Gold79 Mines drills 51.09 g/t gold over 9.1 metres at Gold Chain, Arizona

Gold79 Mines Ltd. [AUU-TSXV; AUSVF-OTCQB] has completed its phase 2 drilling campaign and the analytical results from its Gold Chain project in Mojave County, Arizona.

The program consisted of 12 reverse circulation (RC) drill holes totaling 956 metres testing the Tyro, Sheep Trail and Boulevard mine targets with about 50% of the drilling focused on the Tyro vein system.

Highlights from the drilling include drill hole GC23-23 that returned 44.2 metres of 2.01 g/t gold – drilled approximately 50 metres south of the underground mine workings at Tyro and returned similar grades and mineralization to the underground sampling previously completed.

GC23-24 returned 27.4 metres of 2.17 g/t gold – drilled approximately 150 metres south of the underground mine workings at Tyro and returned similar grades and mineralization to the underground sampling previously completed.

GC23-28 returned 85.3 metres of 6.23 g/t gold – tested the northwest-southeast trending White Spar fault that intersects the Tyro vein system at approximately 45 degrees. The hole included two lower grade zones (61.0m of 0.58 g/t Au and 15.2m at 0.74 g/t Au) with a new high-grade zone in-between of 9.1 metres at 51.09 g/t gold.

Derek Macpherson, President and CEO, stated, “We are very pleased with the drill results from Tyro which confirm a strike length of nearly 1 km for Tyro and have discovered a new high-grade zone at this target. Considering that Gold79 has only drilled 28 holes for 2,024 metres at Gold Chain we are very pleased with the progress to date. Our next step is to further evaluate the Tyro Vein system as we believe the strike could exceed 2 km. Additionally, we plan some follow-up surface work at Sheep Trail to better understand these results.”

Robert Johansing, Vice President, Exploration, stated, “The recognition of this transverse structure and its likely relation to high-grade gold values presents Gold79 with a vector defined by the intersection of the Tyro structure, a northwest-trending structural corridor and multiple rhyolite dikes. To date, we have focused on defining a +1.5 g/t vein system but now recognize an opportunity for higher grades as demonstrated by drill hole GC23-28.”

Six scout-type holes, ranging from 70.1 to 111.3 metres in depth, were drilled across the footwall contact of the rhyolite dike where historical mining has occurred at both the Boulevard and Sheep Trail mines. All holes traversed broad zones of quartz veining hosting anomalous gold values with gold values up to 1.35 g/t (3.1m) but did not reflect the elevated grades observed at the surface. The strength of the veining and alteration in both the drill holes and surface exposures require additional work to better understand the mineralization at this target.

Gold79 Mines holds 100% earn-in option to 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 a 32.3% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited. [AEM-TSX, NYSE].

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