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Highlights
- E79 Gold shares jumped nearly 40% to 4.6 cents following an exploration update.
- Recent drilling near E79’s Laverton South Gold Project by KalGold suggests a potential new gold discovery.
- E79 plans aircore drilling to test newly identified targets by late March 2025.
West Australian-based explorer E79 Gold Mines Limited (ASX:E79) has seen its stock soar nearly 40% to 4.6 cents after providing a promising update on its Laverton South Gold Project in Western Australia.
The surge in share price follows the recent drilling success of Kalgoorlie Gold Mining Ltd (KalGold) (ASX:KAL) on an adjoining tenement, which hints at a potential emerging gold discovery named "Lighthorse."
Significant Gold Mineralisation Near E79’s Tenements
KalGold’s drilling results have revealed thick, shallow gold mineralisation, including:
- 8m @ 2.29g/t gold from 60m (KGAC24045) – located just 40 metres from the E79/KalGold boundary.
- 17m @ 4.81g/t gold from 48m (KGAC24152) – situated 550 metres from the boundary.
These findings suggest that the structural trends, host stratigraphy, and drill targets extend towards E79’s land, where no drilling has been conducted to date.
Exploration Plans Underway
In response to these promising results, E79 Gold is preparing to commence aircore drilling in late March 2025 to test the newly identified gold targets on its tenure.
The company believes this represents a significant exploration opportunity, given that the mineralisation observed at Lighthorse could extend into its own project area.
Market Reaction and Future Outlook
The news has fuelled investor enthusiasm, leading to a sharp rise in E79’s share price. The strong market response reflects optimism that E79’s upcoming drilling campaign could confirm a major gold system within its tenements.
