) CEO Gary Thompson says the company has been busy exploring its Tip Top project while
expanding the land package
, which Thompson believes provides the company with additional exploration potential.
“We staked a considerable amount of new claims to expand the holdings on-trend where we think that the gold potential is trending. We’ve been busy out there soil sampling, geological mapping and putting together the historical data to confirm where the holes are in the field,” said Thompson. “We felt it’s a good opportunity to get out there and really start to showcase the project.”
Gold79 Mines owns a trio of gold projects in the state of Nevada, all of which are within or nearby the Walker Lane trend, which is home to a number of successful mining operations including the Comstock Lode, the Denton-Rawhide mine and the Paradise Peak mine.
Thompson is particularly optimistic regarding the exploration potential of the Tip Top project due to the lack of initial exploration conducted on the property. “People get ahead of themselves, they start drilling and they keep drilling. However, they forget about doing the basic exploration work, which is geochemistry and geophysics,” said Thompson. “We walked the ground and looked at the alteration which gave us a pretty good idea of where the system is trending and what is happening there. There wasn’t any soil or rock sampling, so that was part of the reason we staked all the ground that we did.”
In addition to the Tip Top project, Thompson is particularly excited about Gold79 Mines’ Jefferson Canyon project based on the success of existing mines in the area. “The best place to look for a mine is near another mine. The Jefferson Canyon project is located only 7.5 kilometers away from Kinross Gold’s (TSX:
,NYSE:KGC) Round Mountain mine, which has produced approximately 15 million ounces to date and has another two or three million in reserves, so we think the project has a great address.”
Past drill results at Jefferson Canyon have been especially promising, including both gold and silver intercepts that caught Thompson’s attention. “There was one hole in particular that piqued my interest. It’s 42 meters at about six grams of gold and it had about 400 grams of silver. If you take the gold-silver ratio today and convert that into gold, that’s approximately 42 meters of 11 grams of gold or about a third of an ounce. That’s a spectacular drill intercept in Nevada next to a mine that is road accessible.”
Moving forward, Gold79 Mines intends to continue to explore the Jefferson Canyon project by conducting additional initial exploration to inform future drill targets. “We’re taking a similar approach to the Tip Top project: Cover the property in soil and rock sampling and see what the bigger picture can tell us, which is pretty exciting.”
For a comprehensive update from Gold79 Mines CEO Gary Thompson, watch the video above.
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