TORONTO, ON / ACCESSWIRE / November 21, 2024 / Seventy Ninth Resources Limited ("Seventy Ninth"), a Gibraltar-based resource exploration firm focused on acquiring and developing undervalued land assets globally, has completed its first reconnaissance trip to the McKellar copper-zinc project and Enable gold project in Ontario, Canada.
Highlights:
Successful reconnaissance and initial sampling program completed at McKellar and Enable projects.
Introductory meetings conducted with stakeholder First Nation communities.
Historical grades from McKellar show up to 4.73% copper, 32.3% zinc and 678 g/t silver.
Historical workings from McKellar located and sampled, confirming previous high-grade results.
Sampling at Enable conducted along strike from previous high-grade zones, with results up to 7.04g/t and 5.25 g/t gold.
Will Slater, Chief Geologist of Seventy Ninth Resources said, "The reconnaissance program at both McKellar and Enable has been very encouraging, identifying multiple promising areas of interest and follow-up targets at both projects. We have successfully defined key priority zones and put into place clear, next steps to advance both projects."
"At McKellar, sampling was focused around areas of historical small-scale mining where previous sampling returned grades of 32.3% zinc and 678g/t silver. The geological setting and historical sampling indicate that McKellar is prospective for Volcanogenic Massive Sulphide ("VMS") style base metal mineralization," Slater added.
"At Enable, a geological contact zone between granite and metavolcanics/metasediments was sampled along strike from previous areas, which returned grades including 7.04 g/t, 5.25 g/t and 2.04 g/t gold. The program covered approximately 1 km of the 5 km long contact zone."
Natalie Bellis, CEO of Seventy Ninth Resources said, "We are excited by our initial visit to Enable and McKellar projects and we look forward to receiving the assay results shortly. The visit to the area also gave us the opportunity to introduce the Company to members of the First Nation communities who are key stakeholders on these projects. We look forward to developing these relationships into strong long-term partnerships as the projects become more advanced."
McKellar Location
McKellar is a 12.5 sq km base metal project located in Ontario, Canada. The project is situated immediately north of the Trans Canada Highway, approximately 25 km west of Marathon. The project is located 55 km west of Barrick's Hemlo gold mine and 25 km west of Generation Mining's Marathon Deposit (palladium and copper). Mineralization hosted on these mines and projects is not necessarily indicative of mineralization hosted at McKellar. Access to the project is via helicopter, however during the recent reconnaissance, tracks suitable for All Terrain Vehicles ("ATV's") were identified close to priority targets.
McKellar Project Geology and Mineralization
The McKellar project is situated in the Schreiber-Hemlo greenstone belt and is prospective for VMS style base metals mineralization. The project's geology is interbedded felsic and mafic metavolcanics and metasediments located in the hinge zone of a fold. The project is host to numerous historical small-scale workings which are believed to be targeting silver mineralization.
Enable Location
Enable is an 8.7 sq km gold project located in Ontario, Canada. The project is situated just north of Terrace Bay town and it easily accessible by numerous vehicle tracks across the project. The project is located 85 km west of Barrick's Hemlo gold mine and 55 km west of Generation Mining's Marathon Deposit (palladium and copper). Mineralization hosted on these mines and projects is not necessarily indicative of mineralization hosted at Enable.
Enable Project Geology and Mineralization
The Enable project is situated in the Schreiber-Hemlo greenstone belt and is prospective for gold mineralization. The project sits at the contact between a granitic igneous intrusion and metavolcanics/metasediments. Historical sampling close to the contact zone has identified high grade gold rock chip samples including 7.04 g/t Au and 5.25 g/t Au.
Figure 1: Project Location Map
Figure 2: McKellar Project
Figure 3: Enable Project
Figure 4: Photos
For further information please visit the Company's website https://79thresources.com/.
For Further Information Contact:
Seventy Ninth Resources Ltd
Natalie Bellis, CEO
[email protected]
Investor and Media Relations
Ira M. Gostin
[email protected]
About Seventy Ninth Resources Limited
Seventy Ninth Resources holds a unique and advantageous position in the natural resources sector, specialising in the acquisition, management, and development of desirable assets leveraging the group's global footprint to seek out new opportunities.
The Company follows a Project Generator model, whereby it identifies high‐quality exploration projects diversified by commodity and jurisdiction, acquires these projects at a low cost and creates value through early-stage exploration, focusing on the most prospective projects, dropping licences that are unlikely to attract a partner. The next stage is to sell or JV these projects with reputable partners generating royalties as part of the transaction alongside potential milestone cash payments and equity. The partner funds exploration through feasibility, construction, and into production, providing long-term exposure to highly prospective ground.
Environmental, Social, and Governance (ESG) is at the heart of everything Seventy Ninth Resources does in the communities in which it operates. Discover more at www.79thresources.com
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Certain information included in this announcement, including information relating to future financial or operating performance and other statements that express the expectations of the Directors or estimates of future performance constitute "forward-looking statements". These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programmes on schedule and the success of exploration programmes. Readers are cautioned not to place undue reliance on the forward-looking information, which speak only as of the date of this announcement and the forward-looking statements contained in this announcement are expressly qualified in their entirety by this cautionary statement.
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SOURCE: Seventy Ninth Resources