E79 Gold Secures $250,000 in NT Government Funding to Accelerate Mountain Home Copper-Gold-Bismuth Exploration
E79 Gold Mines Limited (ASX: E79) has secured significant government support with two co-funded grants totalling $250,000 for its Mountain Home Copper-Gold-Bismuth Project in the Northern Territory. The funding, awarded through the Northern Territory Government's Geophysics & Drilling Collaborations (GDC) program, validates the company's exploration strategy in the highly prospective McArthur Basin.
Dual Funding Boosts Exploration Capabilities
The company has received two strategic funding allocations:
- $100,000 contribution towards a 2,000m RC drilling program at the Mountain Home Gossan
- $150,000 contribution towards an airborne gravity survey across the greater Mountain Home Project
CEO Ned Summerhayes highlighted the significance of this support: "These successful applications validate our exploration strategy in the highly prospective McArthur Basin and will allow the Company to de-risk initial drilling at the highly prospective Mountain Home Gossan. The acquisition of large-scale, high-quality gravity data over the project will allow more targeted exploration programs to be undertaken going forward, reducing both the risk and timeframes to a potential discovery."
Mountain Home: A Potentially Significant Copper-Gold Discovery
The Mountain Home Project encompasses an impressive 868km² area within the resource-rich McArthur Basin. What makes this project particularly noteworthy is its geological classification as a potential intra-cratonic copper-gold (ICG) deposit, which includes iron-oxide copper-gold (IOCG) style mineralisation.
This classification is significant as it places Mountain Home in the same category as deposits found in the Tennant Creek mineral field, known for substantial mineral resources.
Previous rock chip samples from the Mountain Home Gossan have returned exceptional values:
| Element | Peak Values |
|---|---|
| Copper | 45.5% |
| Gold | 11.75 g/t |
| Bismuth | 9.09% |
These high-grade results indicate substantial mineralisation potential, with the upcoming drilling program set to test the extent and continuity of these promising surface indications.
Strategic Exploration Timeline
Heritage approvals are currently in progress, with surveys organised for August 2025. The company plans to commence the initial RC drilling program later in the dry season, utilising the co-funded grants which must be deployed in 2025.
The airborne gravity survey will provide crucial data for identifying structures, intrusions, and targets under cover—a particularly valuable tool in regions with limited surface exposures like parts of the McArthur Basin.
Understanding ICG/IOCG Deposits: Why They Matter to Investors
Intra-cratonic copper-gold (ICG) deposits, including iron-oxide copper-gold (IOCG) deposits, represent some of the world's most valuable mineral systems. These deposit types are known for their potential to host large-scale, high-grade resources.
What Are IOCG Deposits?
IOCG deposits are a distinct class of mineral deposits characterised by:
- Multi-element mineralisation – Primarily copper and gold, but often including bismuth, uranium, silver, and rare earth elements
- Structural control – Formation along major structural boundaries or fault systems
- Association with iron oxides – Typically containing significant magnetite or hematite
- Hydrothermal origin – Formed by hot fluids circulating through the earth's crust
These deposits typically occur in Proterozoic or Archean cratons (ancient, stable parts of continental lithosphere) and are often found in extensional tectonic settings.
Economic Significance
IOCG deposits like Olympic Dam in South Australia have proven to be company-makers due to their:
- Multi-commodity nature (copper, gold, and often uranium, silver, bismuth)
- Substantial size potential
- Long mine lives
- Favourable metallurgy
The Olympic Dam deposit, operated by BHP, represents one of the world's largest mineral deposits, containing more than 10 billion tonnes of ore. Other significant IOCG deposits include Ernest Henry in Queensland and Prominent Hill in South Australia.
While Mountain Home is at an early stage, its geological setting and preliminary results suggest similarities to the Tennant Creek mineral field—a historically significant mining district in the Northern Territory that has produced over 5.5 million ounces of gold and 488,000 tonnes of copper.
E79 Gold: Strategic Portfolio Positioning
E79 Gold holds a substantial exploration portfolio comprising approximately 1,838km² of highly prospective ground across two of Australia's premier mining jurisdictions:
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Northern Territory's McArthur Basin – The world's largest accumulation of zinc-lead deposits, with significant copper, gold, and diamond potential
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Western Australia's Yilgarn Craton – Including projects in the Laverton Tectonic Zone and Murchison Goldfields, both endowed with over 30 million ounces of gold
This diversified approach provides investors with exposure to multiple commodity opportunities while maintaining a focused exploration strategy. The company's Murchison project operates under an earn-in and joint venture agreement with Scorpion Minerals, allowing E79 to concentrate resources on the Laverton South Gold Project and the Mountain Home Project.
Financial Position
E79 Gold is well-capitalised to pursue its exploration objectives with:
- Market capitalisation: $3.5 million
- Cash position: $2.13 million (as of March 31, 2025), plus an additional $783,000 from a tranche 2 placement received in April 2025
- Shares outstanding: 158 million
The addition of $250,000 in government co-funding significantly extends the company's exploration capabilities without further shareholder dilution.
Why Investors Should Track E79 Gold
E79 Gold presents a compelling investment case for resource sector investors:
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Government-validated exploration strategy – The NT government funding provides third-party validation of the company's technical approach
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High-grade surface samples – Rock chip samples with up to 45.5% copper and 11.75 g/t gold indicate significant mineralisation potential
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Strategic landholding – 868km² in one of Australia's most prospective yet underexplored mineral provinces
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Potential for major discovery – IOCG deposits represent some of the most valuable mineral discoveries globally
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Well-funded position – With approximately $2.9 million in cash plus government funding, the company is positioned to execute significant exploration programs
With a market capitalisation of just $3.5 million, E79 Gold offers investors leveraged exposure to exploration success in world-class mineral provinces. The upcoming drilling program at Mountain Home represents a potential near-term catalyst that could significantly revalue the company upon success.
As the company's motto states: "Money in the ground." With imminent drilling programs and strong government support, investors now have the opportunity to position themselves ahead of potentially transformative exploration results.
Want to Learn More About This Potential IOCG Discovery?
For more information about E79 Gold's exciting Mountain Home Copper-Gold-Bismuth Project and their strategic exploration plans backed by $250,000 in Northern Territory Government funding, visit E79 Gold's website. With high-grade surface samples and imminent drilling in a highly prospective region, now is the time to discover this compelling investment opportunity in one of Australia's premier mining jurisdictions.
