E79 Gold Mines assumes 100% ownership of Pinjin gold project
Previous owner St Barbara evaluated a number of targets across the Pinjin tenements.
West Australian gold explorer E79 Gold Mines (ASX: E79) has assumed 100% ownership of the Pinjin gold project, within the broader Laverton South project area near Kalgoorlie.
The area was part of a joint venture with St Barbara (ASX: SBM), which allowed E79 to earn an initial 80% interest in the project.
St Barbara has since elected to relinquish its remaining 20% stake in the project, allowing E79 to acquire 100%.
As a result, E79 now has full control of the Laverton South project, which comprises Pinjin and Lake Yindana.
Pinjin contains a number of prospects which were evaluated and ranked by St Barbara, including walk-up drill targets.
Initial aircore drilling for over 15,000m commenced on three of the targets in November and was completed in February.
An aircore rig is currently onsite extending the 1,600m-long Target 3 prospect, which remains open to the north and south along strike.
The work is part of a major new phase of drilling at Laverton South, comprising a 20,000m program to infill a 1.6km-long gold anomalism previously delineated at Target 3.
Once the current campaign winds up next month, E79 plans to begin a deeper reverse circulation program in November to further test high priority targets across Laverton South.
Large-scale structure
The Pinjin project sits in the south of the Laverton Tectonic Zone (LTZ), which is a large-scale structure endowed with more than 30 million ounces of gold.
The LTZ is one of the world’s richest gold belts with more than 30 million ounces in historical production, ore reserves and mineral resources.
It hosts numerous prolific developments including Granny Smith (with 3.7Moz), Sunrise Dam (10.3Moz) and Wallaby (11.8Moz).
The area consists of two groups of tenements at Lake Yindana and Pinjin which sit between the million-ounce Rebecca project owned by Ramelius Resources (ASX: RMS).
The Pinjin ground straddles the Anglo-Saxon deposit (Hawthorn Resources, ASX: HAW) and is located 7.5km south of the historic Patricia open pits (OzAurum Resources, ASX: OZM).