E79 RESOURCES (TSX.V: ESNR) DRILLS MORE VISIBLE GOLD AT THE HAPPY VALLEY GOLD PROSPECT, VICTORIA, AUSTRALIA

E79 Resources Corp. (TSX.V: ESNR) has provided an update on drilling at the Happy Valley gold prospect in Victoria, Australia.

Rory Quinn, E79's president and chief executive officer, stated: "Significant visible gold has been observed in two recently completed drill holes in ongoing drilling at Happy Valley. While assays are pending, and drilling continues, we feel that we are beginning to get a better understanding of the mineralization.

"We have now observed visible gold in five out of seven deep exploration drill holes completed at Happy Valley."

Highlights:

• Visible gold observed in drill holes HVD004, HVD006 and HVD007 (in addition to HVD002 and HVD003);
• Modelling appears to show a high-grade quartz vein extends at depth below the old Happy Valley mine workings.

Drill holes HDV006 and 007 have now been completed. Visible gold has been observed in HVD006, in two separate locations, and also in HVD007. These zones have been preferentially sampled and dispatched. All assay results are still to be received.

HVD008, drilled on the same sectional line as HVD005 but at a steeper inclination, intersected several zones containing minor quartz veining and occasional sulphide mineralization was observed.

HVD009 has been designed to target the structures midway between the two existing drill sections (HVD002-007 and HVD005-008). At the time of reporting, drilling is continuing.

Preliminary modelling appears to show the high-grade quartz vein Porepunkah extends at depth below the old Happy Valley mine workings.

The presence of mineralization located in HVD003, and now a further intersection containing visible gold within HVD006 below the New Happy Valley (NHV) reef, may indicate a steep southeasterly plunge on mineralization which is consistent with historic reports.

Happy Valley gold prospect

The Happy Valley prospect is situated in the southeastern portion of the company's exploration license EL006724 in Victoria, Australia. It lies within a seven-kilometre-long trend of historical workings. The Happy Valley mining centre has a documented historical production of 34,200 ounces of gold predominantly between 1866 to 1875. The Happy Valley mining centre produced at an average grade of approximately 31 grams per tonne (g/t) gold (Au), which presents E79 with an extremely attractive target. To date, only limited modern exploration has been conducted at this prospect.

Gold mineralization at Happy Valley occurs as quartz infill fractures and spurry formations within carbonate altered sedimentary units of lower Ordovician age. Regionally mineralization appears to be proximal and related to the emplacement of several major regional Devonian-age granitic plutons. The gold can occur as free particles within the quartz veins and can also be also associated with sulphides, including pyrite and, to lesser degrees, arsenopyrite and galena.

Next steps

• Additional targeted drilling to test structural interpretations;
• Continued assessment of geological and structural data collection, along with assessment of hydrothermal alteration to aid in defining new target areas;
• Continued application of observations from all drilling results to develop a comprehensive structural model for the Happy Valley target area.

Qualified person

Peter de Vries, MAIMM, MAIG, a qualified person as defined by National Instrument 43-101, has read and approved all technical and scientific information contained in this news release. Mr. de Vries is the owner of Geological, Educational and Mining Services Pty. Ltd., a geological consulting services company based in Victoria, Australia, and is exploration manager for E79 Resources.

Mr. Quinn, president and CEO of E79 Resources, will be participating in a live webinar on Sept. 28, 2021, and providing a company overview, along with an exploration update based on these results. Registration details are below.

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