E79 Gold Mines Unveils High-Grade Copper-Gold Assays and Secures Drilling Approval

Strong Assay Results Highlight Mountain Home's Potential

E79 Gold Mines Limited (ASX: E79) has delivered a promising update from its Mountain Home Project in the Northern Territory, revealing rock chip assays that include up to 11.95% copper, 2.3 grams per tonne gold, and an unusually high 9.09% bismuth. These results underscore the presence of a prospective copper-gold-bismuth mineralised unit extending over 4.5 kilometres, which is considered highly significant given the rarity of bismuth in the McArthur Basin region.

The company’s CEO, Ned Summerhayes, noted the importance of these findings, highlighting that the mineralisation style resembles iron-oxide copper-gold (IOCG) deposits such as Olympic Dam and Ernest Henry. This recognition opens the door for E79 Gold to explore a potentially substantial metal system within its 868 square kilometre tenure at Mountain Home.

Regulatory Milestones Clear Path for Drilling

During the quarter ended 31 December 2024, E79 Gold secured Northern Territory Government approval for its Mine Management Plan – Exploration for tenement EL32470, a critical step enabling the company to advance its exploration activities. Additionally, the company has submitted the required cultural heritage application, a prerequisite before drilling can commence.

These approvals set the stage for the first-ever drilling campaign at Mountain Home, planned for the 2025 dry season. The company’s management expressed enthusiasm about the upcoming program, which will test the high-grade mineralisation identified through surface sampling and mapping.

Broader Exploration Portfolio and Financial Position

Beyond Mountain Home, E79 Gold holds a substantial portfolio of exploration tenements across Western Australia, including the Jungar Flats Project (698km²) and Laverton South Project (272km²), both prospective for gold and lithium. While no significant activities were reported for these projects during the quarter, they remain integral to the company’s long-term strategy.

Financially, E79 Gold ended the quarter with $1.46 million in cash, providing a solid foundation to fund its exploration programs and potential acquisitions. Exploration expenditure for the quarter was modest at $110,000, reflecting a focused approach on advancing the Mountain Home Project.

Strategic Implications and Outlook

The identification of a copper-gold-bismuth mineralised corridor with IOCG characteristics is a compelling development for E79 Gold, potentially elevating the company’s profile within the competitive Australian exploration sector. The upcoming drilling campaign will be pivotal in confirming the scale and grade continuity of the mineralisation, which could materially impact the company’s valuation and strategic direction.

Investors will be watching closely as E79 Gold transitions from surface sampling to drilling, with the potential to unlock significant value in a region known for world-class mineral deposits.