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.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
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.”
More market news
Forget U.S. tariff talk: Aussies just got a worrying signal from the ABS
Meet GeoGeorge: The HotCopper poster so accurate he got hired as an analyst
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.
Join the discussion. See what HotCopper users are saying about E79 Gold Mines and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please clickhere.