E79 Gold Mines (ASX: E79) has gained an additional 29% stake in its Pinjin JV earn-in with St Barbara (ASX: SBM) following the completion of $500,000 in exploration expenditure.
The increase sees E79’s total ownership move to 80% after reaching the JV’s second earn-in milestone.
Commenting on the update, E79 Gold CEO Ned Summerhayes said: “We have moved rapidly through the second earn-in period on the Pinjin JV ground, due to the extensive aircore drilling and geophysical programs completed since we listed on the ASX last year.
“We have moved rapidly through the second earn-in period on the Pinjin JV ground”
We believe that the Pinjin JV is integral to the success of E79 Gold, due to its prospective geology and proximity to known gold deposits. We look forward to operating the JV with St. Barbara going forward.”
E79’s projects cover a total of 683km² of ‘highly prospective’ ground within the Laverton Tectonic Zone and Murchison Goldfields, which together host over 30 million ounces of known gold mineralisation.
In the LTZ, the Laverton South Project is comprised of two tenement packages: the 100%-owned Lake Yindana, and the Pinjin JV.
In North Murchison, the 336km² Jungar Flats Project contains approximately 30km of strike along the ‘highly prospective’ Big Bell Shear.
The company notes that it has completed a 15,000m AC drilling program across three targets at Laverton South, with assays pending.
Focus will now move to Jungar Flats, where soil sampling work is expected to commence in April.
Images: E79 Gold Mines Ltd
