E79 Resources has hit massive gold grades at the Happy Valley gold prospect in Victoria, striking more than 100 grams of gold per tonne.
Located 280 kilometres northeast of Melbourne at Happy Valley, the Vancouver-based explorer took two drill holes to hit 160.45 grams per tonne of gold – around 32 times higher than the industry standard for “high-grade” gold.
The highlight was an intercept of 2430 grams of gold per tonne within the second drill hole, measuring 60 centimetres.
E79 president and chief executive officer Rory Quinn said the drill holes sought to go deeper than past operations had at Happy Valley.
“Our drill program at Happy Valley was designed to test for down-dip extensions of previously mined high-grade (~31grams per tonne of gold) quartz vein structures,” Quinn said.
“The first two drill holes at Happy Valley confirm extension of mineralised structures substantially below known historic mining levels. HVD002 intersecting gold roughly 60 metres beneath known historic mining and HVD003 intersecting gold roughly 80 metres below that.”
Quinn was pleased to find that Happy Valley was not simply a fluke, but a world-class gold mining opportunity.
“Confirmation of a section of visible gold assaying at over 78 ounces per tonne demonstrates the high-grade potential of the Victorian Goldfields. The presence of four other intersections assaying greater than three ounces per tonne demonstrates this is not a ‘one hit wonder’ at Happy Valley,” Quinn said.
“Happy Valley sits within a seven-kilometre corridor of historic gold mines at Myrtleford and that is one of five distinct corridors of historic gold mines observed on our Myrtleford property.”
Further drilling results will be released soon, as E79 looks to draw a bigger picture of what may lie beneath the historic site.
The Happy Valley mining centre has produced 34,200 ounces of gold, mostly between 1866 and 1875, at an average grade of 31 grams per tonne of gold.