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E79 Gold Mines (ASX:E79) is all set to run a 2,000-metre drilling program at the Mountain Home Copper-Gold-Bismuth Project after being granted $250,000 by the Northern Territory government through exploration funds.
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The $250K is split between the cost of the Mountain Home drill run – up to $100,000 – and $150,000 for a large-scale airborne gravity survey over the project.
On the first front, preliminary assessments indicate Mountain Home may boast intracratonic copper-gold deposits, which include iron-oxide copper-gold. That mineralisation has potential for grand scales and grades.
The latter survey will “reduce both risk and timeframes to a potential discovery.”
“We’re very grateful for the support of the Northern Territory Geological Survey through their Geophysics and Drilling Collaborations program,” E79 Gold CEO Ned Summerhayes said. “These two successful applications validate our exploration strategy in the highly prospective McArthur Basin.”
On top of that, Mr Summerhayes explained, E79 Gold can now de-risk initial drilling at Mountain Home Gossan, which they believe is “highly prospective.”
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With cash now behind them, E79 Gold just awaits heritage approval – expectations there, HotCopper understands, are that heritage surveys will be run through August before an initial RC drilling program in the dry season.
Markets seemed to like the cash windfall news: E79 is up +9% at lunchtime.
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