Business
Gold79 Stakes Extensive Zone of Oxide Gold Mineralization at Gold Chain, Signs Letter of Intent on Patented Claims and Receives Drill Permit
Ottawa, Ontario--(Newsfile Corp. - March 17, 2021) - Gold79 Mines Ltd. (TSXV: AUU) ("Gold79"...
About this update from West Point Gold Corp.
[{"type":"text","content":"Gold79 Stakes Extensive Zone of Oxide Gold Mineralization at Gold Chain, Signs Letter of Intent on Patented Claims and Receives Drill PermitOttawa, Ontario--(Newsfile Corp. - March 17, 2021) - Gold79 Mines Ltd. (TSXV: AUU) (\"Gold79\" or the \"Company\") is pleased to announce results from the recent surface exploration work on its Gold Chain Project in Mohave County, Arizona. The Gold Chain project is located in a historic gold mining district in western Arizona. Several companies are advancing the exploration and development of epithermal gold deposits within and adjacent to the Oatman Mining District. Over 2 million ounces of gold have been produced from Oatman's epithermal veins. An overview of this activity is shown in Figure 1 below.Highlights A total of 87 rock samples were collected from the project area with encouraging results (see Figure 2);Rock sampling as grab, chip and dump sites have returned up to 21.9 g/t Au. Four samples were greater than 10 g/t Au; twenty-five samples were greater than 1.0 g/t Au; and forty-five samples returned greater than 0.25 g/t Au; and,Gold79 has staked 83 additional claims where surface rocks sampling has extended known mineralization and identified broad new zones of oxide gold mineralization.Chairman of Gold79, Gary Thompson, stated, \"We are excited to see the widespread gold numbers coming out of the Gold Chain project. Gold Chain shares many similarities with the highly profitable Moss Mine located 12km to the south and operated by Northern Vertex. The plan for a phase one 2021 program is to drill up to 10,000m within 100-150 shallow holes using RC drilling with the objective of establishing the extent of the shallow gold mineralization.\"Figure 1. Gold Chain Oxide Gold Project Area To view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/5717/77556_0261d6bef40afbdb_001full.jpgThe Company's wholly-owned subsidiary Gold79 USA Corp., has received all final permit documentation required to drill at the Gold Chain project including acknowledgment and receipt for a bond placed with the Arizona Bureau of Land Management dated March 10, 2021.Mapping and sampling at the Roadside Mine, Black Dyke and Gold Chain prospects has been completed and provides geologic context to the historical data. Exploration conducted in the 1980s utilized a detachment fault-m...