Business
Gold79 Is Set to Drill Its Gold Chain Project in Early 2023
Ottawa, Ontario--(Newsfile Corp. - December 21, 2022) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUS...
About this update from West Point Gold Corp.
[{"type":"text","content":"Gold79 Is Set to Drill Its Gold Chain Project in Early 2023Ottawa, Ontario--(Newsfile Corp. - December 21, 2022) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (\"Gold79\" or the \"Company\") is pleased to announce that it is ready to execute a 1,100 meter drill program at its Gold Chain Project, in Arizona in early 2023. The Company has secured a drill contractor and completed site preparation to commence drilling in early 2023. The drill program will focus on following up the high-grade sampling results from Sheep Trail and demonstrating the strike extent of the Tyro vein system to the southwest.Derek Macpherson, President, CEO & Director stated, \"Our recent financing, the option agreement with Kinross at Jefferson Canyon and sale of non-core assets have strengthened the Company's balance sheet and allows Gold79 to undertake this 1,100-meter drill program at the Company's Gold Chain Project in Arizona. While we view demonstrating the strike extent of the Tyro vein as a logical step towards developing a resource, I believe that following up on high-grade sampling results at Sheep Trail, approximately 2 kilometers away from our 2021 high-grade drill results in the Banner area, could go a long way toward demonstrating the higher-grade nature and overall scale of the Gold Chain project.\"Drilling PlanThe plan is to drill approximately 1,100m in 10 to 12 reverse circulation holes at Gold79's Gold Chain Project in Arizona focused on the Sheep Trail and Tyro vein systems. The split will be approximately 64% at Sheep Trail and 36% at Tyro. The drilling contractor has been secured and site preparation is complete. Drilling is expected to start in the first half of January 2023. Sheep Trail TargetsThis will be the first drilling by Gold79 at Sheep Trail (Figure 1), where despite numerous historical workings and gold-bearing outcrops, it does not appear that any modern exploration has occurred. The targets at Sheep Trail are approximately 2 kilometers east of the Company's Fall 2021 drilling on the Banner Claims that returned 3.1m at 10.68 g/t Au and 13.7m at 2.56 g/t Au. At Sheep Trail, drilling will focus on the Boulevard Mine area and The Golden Elbow.At the Boulevard Mine area previous sampling returned up to 51.9 g/t Au and 1.5m at 10.5 g/t Au from both northwest-trending 'A-type' and northeast-trending 'B-type' veins, veinlets...