Visible gold in drill core from hole HVD003 at E79's Happy Valley Gold Prospect in Victoria, Australia 

This morning's drill results from E79 Resources (CSE:ESNR, OTC:ESVNF) caused me to spit out my coffee upon reading the headline interval. E79 basically drilled into a jewelry store underneath historic mine workings at its Happy Valley Gold Prospect in Australia's Victorian Goldfields. The sections of holes 2 and 3 that were expedited to the lab both delivered bonanza grade gold intercepts. Hole 3 in particular delivered eye popping numbers, including:

  • 0.60 meters of 147 g/t gold from 165.20m downhole
  • 11.10 meters @ 160.45 g/t gold from 190.40m downhole including:

    o 0.60m @ 2,430 g/t gold from 190.40m

    o 3.00m @ 126 g/t gold from 198.50m

The company drilled four holes in total during phase 1 drilling at Happy Valley. The objective of Phase 1 drilling at Happy Valley was to test for down-dip extensions of previously mined high-grade quartz vein structures. The results of holes 2 & 3 demonstrate that not only do the high-grade vein structures continue down-dip, but that grades are increasing at depth.

There are assays pending from the rest of holes 2&3, and holes 4&5. E79 is currently drilling its Beaufort Project, although the rig could be moved to Happy Valley within a couple days.

It sounds like E79 CEO Rory Quinn wants to wait to get the rest of the assays back before planning the next phase of drilling at Happy Valley. The company has C$4 million in the treasury and all-in drilling costs are below $200/meter for E79.

With a tight share structure and strong insider ownership (nearly 50%) I can see E79 shares trading above $1.00 following this morning's news. 

READ ALSO: Bringing A Systematic Modern Exploration Approach To Australia's Victorian Goldfields 

Disclosure: Author owns shares of E79 Resources at the time of publishing and may choose to buy or sell at any time without notice.  Author has been compensated for marketing services by E79 Resources Corp.

DISCLAIMER: The work included in this article is based on current events, technical charts, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the EnergyandGold website do not necessarily reflect the views of Energy and Gold Publishing LTD, publisher of This publication is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Junior resource companies can easily lose 100% of their value so read company profiles on for important risk disclosures. It’s your money and your responsibility.