Chairman & CEO
As part of the Company's historical data compilation and review of the Jefferson Canyon project, an exploration target has been defined. It is estimated that the exploration target has the potential for 40 to 200 million tonnes at 0.5 to 1 g/t AuEq with gold and silver. The internal mineralization block model used to assist in providing an outline of the exploration target accounts for about one quarter of the gold-in-soil anomaly area identified in the recently completed soil survey. Large areas of the gold-in-soil anomaly are located to the east and northwest of the previously drilled areas and have not been drill tested.
Gold79 has generated an internal (non-compliant under CIM standards) block model of mineralization for the Jefferson Canyon project. The block model was calculated based on 118 historical holes totaling 18,106 metres. The Company does not currently have rock density measurements for Jefferson Canyon core. Rock density of 2.3 grams per cubic centimetre was used given that Jefferson Canyon shares many geological similarities with the neighboring
The goal of the internal resource estimate was to have a better understanding of the widespread gold-silver mineralization at the property and identify mineralized domains suitable for future drilling and resource definition.
Gold equivalent grade (AuEq) was calculated from estimated gold and silver grades in the block model centroids using IDW2 (inverse distance weighting power 2), a recovery of 85% and average daily gold and silver prices over the last 12 months of
The formula used for calculating AuEq is as follows: AuEq Revenue = ([IDW2 estimated Au g/t] [85%recovery] / [g to oz] [Au $/oz]) + ([IDW2 estimated Ag g/t] [85%recovery] / [g to oz] [Ag $/oz]).
Next Steps
Gold79 is in the process of preparing its permit application to the
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Sources: Round Mountain Mine Technical Report,
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FORWARD-LOOKING STATEMENTS
This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including any future private placement financings, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company's future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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