E79 Resources Corp (OTCMKTS:ESVNF) (CSE:ESNR) Stock Suddenly Falls 12%: What’s The Buzz?

E79 Resources Corp (OTCMKTS:ESVNF) (CSE: ESNR)  fell 12% after announcing receipt of priority testing findings from diamond holes HVD010 and HVD009. CEO of the company Martin Pawlitschek said they are delighted with the continuing high-grade test results as they drill deeper and expand the drill area at Happy Valley. He explained that the results prove that the gold system is open at depth as well as laterally.

Market Stats

On Tuesday, ESVNF stock decreased by 12.10% to $0.5307 with more than 55k shares, compared to its average volume of 19.48K shares. The stock has moved within a range of $0.5149 – 0.5865 after opening trading at $0.5861.

Further High Grade Gold Results Extends Mineralised System to 360m Below Surface at the Happy Valley

Drillhole HVD010 encountered a large area of intermittent formation (35 percent of interval), including quartz-sulfide, brittle quartz, and quartz stringer veining ranging from 296m through 435m downhole.

From 304.5m – 309.8mthe Porepunkah reef, there was an area of quartz-sulfide formation with several bits of evident gold combined with pyrite, arsenopyrite, and small galena. Drill hole HVD009 encountered Porepunkah reef deposits within HVD007 (1.70m @ 5.51g/t Au), HVD003 (0.60m @ 147.50g/t Au) and returned a 2.65m @ 7.94g/t interval from a calcified quartz vein. This juncture denotes that this system is still accessible from the south. So investors should watch ESVNF.

Key Quote

Martin Pawlitschek, E79’s interim President and Chief Executive Officer commented “E79 Resources is extremely pleased with the continuation of high-grade assay results as we drill deeper and step out wider at Happy Valley. These results confirm that the gold system is not only open at depth but open laterally. Coupled with the observation of visible gold from HVD014, the system also appears to be open to the south-east which will be a focus for upcoming drill programs. With drilling continuing to indicate a robust mineralised system at Happy Valley and with new target areas being defined across the license area, management are planning to ramp up the drill program this year, with more rigs being commissioned to the Myrtleford project”.