E79 Gold Mines (ASX: E79) has obtained outstanding assay results which have enhanced prospectivity across the Mountain Home (MH)
Project in the Northern Territory.
“These outstanding results from our October reconnaissance field program have further enhanced the prospectivity of the Mountain Home Project, with high-grade rock chips returning grades of up to 11.95% copper, 2.3g/t gold and 9.09% bismuth,” CEO, Ned Summerhayes, said.
“Gold and bismuth occurrences are rare in the McArthur Basin, better known to host large scale zinc-lead-silver deposits, with the copper-gold-bismuth association similar to the mineralisation observed at Tennant Creek, indicating that multiple mineralising styles may be present within the Project.
“Broad spaced soil sampling has returned anomalous copper results along the 4.5km of tested prospective dolostone unit which hosts the high-grade MH Gossan. This prospective unit can be traced through satellite imagery for some distance along strike to the north and south from the MH Gossan.
“The path forward at Mountain Home is clear – E79 Gold has recently received environmental clearance approvals and are in the process of submitting a request for the requisite heritage clearance to facilitate planned drilling in 2025.”
E79 Gold controls an area of 868 sq. km within the highly prolific McArthur Basin in the NT. The project covers inliers of prospective lithology of the McArthur Basin, within the younger Carpentaria Basin.
Assay results have returned from a field reconnaissance program completed in October. The programme comprised a combination of rock chip sampling (16 samples) from identified areas of subcrop along the interpreted strike of the MH Gossan, with broad spaced soil sampling (80 samples) taken to evaluate 4.5 kilometres of the prospective dolostone unit, host to the MH Gossan, as well as regional targets.
Results received from this reconnaissance-style programme returned anomalous copper extending to the northern most and southern most lines of the program, with the highest copper-in-soils value of 1,020 ppm occurring on the western end of the southernmost line of sampling.
E79 Gold continues to be encouraged by the elevated bismuth associated with the copper and gold mineralisation as an indication of a mineralising system with significant scale potential. This Cu-Au-Bi association is similar with the Cu-Au-Bi fluids described by Skirrow from the highly endowed Tennant Creek mineral field, located 400km to the south-west. This type of fluid association and deposit type has not been explored for in this region, giving E79 Gold an opportunity to evaluate projects with a new focus.