E79 Gold Acquires Six Tenements at Cue for $150,000, Starts Gravity Survey
E79 Gold has exercised its option to acquire six tenements at the Cue Gold Project in Western Australia, initiating an immediate exploration campaign focused on gravity surveys to map gold-bearing structures.
- Acquisition of six Cue Gold Project tenements for $50,000 cash plus nearly 4 million shares
- Immediate start of a gravity survey to identify gold-fertile geological structures
- Cue Project located near historically rich Great Fingall Gold Mine in Murchison region
- Exploration program expected to last 6-8 weeks with heritage agreements underway
- E79 Gold holds 90% of Cue Metals, the subsidiary controlling the Cue Gold Project
E79 Gold Finalizes Acquisition of Cue Gold Project
E79 Gold Mines Limited has taken a decisive step in its growth strategy by exercising its option to acquire six tenements at the Cue Gold Project in Western Australia's prolific Murchison Gold Province. The acquisition, completed through its 90%-owned subsidiary Cue Metals Pty Ltd, involved a modest cash payment of $50,000 alongside the issuance of nearly 4 million fully paid E79 Gold shares valued at $100,000. This move grants E79 full control over a 65 square kilometre area in the Day Dawn Goldfield, a region renowned for its high-grade gold deposits.
Strategic Location Near Historic Gold Mines
The Cue Gold Project sits immediately south of Westgold Resources’ Great Fingall Gold Mine, a site with a storied history of producing over 1.2 million ounces of gold at an exceptional average grade of 19.2 grams per tonne. The geological setting is considered highly prospective for quartz reef-hosted gold deposits, similar to those that have driven past successes in the region. This proximity to established gold operations adds a layer of strategic value to E79’s acquisition.
Launching an Aggressive Exploration Campaign
With ownership secured, E79 Gold is moving swiftly to unlock the project’s potential. Exploration activities are set to commence immediately, highlighted by a project-wide gravity survey scheduled to begin mid-December. Gravity surveys are a critical tool in modern mineral exploration, enabling geologists to map subsurface structures that control gold mineralisation. By identifying these fault systems, E79 aims to pinpoint the most promising targets for follow-up drilling.
Navigating Heritage and Tenure Approvals
While exploration plans are ambitious, E79 is concurrently working on heritage agreements essential for granting pending tenure applications. These agreements are a necessary step to ensure that exploration activities proceed with respect for Indigenous land rights and cultural heritage. The company’s proactive approach in this area will be closely watched by investors as it could influence the timeline and scope of exploration.
Outlook and Market Implications
E79 Gold’s acquisition and immediate exploration launch at Cue underscore its commitment to expanding its resource base in one of Australia’s most promising gold provinces. The upcoming gravity survey results will be pivotal in shaping the next phase of exploration and could significantly impact the company’s valuation if high-grade targets are identified. However, as with all early-stage exploration, the path to production remains uncertain and contingent on future drilling success.
Bottom Line?
E79 Gold’s bold move to control Cue sets the stage for a critical exploration phase that could redefine its growth trajectory.
Questions in the middle?
- What initial findings will the gravity survey reveal about the gold structures beneath Cue?
- How quickly can heritage agreements be finalized to avoid delays in exploration?
- What are E79 Gold’s plans for capital raising or partnerships to fund subsequent drilling?
