E79 Gold Raises $3M to Acquire Cue Gold Project Near Great Fingall Mine

Strategic Acquisition in a Tier-1 Gold District

E79 Gold Mines Limited (ASX – E79) has taken a significant step to bolster its exploration portfolio by entering into a binding agreement to acquire 90% of Cue Metals Pty Ltd, the holder of rights to the Cue Gold Project. Situated in the renowned Murchison Gold Province of Western Australia, the project spans approximately 70 square kilometres within the Day Dawn Goldfield, immediately south of Westgold’s high-grade Great Fingall Gold Mine, which historically produced 1.2 million ounces of gold at an exceptional grade of 19.2 grams per tonne.

This acquisition positions E79 Gold in a highly sought-after gold address, known for its quartz reef-hosted deposits, including notable neighbours such as Golden Crown and Break of Day mines. The Cue Gold Project’s geological setting mirrors these prolific deposits, offering a compelling opportunity for discovery in a region that has seen limited modern exploration.

Capital Raising to Accelerate Exploration

To fund the acquisition and an aggressive exploration campaign, E79 Gold successfully raised $3 million through a two-tranche placement priced at 2.1 cents per share, representing a modest discount to recent trading levels. The capital will be directed towards completing the acquisition, conducting ground gravity surveys, generating new targets, and undertaking first-pass drilling at priority prospects such as Ada, Chloe, Riptide, Transformer, and MBA23.

Historical drilling within the project area, although shallow and broad-spaced, has returned encouraging results including intercepts like 13 metres at 2.2 grams per tonne gold at the Ada prospect and 4 metres at 4.8 grams per tonne at the Chloe prospect. These results underscore the potential for high-grade mineralisation beneath post-mineral cover that has previously limited exploration effectiveness.

Experienced Leadership and Technical Expertise

E79 Gold has strengthened its team with the appointment of geologist Glenn Martin as Technical Consultant. Mr Martin brings over 30 years of experience and a track record of discovery in the region, including leading the Break of Day discovery. Additionally, Matthew Bowles, a seasoned resources executive with a history of growing gold projects in the Murchison region, will join the board as a non-executive director upon completion of the acquisition.

These appointments signal E79 Gold’s commitment to leveraging both technical expertise and corporate experience to unlock value from the Cue Gold Project and its existing assets, including the Mountain Home copper-gold-bismuth and Laverton South gold projects.

Acquisition Terms and Next Steps

The acquisition consideration includes the issue of shares valued at $1.2 million, with deferred payments linked to milestone achievements such as the granting of tenements and resource announcements. Cue Metals’ remaining 10% interest will be free-carried until a feasibility study is completed, with E79 Gold holding a right of first refusal over this stake.

Completion is subject to shareholder and regulatory approvals, with one tenement currently facing a low-risk potential forfeiture due to a late rental payment. E79 Gold is actively addressing this issue. The company plans to commence an aggressive exploration program once conditions are met, aiming to apply modern techniques to largely under-explored ground with significant discovery potential.

With strong infrastructure nearby, including third-party processing facilities, and a location in a proven gold district, the Cue Gold Project acquisition marks a pivotal moment for E79 Gold as it seeks to advance its growth strategy in Western Australia’s gold sector.