Permitting And Geophysics At The Jefferson Canyon Project

ONTARIO - Gold79 Mines Ltd. reported results of reprocessed geophysics and provide a permitting update for its Jefferson Canyon Project in Nevada. The geophysics coincides well with both the results from historical drilling and the 2020 geochemical sampling program supporting the potential for Jefferson Canyon to become a significant deposit.

Derek Macpherson, President and CEO, said, "The work we have done over the last year at Jefferson Canyon continues to highlight the potential of this project. In particular, we have merged the very positive historical drill results with geochemical results and reprocessed geophysics. On the basis of this work, we have designed an initial drill program for Jefferson Canyon and submitted our application for drill permits."

Following up on the 2020 soil sampling campaign and strong historical drilling results from the Jefferson Canyon project, the Company reprocessed the data from previously completed resistivity, magnetic and gravity geophysical surveys. The results of the reprocessed magnetic survey in light of the historical drilling and the gold and silver soil anomalies reveal a coincident magnetic low likely related to a mineralizing event.

The Company submitted an application for a Plan of Operations at its Jefferson Canyon project. The application is for 15 drill sites with multiple holes from each site and the corresponding roads to service them.

As part of the application process, the Company is completing biological and cultural surveys at the project. To date, the biological survey is about 50% complete and the cultural survey is expected to start in the next couple of weeks. It is anticipated that the project should be drill ready in 2022. It is expected that the biological and cultural surveys being completed, which represents the bulk of the cost, can be reused in future permitting efforts.