E79 is focused on exploring for high-grade gold at its properties in the Victorian Goldfields in Australia. Join President and CEO Rory Quinn as we discuss exploration highlights and provide an operational update.
E79 recently hit 11m of 161g/t Au from 190m on one of its initial drill holes at Happy Valley, within its Myrtleford property. There is historic mining (>5M oz) on the property, however a significant opportunity exists below the water table, where historic mining stopped due to lack of capital.
The Company's 100% owned Beaufort asset is an underexplored Victorian Goldfields project that has a similar geological setting to the Fosterville gold mine, where the reserve grade of 31g/t is one of the highest in the world. The Beaufort Goldfield has been extensively mined in the past almost exclusively for alluvial gold, with an estimated 1.16 Moz of historical production. Local primary sources for the alluvial gold have not yet been identified and an opportunity exists to explore for a hard rock source of a major alluvial goldfield along a structure that is known to host gold in the region. Gold nuggets up to 400 oz have been recovered from adjacent alluvial fields and the 2.5km trend is open along strike.
E79 is fully funded for its 20,000m drill program that is underway at the Beaufort and Myrtleford projects. The Company recently closed an $8M financing led by Eric Sprott and has ~$11M cash.