USA.
Chairman Gary R. Thompson stated, "We are delighted with the significant extent and intensity of the gold and silver soil anomalies at the Jefferson Canyon Project. While previous exploration in the 1980's completed geophysical surveys, mapping, prospecting and drilling, the current exploration work marks the first ever property wide gridded soil geochemical survey. This new soil data provides the data needed to finalize our drilling plan for the permit application that is now in progress. We are keen to commence new drilling on the project."
Figure 1. Location Map of the Jefferson Canyon Project and Gold-in-Soil Anomaly
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Gold 79's targeting strategy resulted in the collection of 2,926 soil samples along 100m spaced grid lines at 25m stations (Figure 2) covering the entire mineral claim block. The results reveal a four square kilometre circular gold-in-soil anomaly. The highest Au-in-soil value was 4,470 ppb Au and anomalous values were distributed as follows: twenty-nine samples returned greater than 500 ppb Au; ninety-nine samples were greater than 200 ppb Au, 234 samples were greater than 100 ppb Au and 631 samples were greater than 20 ppb Au.
Figure 2. Gold Geochemistry: Gold-in-Soil Anomaly Map with Rock Samples
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The silver-in-soil contour plot (Figure 3) reveals a smaller 1.2km by 1.1km anomaly positioned within the gold anomaly. Both the gold and silver anomalies suggest a strong northwest response to the Jefferson Canyon fault.
The highest Ag-in-soil value was 339 ppm Ag and anomalous values were distributed as follows: fifty-six samples returned greater than 10 ppm Ag; one hundred and thirty-seven samples were greater than 5 ppm Ag, two hundred and eighty-eight samples were greater than 2 ppm Ag and four hundred and twenty-six samples were greater than 1 ppm Ag.
Figure 3. Silver Geochemistry: Silver-in-Soil Anomaly Map with Rock Samples
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Based on the 2,926 soil samples analysed, gold has a moderate positive correlation with Pb and As both having a 0.556 r values. The correlation between Au and Ag is moderately positive at 0.44. Silver reveals a strong positive correlation to Cu, Mn and Pb, with r values of 0.797, 0.717 and 0.638, respectively.
Au correlates well with Ag, As, Pb, Sb and Ag correlates well with Cu-Mn-Pb. Many of the high silver rocks samples contained MnOx in veins.
Based upon 46 rock samples from the Jefferson Canyon Project, Au has a strong positive correlation coefficient to Ag (0.728), Hg (0.558) and As (0.416).
Robert Johansing, Vice President, Exploration stated, "Previous exploration at Jefferson Canyon has identified significant gold both in the surface and sub-surface along the SE extent of the Jefferson Canyon fault. This newly acquired data supports a much broader gold-silver footprint and provides a symmetry not previously recognized providing several new drill targets."
Next Steps
Gold79 is submitting a drill permit application to the US Forest Service for an extensive drilling campaign at the Jefferson Canyon project. Additional reprocessing of geophysical data is also planned to further refine drill targets.
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.
About Gold79 Mines Ltd.
Gold79 Mines Ltd. (formerly Aura Resources Inc.) is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in the Southwest USA. Gold79 holds 100% earn-in option and / or 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 37.1% 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 held by Minaurum Gold Inc. and now under option to Fortuna Silver Mines Inc.
For further information regarding this press release contact: Gary Thompson, Executive Chairman, CEO by email at GT@gold79mines.com. 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 the proposed private placement or any future private placements, 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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