MPX successfully spins out Victorian Gold Assets to E79 Resources Corp

VANCOUVER, BC, Oct. 26, 2020 /CNW/ - E79 Resources Corp. (CSE: ESNR) ("E79" or the "Company") is pleased to announce it has entered into a deed of purchase agreement with E79 Resources Pty Ltd., a private Australian registered company (the "Australian Company") and its shareholders (the "Purchase Agreement"), whereby it will acquire a 100% interest in two gold projects by acquiring all of the outstanding shares of E79 Resources Pty Ltd. The Beaufort and Myrtleford projects are located in the prolific and underexplored Victorian gold fields. The Beaufort project (120km2) and the Myrtleford project (418km2), are both situated within the same geological province and in a similar setting to the Fosterville gold deposit, which has evolved into a high-grade and considerably low-cost producing gold mine.1

The Beaufort project is hosted in a similar structural setting to Fosterville, is associated with a similar geochemical signature of elevated gold, arsenic and antimony along a structural trend and is hosted within similar Paleozoic sediments and proximal to the transition between Early and Late Devonian intrusions. The Myrtleford project hosts dozens of historical high-grade gold mines which the Company believes present multiple near-term drill targets.

MPX originally held 50% of the Beaufort and Myrtleford properties in Victoria under E79 Resources Pty Ltd a private Australian company.