E79 Gold Mines boosts stake in Pinjin JV, completes gravity survey at Jungar Flats
E79 Gold met its second earn-in milestone by spending $500,000 on exploration with assays from drilling expected in “the coming months”.
Junior explorer E79 Gold Mines (ASX: E79) has boosted its stake in the Pinjin joint venture with St Barbara (ASX: SBM) to 80% following the achievement of second-stage milestones.
The joint venture sits within E79’s flagship Laverton South gold project in Western Australia and the second earn-in period was reached after the company moved rapidly through a program of extensive drilling and geophysical work.
Drilling comprised 15,000m of aircore work for 281 holes over high-priority prospects across the 139 square kilometres of Pinjin ground.
The prospects were evaluated and ranked by St Barbara and included walk-up drill targets.
E79 spent more than $500,000 on exploration within the 24-month contribution period to grab an additional 29% stake on top of its existing equity, giving it a total 80% ownership in the joint venture ground.
The expenditure commitment was met ahead of schedule and assays are expected over the coming months.
Vital project
E79 chief executive officer Ned Summerhayes said Pinjin had become a vital part of E79’s portfolio.
“We believe Pinjin will be integral to our success due to its prospective geology and proximity to known gold deposits,” he said.
“We look forward to operating the joint venture with St Barbara going forward.”
E79 has 683sq km of prospective ground across its two projects at Laverton South in the world-class Laverton gold district and Jungar Flats in the state’s North Murchison region.
The company has moved its exploration focus to Jungar Flats while it awaits Pinjin assays.
Jungar gravity survey
Last week, E79 confirmed a large-scale gravity survey over the Jungar area had identified a host of prospective targets.
The survey was designed to more accurately define the location of the inferred northern extent of the Big Bell shear and greenstone stratigraphy underneath the surficially mapped granite.
It successfully mapped the northern extent of the shear and associated favourable greenstone units under cover which traverse the core of the tenements.
Cross-cutting structures were also visible along the greenstone, as well as a more extensive dolerite unit which forms a local topographic high.
“A number of deposits within the region are located either on the Big Bell shear, or on splays off the Big Bell shear,” Mr Summerhayes said.
“The results of this survey will allows us to focus our exploration efforts on the most prospective host units within Jungar Flats.”