Beaufort is a granted exploration tenement located in the southwest of Victoria approximately 145km west of Melbourne, the capital of the State of Victoria. It is approximately 48km west of the regional town and historic gold mining center of Ballarat.
The Beaufort Goldfield has been extensively mined in the past almost exclusively for alluvial gold, with an estimated 1.16 Moz of historical production. Local primary sources for the alluvial gold have not yet been identified.
At Beaufort, an opportunity exists to explore for a hard rock source of a major alluvial goldfield along a structure that is known to host gold in the region.
Beaufort Highlights
- 1.16Moz historical alluvial production with no hard rock source identified*
- Gold nuggets up to 400 oz recovered from adjacent alluvial fields – supporting idea of proximal primary gold source*
- Fosterville style mineralisation not considered by previous explorers targeted large tonnage, low grade open pitable type deposits
- Orientation soil sampling defined a 2.5km long gold-arsenic-antimony trend common geochemical pathfinder association in Victorian goldfields. Trend open along strike.
*Beaufort Technical Report, effective October 26, 2020
Beaufort Target
- Alluvial goldfields & large nuggets all associated with the N-S trending anticlineaxis and thrust faults
- Large and well defined target zones
- Good structural setting with cross cutting late structures
- Setting analogous to numerous other significant deposits in Victoria
- Target has not been tested at depth and no systematic program aimed at Fosterville style mineralisation has been executed to date
Soil Sampling Program
The 2020 soil grid successfully demonstrated:
- A gold-arsenic-antimony geochemical fingerprint over the key structural trends, an element association that is the hallmark of several of the major gold districts in Victoria
- The effectiveness of a 100 x 100 sampling grid of residual soil material in delineating kilometer scale anomalies
- A 2000m long, gold-arsenic-antimony trend paralleling the regional structural trend
- Indication of the presence of a second gold trend along the NE trending secondary structure, with a strike length of around 600m.
Location of Central block, the focus of this program, plus North & South Blocks. Notably, the 2km long anomaly which has been defined on the central block sits within a much larger mineralized trend (over 18km in strike), which has the potential to host a large gold system.
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#1 Top Potential Catalyst - Major News This Week
Visible Gold Intersected Down Hole in Maiden Exploration Drill Hole at Happy Valley Gold Prospect
VANCOUVER, BC, April 6, 2021 /CNW/ - E79 Resources Corp. (CSE: ESNR) ("E79" or the "Company") is pleased to report the discovery of visible gold within the Company's maiden exploration drill hole at the Happy Valley Gold Prospect on its Myrtleford property in Victoria, Australia. The diamond drill hole is the first in a program designed to test for down-dip extensions of previously mined high-grade quartz vein structures and is also designed to generate structural, lithological, alteration and geochemical information and its relationship to mineralization at the Happy Valley Mining Centre.
Rory Quinn, E79's President and Chief Executive Officer stated, "This is a superb start to the program and confirms the Company's belief in the potential of the Happy Valley target.
Rarely does the discovery of visible gold occur at the start of a program. Its presence gives us confidence to continue to target down dip and along strike extensions of known mineralization.
As soon as assays have been received, we will update the market further."
Highlights
- Multiple occurrences of visible gold observed in drill hole HVD002, in two separate zones. The gold occurs in association with quartz veining and appears accompanied by a variety of sulphide minerals
- Happy Valley Mining Centre was a high-grade historical gold mine (~31g/t Au)
- HVD002 confirms the extension of mineralized structure below the known historic mining levels
- HVD002 is being logged and zones of interest will be submitted for gold assaying and multi-element analysis
- Further drilling is continuing to test the extents of the mineralized structures below known mine levels
Read the full article here.
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#2. Top Potential Catalyst - Oversold Leaning Technicals/Possible Heathy Reversal
As of 11:00AM EST Wednesday, CSE:ESNR was displaying multiple oversold leaning technicals that could be signaling an upcoming bounce.
Here are a few to keep a close eye on (reported by Barchart):
- 9-Day Relative Strength Index: 12.36%
- 14-Day Relative Strength Index: 16.32%
When these numbers drop down to the 30% range and lower, they can be viewed as being in oversold territory. While in this territory, they can paint the picture of a profile that is undervalued.
- 14-Day Raw Stochastic: 2.74%
- 14-Day Williams %R: 97.26%
As the Raw Stochastic nears the 10% range and lower and the Williams %R nears the 90% range or higher, these technical indicators may also be viewed as oversold and undervalued.
In recent weeks, CSE:ESNR has been on a pullback since a March 1st high of $.85.
From current levels, that March high provides CSE:ESNR with huge upside potential.
Now, I'm not saying this profile is going to go surging to those levels Thursday, but you need to recognize how much higher CSE:ESNR was trading in the recent term.
Plus, this downtrend could be signaling a potential healthy reversal in this profile's future.
Here's the definition of a "reversal" from Investopedia:
"A reversal is a change in the price direction of an asset. A reversal can occur to the upside or downside. Following an uptrend, a reversal would be to the downside. Following a downtrend, a reversal would be to the upside. Reversals are based on overall price direction and are not typically based on one or two periods/bars on a chart."
Could a reversal start soon based on the potential catalysts in this report (including this week's HUGE news)?
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#3. Top Potential Catalyst - Low Float
According to Yahoo Finance, CSE:ESNR has a relatively low float.
The website reports this profile to have approximately 31.64Mn shares in its float.
Why is that important? It's important on one crucial level. Volatility.
With so few shares available for trading, potential catalysts like a positive press release can send shares heading vertical in the short-term.
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Right now, coverage is officially initiated on CSE:ESNR.
When you have a moment, consider doing this to make sure you receive my updates as quickly as possible.
