Soil Geochemical Survey Completed And Update On Jefferson Canyon Project

OTTAWA - Gold79 Mines Ltd. reported on the Jefferson Canyon Project (JCP), Nevada and announces that an extensive soil geochemical survey of 3,000 samples over the entire project was recently completed with results pending. The JCP comprises 57 unpatented claims. The JCP contains a large volcanic-hosted epithermal Au-Ag system. The JCP exhibits extensive surface gold mineralization as disseminated gold and high-grade gold-silver veins.

Exploration at the JCP area began in the late 1960's when drilling of at least 134 holes comprising 17,979 m (58,985 ft) was completed in several campaigns between 1969 and 1986; nearly all of this drilling was reverse circulation. Since that time, geophysical studies were conducted over the extensive Au-Ag anomaly revealing strong alteration within the intra-volcanic package. These studies, consisting of gravity, airborne and ground magnetics and CSAMT (controlled source audio-frequency magneto-tellurics), were conducted in 2005 and 2006. In conjunction with the surface geology and geochemistry, several targets have been identified which have yet to be drill tested. Gold79 is currently assembling this historical data and incorporating anticipated changes in the geologic and exploration models. Despite the significance of past exploration work and due to the absence of current NI 43-101 standards during these exploration programs, there has not been sufficient exploration to define a mineral resource within current NI 43-101 standards.

Rock sampling conducted by Gold79 during 2019 comprised 47 rock samples (see press release dated September 23, 2019) providing confirmation of extensive historical gold and silver anomalies at the JCP supported by the historical JCP database comprised of a total of 836 samples. The gold results support the aerial expansion of the historical B Zone several hundred meters to the north. Additionally, significant gold and silver mineralization was identified in a broad area in the northwest part of the project (NW Gold Zone) measuring several hundred metres across. The five samples collected here are anomalous with values up to 15.2 g/t Au and 421 g/t Ag.

To better define the emerging gold and silver systems at JCP, Gold79 recently completed an extensive soil geochemical survey in September, conducted by Ethos Geological. This survey was comprised of 3,000 soil samples on 100 meter spaced lines with 25 meter spaced samples. The analytical results are expected to be available in November. This survey will provide project wide geochemical data not previously collected by past operators and will allow Gold79 to better define the structural controls to the gold and silver mineralization defined both in surface and subsurface exploration.