Ready To Test High-Grade Happy Valley Target In Victorian Goldfields
E79 Resources Corp. (CSE: ESNR) has secured the services of a Victorian-based exploration drilling company. The company plans to commence the maiden diamond drilling programme at its high-priority Happy Valley gold target on the Myrtleford Property.
President and CEO, Rory Quinn, said that upon completion of the Happy Valley drill programme, the drill rig will be mobilised to undertake the maiden drilling campaign at the Beaufort Property. This is in keeping with the company’s plan to drill test its highest priority targets on an aggressive timeline throughout 2021.
“The company’s ability to fast-track high priority target generation, set up drilling programmrs, initiate a community consultation process, gain approval from local government land managers, and secure a diamond drilling contractor during an exploration boom in Victoria, all ahead of schedule, is testament to the dedication of our exploration team in Victoria.
“The first target at Happy Valley is a high-grade gold target, with historical production grades averaging an ounce per ton gold. Production was from multiple high-grade veins, which it is postulated, project to depth below the historic mine workings.
“Following the completion of the first phase of drilling at Happy Valley the rig will be mobilised to begin drilling at the Beaufort property.
“We are initiating these early drill programs to gain a better understanding of these targets. We anticipate that the ongoing programs will help define further targets and lead to substantial follow-up campaigns.”
Happy Valley and the surrounding goldfield historically produced 34,000 ounces of gold, ~90% of which was produced at the Happy Valley gold mines at grades of ~1oz/t Au from shallow underground workings.
The target was drill tested in 1997 with two drill holes, one of which intersected voids due to old workings, the other intersected 4.18 g/t Au over 2m, including 7.28g/t Au over 1m, in the alteration zone adjacent to a mined out quartz reef.
The Happy Valley system extends over seven km and has not seen any meaningful exploration since late 1800’s
The target is located in the south-eastern portion of the license at the tail end of a 45km long mining trend within the company’s tenement. The Happy Valley target consists of multiple quartz reefs which were exploited in the late 1800’s and yielded approximately 34,000 ounces with the bulk of this coming from the Happy Valley Gold Mine. The first reefs in the district were discovered in 1866 and mining ceased by 1889.
The historical operation extended approximately 150m from surface, which is considered shallow relative to many operations in Victoria. Records indicate that throughout the life of mine, at least two blind lodes (lodes not outcropping to the surface), were discovered and subsequently mined out.
