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Thursday, Feb 9, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Gold79 prepares for expansive drill program in Arizona next year

The company plans to drill 1,100m in a series of reverse circulation holes at the Gold Chain Project

Gold79 prepares for expansive drill program in Arizona next year
VP of Exploration Robert Johansing at the Tyro Mine entrance, Gold Chain Project, Arizona. Photo via Gold79 Mines

Gold79 Mines Ltd. (TSX-V: AUU) (OTCQB: AUSVF), a Vancouver-based mining company with operations in the American southwest, has completed the necessary preparation for a major exploration endeavour there early next year.

On Wednesday, the company announced it would be executing a 1,100-metre drill program at its Arizona Gold Chain Project in H1, 2023.

Gold79 says it has completed site preparation and secured a drilling contractor for the project. The drill program will be focused on investigating high-grade drill results discovered at the Sheep Trail and showcasing the strike extent of the Tyro vein system in the southwest.

Gold79 prepares for expansive drill program in Arizona next year

Gold Chain Project plan map, Mojave County, Arizona. Photo via Gold79 Mines

Read more: Calibre releases short doc on environmental initiatives in Nicaragua

Read more: Calibre gets approval to extend Nevada mining operation for 5 years

The company plans on drilling through the 1,100 metres in 10-12 reverse circulation holes with a 64 per cent focus on Sheep Trail and a 36 per cent focus on Tyro.

“Our recent financing, the option agreement with Kinross Gold Corporation (TSE: K) at Jefferson Canyon and sale of non-core assets have strengthened the Company’s balance sheet and allowed Gold79 to undertake this 1,100-meter drill program at the Company’s Gold Chain Project in Arizona,” said Derek Macpherson, CEO of Gold79.

“While we view demonstrating the strike extent of the Tyro vein as a logical step towards developing a resource, I believe that following up on high-grade sampling results at Sheep Trail, approximately 2 kilometres away from our 2021 high-grade drill results in the Banner area, could go a long way toward demonstrating the higher-grade nature and overall scale of the Gold Chain Project.”

Calibre Mining (TSX: CXB) (OTCQX: CXBMF) is another Vancouver-based gold mining company with operations in the American southwest. Calibre recently received approval from the United States Bureau of Land Management to continue its Pan Mine heap leach operation in Nevada for another five years.

Calibre stock dropped by 1.22 per cent today to $0.81 on the Toronto Stock Exchange.


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