TORONTO, ON / ACCESSWIRE / October 21, 2024 / Seventy Ninth Resources Limited ("Seventy Ninth" or the "Company"), a Gibraltar-based resource exploration firm specializing in the acquisition and development of undervalued land assets across the globe, announces the identification of multiple gold-in-soil anomalies at the LM project strategically located in the Siguiri Basin, Republic of Guinea, in West Africa.
Seventy Ninth currently runs an exploration team in Guinea on five projects with an additional exploration program in Ontario, Canada.
Highlights:
Multiple gold-in-soil geochemical anomalies identified at the 41.2 km2 LM project.
Soil anomalies coincident with major 8 km north-south trending structure.
High-grade results from artisanal pit sampling including 10.74g/t Au and 8.32g/t Au.
Gold-in-soil anomalies to form the priority targets for a ground geophysical survey.
LM is strategically located in the prolific Siguiri basin gold belt, hosts numerous open-pit mines.
"The soil sampling program at the LM gold project, conducted by the company's in-house field team, has yielded multiple anomalies, many of which coincide with an interpreted north-south trending geological structure that cuts through the project area for 8 km," said Seventy Ninth Resources Chief Geologist Will Slater.
"Five discrete gold-in-soil anomalies ranging from 200 to 800 metres coincide with the interpreted structure. The geochemical anomalies identified will be the priority target areas for a ground geophysical survey that will take place shortly," he added. The geophysical survey aims to provide a detailed understanding of the geological structures associated with the gold-in-soil anomalies.
Seventy Ninth Resources CEO Natalie Bellis added, "We are excited by this next step in the advancement of the LM gold project. The results of the soil sampling program are a testament to the Company's ability to systematically generate good quality targets across our portfolio of projects."
"Concurrent with the soil sampling, a program of artisanal pit wall mapping and sampling was undertaken. Assay results from this program returned high gold grades, including 10.74g/t Au and 8.32g/t Au. Analysis of the mapping data indicated a dominant north-south to north-east trend in the mineralized structures, which will aid further targeting," said Slater.
Soil Sampling Program
A total of 1,271 soil samples were collected across the LM project. The program consisted of a sample grid covering 63% of the project area, using a 200-meter line spacing with 100-meter sample spacing. The sampling was conducted by the company's field team with sample analysis by ALS Global, of Loughrea, Ireland.
The analysis undertaken was a multi-element suite utilizing ALS's proprietary Ionic Leach technology that has been developed to extend the reach of geochemical exploration into areas that have been blanketed by post-mineralization cover. The reported work was completed using industry standard procedures, including a quality assurance/quality control (QA/QC) procedure consisting of the insertion of certified standards, blanks, and field duplicates into each sample batch. No significant QA/QC issues were identified during the review of the data.
Artisanal Pit Sampling Program
A total of 448 artisanal pit wall samples were assayed across the LM project. The sampling was conducted by the company's field team with sample analysis by SGS Laboratory, Bamako, Mali. All samples were analyzed using a 50g fire assay for gold and a multi element suite. The sample results ranged from below detection limit to 10.74g/t Au. 5.4% of samples returned grades greater than 0.5g/t Au.
The reported work was completed using industry standard procedures, including a quality procedure consisting of the insertion of certified standards, blanks, and field duplicates into the sample stream. No significant QA/QC issues were identified during the review of the data.
LM Gold Project Location
LM is a 41.2 km2 gold project located in the Mandiana region of the Republic of Guinea, approximately 590 km east of the capital city, Conakry. The project is located 8 km northwest of Hummingbird Resources Yanfolilla gold mine (1.42 Moz at 2.17 g/t Au Resources, 0.49 Moz at 2.56 g/t Au Reserves) and less than 1 km from GGE Sidikila gold mine (1.02 Moz at 1.17 g/t Au, Inferred Resource). Mineralization hosted on these mines is not necessarily indicative of mineralization hosted at LM.
LM Project Geology and Mineralization
The LM project is situated in the prolific Birimian age, Siguiri Basin greenstone belt and is prospective for orogenic gold mineralization. The project's geology is interbedded metasediment and metavolcanics and is host to numerous active and historical artisanal gold workings.
For further information please visit the Company's website https://79thresources.com/.
For Further Information Contact:
Seventy Ninth Resources Ltd
Natalie Bellis, CEO
info@79thresources.com
Investor and Media Relations
Ira M. Gostin
mining@irlabs.ca
About Seventy Ninth Resources Limited
Seventy Ninth Resources is a leading global gold exploration company with a diverse portfolio of projects in the Republic of Guinea and Ontario, Canada. Operating in Guinea since 2011, the Company has recently expanded its reach with the acquisition of two Canadian projects.
Committed to sustainability and positive community impact, Seventy Ninth Resources operates as a division of Seventy Ninth Group, an award-winning property asset management company founded by David Webster and his sons, headquartered in the United Kingdom. Community and sustainability is at the heart of everything Seventy Ninth Resources does.
With unique access to land rich in gold, diamonds and other precious resources, Seventy Ninth Resources is strategically positioned for growth, with plans to pursue a public listing in Canada in 2025.
Strategic partnerships with industry leaders like SRK Exploration Services, recognized as the "gold standard' in mineral exploration, and The MSA Group, an independent technical consultancy, further enhance the Company's capabilities in geology, exploration, mining and environmental solutions.?
For more information, visit www.79thresources.com.
Cautionary Note Regarding Forward-Looking Statements
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 programs on schedule and the success of exploration programs. 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.
Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. The forward-looking statements contained in this announcement are made as at the date hereof and the Company assumes no obligation to publicly update or revise any forward-looking information or any forward-looking statements contained in any other announcements whether as a result of new information, future events or otherwise, except as required under applicable law or regulations.
SOURCE: Seventy Ninth Resources
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