Detailed In-Fill Soil Sampling Program Completed To Define First Drill Targets At Victorian Goldfields Beaufort Property

VANCOUVER - E79 Resources Corp. has completed the first round of in-fill soil sampling over the high priority target areas on the Beaufort Project in Victoria. In-fill sampling was conducted on a 25m x 25m grid, designed to test both the north–northwest and east–west anomalous trends defined by the previously reported soil geochemistry program. The in-fill survey is focused on the intersection of the two anomalous trends. This in-fill program will help guide E79's initial drilling campaign at Beaufort and determine optimal sample spacing to be employed on the extensions to the soil grid over the remainder of the 20km structural trend.

Rory Quinn, President and Chief Executive Officer stated, "We are confident that off the back of this in-fill survey the Company will be able to start sighting our initial drill collars on this exciting multi-element trend. We are proving that these cost-effective geochemical surveys allow us to narrow in on very precise target areas and we look forward to generating further drill targets as we expand upon the soil grids at Beaufort."

Highlights: A detailed in-fill soil sampling program has been completed over a previously defined soil anomaly; The gold anomaly is associated with elevated Arsenic and Antimony anomalies, which are often indicative of major gold systems in Victoria; The 25m x 25m sample grid is expected to refine the anomaly and allow for near-term drill testing; Cost effective and time efficient geochemical surveys are proving to be a valuable and effective method of defining targets; Soil sampling along the prospective Navarre fault-Beaufort anticlinorium fold hinge corridor will continue; Structural mapping will be conducted to further assist drill targeting within the central block; and Company to initiate a geophysical data review on the existing data sets.

In December, an in-fill soil sampling program started within the completed central soil grid to increase the resolution of the anomalies and to assist in defining maiden drill targets. The focus of the in-fill sampling are the well-defined gold-arsenic-antimony anomalies identified on the 100m x 100m soil grid completed earlier in 2020. Those defined anomalies are coincident and aligned with a pyritic shale unit and its intersection with a northeast-trending fault. In-fill sampling will extend along both linear trends.

Approximately 550 samples from the top of bedrock at depths of up to 2m were collected for analysis of the clay fraction for a multi-element suite and gold by an Aqua Regia digestion followed by analysis by inductively coupled plasma mass spectrometry (ICP-MS). Sampling is completed and the samples are currently on the way to a laboratory in Western Australia. Final analytical results are expected mid-February. Data quality will be assessed through the use of a comprehensive QA/QC program involving the use of field duplicates and certified reference materials.

Soil sampling on a 100m x 100m grid, similar to that used on the central soil grid area, is scheduled for both the proposed southern and northern soil grid areas in the first quarter of 2021. These surveys cover areas of state-owned Crown Land along the main NW-trending structural trend which is spatially associated with the inferred source of a majority of the historical alluvial gold mining activity. Further in-fill sampling on these soil grids is anticipated once analytical results are received and will be used to generate further drill targets at Beaufort.