Impact: Positive
Gold79 outlined a significant exploration target at its Jefferson Canyon Au-Ag project in Nevada, located ~7.5km east of Kinross’ (TSX:K, Not Covered) Round Mountain mine. The target represents a ~4 sq.km gold-in-soil anomaly that had been previously identified via geochemical survey. Supported by an internal review, the company has defined the potential for 40-200 Mt at 0.5-1 g/t AuEq (643k-6.43M oz AuEq). As outlined in our initiation report, we favoured Jefferson Canyon to provide a solid foundation for Gold79 to build upon, which seems to be borne out by this internal review. With an attractive valuation, we continue to believe Gold79 offers investors an opportunity to get in early before the drills start turning.
