Ottawa, Ontario–(Newsfile Corp. – May 27, 2024) – Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (“Gold79” or the “Company”) is pleased to announce the completion of a trenching program along the Tyro Main vein. The program included mapping and sampling, with a total of 15 trenches completed over 358 meters. Results from the 217 samples taken are pending, and assay results are expected in 4 to 6 weeks.
Insights from the Trenching Program
Preliminary results from the trenching program revealed significant findings:
- Three trenches were cut near the intersection of the White Spar Fault and Tyro Main Zone, providing additional insight into the structural model. This will guide future drilling to confirm and define the high-grade intercept from previous drilling results.
- Extensive banded chalcedony-adularia veins were discovered adjacent to the open pit area, forming a broad envelope to the central veins. This area has been historically underexploited.
- Surface discontinuities in the northern Main Tyro vein were trenched, showing better continuity of quartz veining along strike than initially observed.
- Trench 13 identified several meters of silicified rock with moderate to strong quartz veining, extending the known vein 50 meters beyond the historical mine workings.
Derek Macpherson, President and CEO of Gold79, stated, “Completion of the Phase 1 trenching program at our Tyro Main vein will give us essential data to optimize the design of our Fall 2024 drilling campaign. The detailed geologic information and forthcoming assay results will help us better understand the high-grade results from previous drilling campaigns and the intersection of key structural corridors.“
Figure 1: Geologic map of the Tyro vein system showing recently completed trenches (T1-T15), Phase 1 and Phase 2 drill hole locations, and surface rock sample gold values.
Preliminary Interpretation
The description of the trenches has provided Gold79 with greater confidence in the emerging geologic model. The gold-bearing veins northeast of the intersection with the White Spar fault are guided by the Tyro structure. The veins predominantly display a NE to ENE trend, with steep dipping angles to the northwest and southeast. The network of intersecting veins from the White Spar and Tyro structures creates favorable exploration conditions at depth, indicating high permeability.
Program Methodology
A track-mounted excavator was used in the trenching program, with a pneumatic hammer employed for unfractured rock. Samples were collected, labeled, and transported securely for analysis. All aspects of the program, including sampling, were supervised by Gold79’s Vice President, Exploration.
Table 1: Description of the completed Main Tyro vein trenches.
Figure 2: Looking northeast into the Tyro Main Zone where trenching across the sheeted vein system occurred (Trenches 4 and 5).
Figure 3: View of Trench 1 showing the intensely fractured vein at the intersection of the Tyro and White Spar structural corridors along with sample intervals (red) and samples.
Financing Update
The Company is extending the final closing date of its non-brokered private placement financing by up to thirty days to June 26, 2024. The first closing raised gross proceeds of $718,250 which was announced on May 6, 2024.
Qualified Person / Quality Control and Quality Assurance
Robert Johansing, the Company’s Vice President, Exploration, is a qualified person (“QP”) and has overseen all phases of the drilling and trenching programs. Standard sample chain of custody procedures were followed to ensure quality control in the analysis process.
About Gold79 Mines Ltd.
Gold79 Mines Ltd. is focused on building ounces in the Southwest USA, with projects in partnership with major gold producers. The Company aims to establish a maiden resource at its Gold Chain project in Arizona and advance its Tip Top Project in Nevada.
For further information regarding this press release contact:
Contact: Derek Macpherson, President & CEO
Phone: 416-294-6713
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.gold79mines.com.
Book a 30-minute meeting with our CEO here.
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. Readers are cautioned to refer to the Company’s continuous disclosure documents for any risks associated with the business and future operations.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Adding insight:
It is crucial for companies like Gold79 Mines Ltd. to conduct thorough trenching and sampling programs to gather valuable data for optimizing drilling campaigns and understanding the geology of their mining sites. Identifying high-grade intercepts and structural models through trenching can significantly impact exploration success. By extending the financing period, Gold79 Mines Ltd. demonstrates flexibility in securing necessary funding for their operations, showcasing a commitment to their projects’ advancement. Leveraging qualified personnel and adhering to quality control measures are vital for ensuring accurate and reliable data in the mining industry. This commitment to quality assurance strengthens the credibility of Gold79 Mines Ltd.’s exploration efforts and potential resource development.
