E79 Gold Mines (ASX: E79) is preparing a new targeting strategy at its Laverton South gold project following Kalgoorlie Gold Mining’s (ASX: KAL) promising nearby gold discovery.
KalGold revealed last week it had identified extensive gold mineralisation at its Pinjin project, which it has renamed “Lighthorse”.
E79’s share price jumped more than 40% in early Tuesday trading thanks to Laverton South’s proximity to this new discovery in the Laverton Tectonic Zone (LTZ) that sits within the Archean Yilgarn Craton of Western Australia.
The thick, high-grade gold intercepts at Lighthorse included 17 metres at 4.81 grams per tonne from 48m, with 8m at 9.21g/t Au from 52m.
The find is interpreted by KalGold to define a zone of mineralisation up to 600m long and 200m wide under transported cover.
“The great work done by KalGold to make the greenfields Lighthorse gold discovery is very exciting for E79 Gold, with shallow intercepts of strong gold grades in drilling so close to our tenement boundary and the two main extensions to the mineralisation interpreted by KalGold both trending onto our tenure,” E79 chief executive officer Ned Summerhayes said.
The E79 project covers an area of 272 sq. km over the southern portion of the LTZ—one of the world’s richest gold belts, with more than 30 million ounces in historical production, reserves and resources.
The main Lighthorse mineralised structure trends north-west into E79 Gold’s tenure to create the new “North” target, where there has been no historical drilling.
“In light of this exciting breakthrough, we will move quickly to drill test these walk-up targets,” Mr Summerhayes said.
E79 is fast-tracking a priority follow-up reverse circulation drill program that is set to commence in March 2025, depending on rig availability.
E79 Gold also revealed it is advancing preparations to undertake initial drilling at its Mountain Home project—an area of 868 sq km within the prolific McArthur Basin in the Northern Territory.
Regulatory approvals are well underway, with drilling planned in the upcoming dry season that runs from May to November.
High-grade copper, gold and bismuth assays have been obtained from rock chips along a 1,000m outcropping strike in the project area.
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