E79 Gold’s Mountain Home Expansion Raises Stakes Amid Early High-Grade Assays
E79 Gold Mines has significantly increased its Mountain Home Project footprint in the Northern Territory, acquiring nearly 500 square kilometres of mineral rights and gearing up for a government-backed exploration push in 2025.
- Acquisition of ~498 km² mineral rights adjacent to Mountain Home Project
- Total landholding expanded by 57% to 1,366 km² in the McArthur Basin
- Upcoming 2025 exploration includes gravity surveys and Reverse Circulation drilling
- Two Northern Territory Government grants support exploration activities
- Early rock chip assays show high copper, gold, and bismuth grades
Strategic Land Expansion in a Proven Mineral Province
E79 Gold Mines Limited (ASX, E79) has taken a decisive step to bolster its presence in the Northern Territory’s McArthur Basin by acquiring mineral rights to approximately 498 square kilometres of tenure adjacent to its existing Mountain Home Project. This acquisition increases the company’s total landholding by 57%, bringing it to a substantial 1,366 square kilometres in a region renowned for its rich deposits of base metals, copper, gold, and bismuth.
The McArthur Basin is a highly prospective geological setting, and E79’s expanded footprint now covers key stratigraphy that has historically attracted exploration interest, particularly for diamonds near the Merlin Diamond Field. However, E79 is pivoting the focus towards base metals and precious metals exploration, leveraging the geological similarities to the Mountain Home Gossan area further south.
Early Signs of High-Grade Mineralisation
While still in the early stages, the Mountain Home Project is showing promising signs. Rock chip sampling over a 1,000-metre outcropping gossan has returned impressive assay results, including copper grades up to 45.5%, gold at 11.75 grams per tonne, and bismuth at 9.09%. These figures suggest the potential for significant mineralisation, possibly within the intra-cratonic copper-gold (ICG) deposit family, a subgroup of the broader iron-oxide copper-gold (IOCG) classification known for sizeable and high-grade deposits.
CEO Ned Summerhayes highlighted the strategic value of the acquisition, noting that the new tenure covers the edge of the McArthur Basin and significantly expands the exploration search space. The company is keen to explore these opportunities systematically with modern techniques.
Government Support and Planned Exploration Activities
The expansion is timely, as E79 Gold has secured two co-funded grants from the Northern Territory Government’s Geophysics and Drilling Collaborations Program. These grants will support a regional gravity survey and initial Reverse Circulation (RC) drilling at the Mountain Home Gossan in 2025, with funding of up to $150,000 and $100,000 respectively. These programs are designed to refine target areas and advance the project towards defining potential mineral resources.
The company’s cash position remains healthy, with over $2.9 million in available funds following a recent placement, providing a solid financial foundation for the upcoming exploration campaign.
Looking Ahead
With the acquisition completed for a modest cash payment of $28,301, E79 Gold is well positioned to unlock value from this expanded tenure. The combination of promising early assay results, strategic landholding growth, and government-backed exploration funding creates a compelling narrative for investors watching the Mountain Home Project’s development.
As the company prepares for its 2025 drilling and geophysical programs, the market will be keenly awaiting results that could validate the potential scale and grade of mineralisation hinted at so far.
Bottom Line?
E79 Gold’s tenure expansion and funded exploration set the stage for a pivotal year at Mountain Home, with early results hinting at significant upside.
Questions in the middle?
- Will upcoming drilling confirm the scale and grade suggested by early rock chip assays?
- How might the expanded tenure influence E79 Gold’s resource estimates and valuation?
- Could further government support or partnerships accelerate project development?
