E79 Gold Mines (ASX:E79) has defined more than 40 drill targets at its newly acquired Cue Gold project in the Murchison region, and the company is preparing to quickly follow up on the multiple priority drill targets following interpretation of data from a recently completed high-resolution ground gravity survey.
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The Western Australian explorer completed the Cue acquisition (and the rights to the Cue Gold project) in early December and hit the ground running with the commencement of the high-resolution ground gravity survey within days.
Now, some six weeks later, CEO Ned Summerhayes has confirmed the company has already walked away with several compelling drill targets in hand.
“Interpretation of the processed data indicates that the Cue Gold project contains a greater extent of the Great Fingall Dolerite than previously recognised − an important development given its favourability as a highly endowed host for high-grade gold mineralisation,” Mr Summerhayes explained today.
“Equally promising are the greenstones of the Meekatharra Formation, where structural complexity and potential intrusive bodies combine to create a suite of high-priority drilling opportunities.
“The results of the gravity survey have further enhanced the significant potential of the Cue Gold project, and we are very much looking forward to getting on the ground with a drill rig to test these priority targets.”
The company is now progressing with drill target definition and planning its first drill program at Cue Gold. At the same time, it’s drafting heritage agreements for the project to enable the granting of pending tenure applications.
Covering approximately 65 square kilometres, the Cue Gold project is located immediately south of the historical Day Dawn goldfield, and is home to Westgold’s renowned Great Fingall Gold Mine, which produced as much as 1.2 million ounces of gold at an average grade of 19.2 grams per tonne.
E79 is down -5% today, to sell at 3.8cps.
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