Ottawa, Ontario--(Newsfile Corp. - February 5, 2021) - Gold79 Mines Ltd. (TSXV: AUU) ("Gold79" or the "Company") is pleased to provide results from its recently completed soil geochemical survey at its Tip Top Gold-Silver Project located in Nye County within the Walker Lane gold belt of southern Nevada USA.
Chairman Gary Thompson stated, "Our recent exploration work at the Tip Top Project has identified a northeast-trending, multi-kilometre long gold-in-soil anomaly. This anomaly encompasses the known gold mineralization at Tip Top but also suggests that the hydrothermal system is more extensive than previously thought."
Figure 1. Location Map of the Tip Top Project and Gold-in-Soil Anomaly
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- Gold-in-soil results reveal a pronounced multi-kilometre northeast-trending anomaly
- The soil results also highlight a large mercury anomaly associated with the gold-in-soil results
- Mapping and sampling conducted in 2020 have identified the structural controls on gold mineralization as well as zoned alteration and metals related to gold mineralization
- Sampling of the Tip Top vein has returned values up to 6.7m of 11.8 g/t Au and 4.7m of 10.3 g/t Au across the vein and confirms previous sampling and drilling in the area
- Mapping has identified an additional, broad mineralized zone about 50 metres into the footwall of the historical Tip Top vein system. Extensive opaline, banded chalcedony vein and vein breccia contain gold values up to 2.02 g/t Au and mercury values up to 184 ppm.
These field studies support our belief that there has been minimal erosion of the Tip Top gold system and high gold grades identified in drilling represent the upper extent of an ore shoot. Additional parallel structures provide Gold79 additional short-term targets in the Tip Top mine area.
The gold-in-soil and mercury-in-soil results corroborate structural and alteration mapping to the northeast of the Tip Top mine. The 'bonanza' horizon appears to be displaced to the northeast and concealed beneath a cap of altered volcanics characteristic of vapor phase dominated processes producing clays, opalite and primary iron oxides.
Figure 2. Gold-in-Soil Anomaly at the Tip Top Project
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Vice President of Exploration, Robert Johansing stated "We are exploring what appears to be a vertically zoned gold system at Tip Top with the historical mine occurring immediately below the paleo-water table. Sampling at the mine reveals that the best gold values are slightly lower in elevation and the same is suspected in the recently identified FW Zone. Additionally, the coincidence of a pronounced NE-trending structural corridor, high-level hydrothermal alteration and a broad 2.0km by 2.5km Hg-in-soil anomaly suggest that the high gold grades observed at the Tip Top mine extend to the northeast. We are at a high level in the gold system such that the precious metal potential may be well preserved."
Figure 3. Mercury-in-Soil Anomaly at the Tip Top Project
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Figure 4. Updated Geological Map with Rock Sampling Results
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Gold79 is in the process of preparing its permit application to the US Forest Service for an extensive drilling campaign at the Tip Top Project. Gold79's permitting design will allow holes over the entire soil anomaly as well as to confirm and validate historical drill results.
About the Tip Top Gold-Silver Project
The Tip Top Project is located in Esmeralda County, Nevada at the north end of the White Mountains, five miles south of Montgomery Pass, which is on U.S. Highway 6 between Bishop, CA and Tonopah, NV. The project contains several low-sulfidation oxide gold-silver epithermal veins that are peripheral to an altered rhyodacite intrusion emplaced into Jurassic-Cretaceous intrusive and a bimodal package of volcanic rocks. Two of the veins historically produced a total of 6,900 ounces of gold and some silver. Since 1980, the property has been drilled by five companies, with 143 drill holes totaling 7,315 metres.
Selected historical high-grade drill hole intercepts from the Tip Top Gold project include the following:
- TTD-02 returned 2.44m of 19.82 g/t Au from 20.20m (Hecla 2001)
- TTD-04 returned 2.59m of 7.89 g/t Au from 32.00m (Hecla 2001)
- T98-12 returned 4.57m of 16.31 g/t Au from 28.97m (Dos Amigos 1998)
- T98-14 returned 9.14m of 14.42 g/t Au from 21.34m (Dos Amigos 1998)
Gold bearing intercepts above are drilled intervals and true width can not be determined at this time. Historical drilling along the Tip Top vein, and particularly around the Tip Top adit, has identified gold-bearing veins and there is a good possibility of expanding the known mineralization along strike and to depth. Regardless, there is significant exploration potential along the Tip Top vein system as well as other parallel veins. 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.
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 completed sufficient work to verify the historical information on the property, particularly in regards to historical drill results. However, the QP believes that prior drilling and analytical results were completed to industry standard practices.
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.
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 any future private placement financings, 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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