E79 Gold Mines Faces High Stakes as New Targets Emerge Near KalGold Discovery

Emerging Neighbourhood Gold Discovery Spurs E79 Action

E79 Gold Mines Limited (ASX: E79) has announced new priority drill targets at its Laverton South Project in Western Australia, sparked by recent encouraging gold assay results from neighbouring Kalgoorlie Gold Mining Ltd (ASX: KAL). KalGold’s discovery, dubbed Lighthorse, has revealed thick, shallow gold mineralisation zones just metres from E79’s tenement boundary, prompting E79 to accelerate exploration plans.

KalGold’s drilling highlights include intercepts such as 8 metres at 2.29 grams per tonne (g/t) gold from 60 metres depth, located approximately 40 metres from E79’s boundary, and a more substantial 17 metres at 4.81 g/t gold from 48 metres, around 550 metres away. These results underscore the potential for the mineralised structures to extend into E79’s tenure, which remains untested by drilling to date.

Strategic Targets and Upcoming Drilling

E79’s Chief Executive Officer, Ned Summerhayes, expressed optimism about the opportunity, noting the structural trends and host stratigraphy identified by KalGold that strike directly onto E79’s ground. The company has pinpointed two main targets within its tenement: the North Target, aligned with a north-west trending mineralised structure, and the South Target, associated with a south-west trending cross-cutting zone. Both targets are characterised by structural complexity and geophysical anomalies, including demagnetisation signatures evident in regional aeromagnetic data.

With no historic drilling conducted on these targets, E79 plans to deploy an aircore drilling program late in the March Quarter to rapidly test these walk-up targets. This approach aims to validate the extension of the Lighthorse mineralisation onto E79’s tenure and potentially delineate new gold resources.

Laverton South Project in a World-Class Gold Belt

The Laverton South Project encompasses 272 square kilometres within the Laverton Tectonic Zone (LTZ), a globally significant gold province within the Archean Yilgarn Craton. The LTZ has historically produced over 30 million ounces of gold and hosts major deposits such as Granny Smith, Sunrise Dam, and Wallaby. E79’s tenure is strategically positioned adjacent to KalGold’s Lighthorse discovery and near other notable deposits, enhancing the prospectivity of its ground.

Northern Territory Copper-Gold Prospects

Beyond Laverton, E79 is advancing its Mountain Home project in the Northern Territory, covering 868 square kilometres within the McArthur Basin. This region is renowned for its zinc-lead endowment and potential for copper, gold, and diamonds. Recent rock chip assays from the MH Gossan area have returned impressive grades, including up to 45.5% copper and 11.75 g/t gold. Regulatory approvals are progressing for initial drilling planned during the upcoming dry season, signaling E79’s intent to expand its exploration footprint.

Outlook and Strategic Focus

E79 Gold continues to actively review exploration opportunities aligned with its strategy of prioritising “money in the ground.” The company’s swift response to the KalGold discovery and its planned drilling programs underscore a proactive approach to unlocking value from its extensive tenement portfolio. Investors and analysts will be watching closely as assay results from the upcoming aircore drilling could significantly impact E79’s resource potential and market valuation.