September 29, 2020 – Gold79 Mines Ltd. (TSX-V: AUU) (“Gold79” or the “Company”) is pleased to announce it has significantly increased the size of the Tip Top Gold Project, Nevada with the staking of 121 new claims. This new staking has expanded the land position at Tip Top from 22 claims (173 hectares) to a total of 143 claims covering approximately 1,062 hectares (Figure 1).
Figure 1. Location of the Tip Top project showing both the original and expanded land positions.
Geological mapping of the Tip Top mine area has identified a broad zone, up to 80 metres wide, of northeast-trending quartz-chalcedony veining hosted by silicified volcanic rocks (Figure 2). The broad zone of veining can be traced for about 500 metres northeast from the mine where it appears to pass below a diffuse zone of quartz veinlets hosted by clay-altered (quartz-illite) volcanic rocks and local silicification. This mineralized zone has been historically drill tested
(including 26.9 g/t Au over 1.6m and 19.8 g/t Au over 2.4m, Hecla Mining, 2001) in close proximity to the Tip Top mine. Recent mapping has also identified additional zones of strong quartz veining and hydrothermal breccias in the footwall of the Tip Top mine which have not been drill tested and a broader zone of gold mineralization is suspected. The combination of ‘high-level’ vein textures, alteration products and shallow gold intercepts in the historical drilling suggest that this epithermal gold system has suffered minimal erosion. This is also supported by the widespread presence of mercury workings throughout the district.
Mapping has also revealed likely extensions of the epithermal system both to the northeast and southwest although they are widely concealed by talus (overburden) or high-level alteration (clay and opalite). The scale of the system extends well beyond the original 22 claims which prompted the recently completed claim staking (Figure 1) which now envelops the broad (1km), northeast-trending corridor of hydrothermal alteration and quartz veining.
Figure 2. New Preliminary Geologic Map for the Tip Top Gold Project.
Mr. Robert Johansing, VP Exploration, stated, “Following several days of mapping at Tip Top, I believe the expanded land position sufficiently improves Gold79’s gold target opportunity within this structural and hydrothermal corridor. The ongoing soil geochemical survey and planned rock sampling scheduled for early October should allow us to clearly define drill targets as we advance the permitting process.”
Soil geochemical survey
To better define the emerging gold system at Tip Top, Gold79 has commenced a soil geochemical survey being conducted by Ethos Geological over the altered volcanic rocks and widespread quartz veining. This survey comprises approximately 2,350 soil samples on 100 metre spaced lines with 50 metre spaced samples. Within the central target area of the survey 25 metre spaced samples are being taken. The survey is now about 90% complete and should be fully completed by early October with analytical results expected to be available in November.
Prior to drilling, Gold79 will comply with the U.S. Forest Service’s guidelines for permitting a drilling program. A Nevada based firm has been contracted and the components of this application process are being assembled.
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 verified the historical analytical data or the quality control or quality assurance procedures of previous operators related to drill hole intercepts from the Tip Top Gold project. The mineralized intervals reported are drilled intercepts and true widths can not be determined at this time.
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 two priority projects are located in Nevada, USA, the Jefferson Canyon Gold Project and the Tip Top Gold Project. The third is located in Arizona, USA and is called the Gold Chain Project. 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% interest in the Taviche Project in Oaxaca, Mexico which is operated by Minaurum Gold Inc.
For further information regarding this press release contact: Gary Thompson, Executive Chairman and Chief Executive Officer at (403) 870-1166 or by email at GT@gold79mines.com. Gold79’s website is located at www.gold79mines.com.
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 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.
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