Purchase Of Sheep Trail Patented Claims At Gold Chain Project

OTTAWA - Gold79 Mines Ltd. reported the purchase of the Sheep Trail Group of patented claims and reports the initial sampling results from these claims. The patented ground, covering 113.2 acres, is immediately east of the Banner patented claims. It encompasses an extensively altered and mineralized zone which has been traced for over 1.2 kilometers within the Sheep Trail block, forming a portion of the approximately 10km North Oatman trend the Company is exploring at Gold Chain. Widespread, shallow mine workings (pre-1920) can be seen throughout the claim block. Preliminary grab samples of mine dumps have yielded up to 51.9 g/t Au and rock chip samples have returned up to 2.0 meters at 20.4 g/t Au.

The Company's Gold Chain Project in Arizona is now comprised of 15 patented claims, covering approximately 264 acres and 361 lode claims on BLM land comprising about 7,180 acres (2,907 Ha).

Derek Macpherson, President & CEO, said, "The 51.9 g/t gold value is the highest-grade sample to date from the Gold Chain project. The Sheep Trail block is the last of three critical blocks acquired by Gold79 Mines which collectively form the nucleus of our Gold Chain project. This is the first time that these patented claims and the surrounding lode claims have been consolidated by a single operator explaining the lack of modern exploration despite its excellent location and widespread gold mineralization. Our focus now at Gold Chain is boots on the ground exploration and geophysics covering the entire project in early 2022 in preparation for the next round of drilling."

Initial work suggests that the Red Hill Ledge passes south of the Sheep Trail claim block while the Sheep Trail Ledge extends westerly into the Banner claims and has been documented to be about 100 meters below the Red Hill structure. The Sheep Trail claims are positioned on what we refer to as the "elbow" where there is a pronounced bend in the felsic dike swarm from N40oW to N85oW, or about 45o. The cause of this bend is not understood but later, pre-mineral strike-slip movement along the dike - Precambrian contact likely resulted in broad 'damage' zones which were later filled by the gold-bearing events in the HW of the Sheep Trail Ledge. Between the two structural corridors at the 'elbow,' a large zone within the rhyolite dike complex has been strongly altered to illite + pyrite (now iron oxides). The 'elbow,' between the two ledges, is considered a first-order target and will receive immediate attention.

A total of 90 rock samples have been collected within and adjacent to the Sheep Trail claim block and along the widely fractured and veined rhyolite and Precambrian granite. Initial sampling was designed to provide a basis for the acquisition and was reconnaissance in nature. Sampling included prospect piles and dumps along with mineralized outcrops over a strike length of about 1.5 kilometers. Mineral styles were highly variable and ranged from discrete veins up to 2 meters of quartz-chalcedony-calcite to quartz stockwork and breccia to micro-veinlets in silicified rhyolite.

Gold values ranged up to 51.9 g/t Au with the highest values associated with fine-grained, sucrosic lime- to olive-green quartz and chalcedony. Adularia, which is widely observed along the Tyro vein system, as well as the Oatman district, was not observed within the Sheep Trail area; bladed calcite or 'lattice' texture is widespread in areas hosting higher gold values. The high percentage of values exceeding 10 g/t Au partially reflects sampling of the dumps but several samples were taken from outcrops.