Further High Grade Gold Intersected At Happy Valley Prospect

VANCOUVER - E79 Resources Corp. President and CEO, Martin Pawlitschek, stated, "Our drill program at Happy Valley Gold Prospect on the Myrtleford property in Victoria, Australia, continues to yield high grade results, with mineralization showing significant vertical continuity with impressive gold values. The latest round of results with grades up to 54.6 g/t gold intersected in drillhole HVD015 confirms the high grade nature of the Happy Valley system. Drilling is now testing the gold bearing structures down to 500m below surface. We are also excited that nearby targets including the Champions/Franklin and Managers Hill gold workings are now ready for their maiden drill test program. This could allow us to identify multiple shoots within close proximity to the high-grade Happy Valley system. All drill results have now been received for holes HVD011 to HVD014 and partially for HVD015. Significant high grade intersections include 0.45m @ 54.6g/t Au and 1.85m @ 26.5g/t Au (HVD015) and 1m @ 27.7g/t Au (HVD014). Drillholes HVD011, HVD012, and HVD013 all intersected the structure with anomalous gold intersections outside the now defined high grade shoots. The Company is now expanding its drill program with large step-out drillholes to test the Happy Valley structure down-plunge to 500m below surface.

The current interpretation of the high-grade shoots is that they vary in strike length from 35-70m and were mined continuously down-plunge to 180m below surface. Drilling has now confirmed that the mineralization extends to at least 350m below surface as indicated in HVD010. Each of the gold bearing quartz reefs are interpreted to be offset by a series of flat west dipping faults. The construction of a detailed 3D geological model of the structures and mineralized quartz reefs is in progress with the aim to refine ongoing drill targets.”

The Happy Valley drill program will then shift its focus to nearby workings (Champions/Franklin and Managers Hill) that have never been drill tested. This follows confirmation of the Company's geological model that high-grade gold mineralization extends to depth below historic gold mining areas.  These drill sites have recently been approved with several drillholes planned for each site.  

A first-pass rock chip sampling and mapping program of historic workings along the Happy Valley trend has now been completed with assay results due soon. The aim of this program is to identify multiple drill targets within the Happy Valley trend for future drill testing.