Junior explorer E79 Gold Mines (ASX:E79) is shifting its exploration focus to the northern part of the greenstone sequence within its Lake Yindana tenement package in Western Australia.
It comes after a regional aircore program over the southern greenstone target returned ‘little encouragement’, according to the company, despite intersecting anticipated greenstone lithologies. E79 tested the area with 232 aircore holes for 9,805m.
The aircore program focused on 2 targets in the area, which together account for roughly 8km of the 25km of greenstone within the landholding.
E79 says it will continue to explore the project, but work will now focus on the northern section that contains the majority of the greenstone targets. This area is also home to domal features identified by fellow ASX-listed Ramelius Resources (ASX:RMS) as analogues to the nearby Rebecca gold deposit.
With around $2.53 million cash at hand at the end of December 2023, E79 says its ‘healthy’ balance sheet will not only allow for ongoing exploration but also for a potential acquisition.
In this vein, E79 reports that it has seen a ‘large number’ of exploration projects being offered for sale or joint venture given the current difficult climate for juniors to raise extra capital.
With these primarily being gold, critical minerals, or base metals projects, E79 says it is reviewing potential acquisition opportunities within a structured framework that ensures ‘rapid’ identification of ‘quality’ projects for further review.
Along with its cash balance, E79 also has $1.2 million in Joint Minerals Exploration Incentive (JMEI) tax credits available for further capital raisings during the 2024 financial year.
E79 CEO Ned Summerhayes the company’s work during the start of 2024 has so far focused on potential acquisitions that fit within its exploration strategy.
Further to its Lake Yindana exploration work, E79 says heritage approvals are ongoing at its Jungar Flats Project in Western Australia’s Murchison region ahead of some planned auger sampling and drilling within the tenement package.
The Jungar Flats project spans 698km-square 70km west of Meekatharra and 45km north of the 2.8-million-ounce Big Bell gold deposit, owned by Westgold Resources (ASX:WGX).
Meanwhile, Lake Yindana forms part of E79’s broader Laverton South Project, which covers 272km-square in the Laverton Tectonic Zone. The project comprises the Lake Yindana and Pinjin tenement packages.
Images: E79 Gold Mines
