GOLD79 MINES LTD - AUSVF STOCK NEWS

Gold79 Mines announces the passing of Dr. James M. Franklin, a key director since 2003. Dr. Franklin's contributions to geoscience, particularly regarding the Canadian Shield, earned him global recognition, including induction into the Canadian Mining Hall of Fame in 2019. His expertise and dedication significantly influenced both academia and industry, making a lasting impact on Gold79's exploration strategies. The company expresses deep condolences to his family, acknowledging his invaluable knowledge and positive influence.

Gold79 Mines has completed a trenching program at the Tyro Main Zone of the Gold Chain Project, covering 358 meters with 15 trenches. Preliminary insights suggest better continuity of quartz veining. Assay results from 217 samples are pending, expected in 4-6 weeks. This trenching program will guide the design of a Fall 2024 drilling campaign. Initial observations include a 50-meter extension of known veins and the identification of a broad envelope of banded chalcedony-adularia veins. The company also extended the closing date of its private placement financing to June 26, 2024, having raised $718,250 so far. The project is supervised by Robert Johansing, adhering to NI 43-101 standards.

Gold79 Mines has finalized the acquisition of the Tip Top Gold Project in Nevada by making a final payment of $25,000. The project now wholly belongs to Gold79, which is keen on maximizing its value while focusing on its Gold Chain project. Historically, the Tip Top project has shown promising drill results with notable high-grade intercepts. The project, located in Esmeralda County, contains several gold-silver epithermal veins with historical production. Recent soil sampling has identified significant gold-in-soil and mercury-in-soil anomalies. The vendor retains a 1% net smelter return royalty, and Gold79 is obligated to pay $200,000 upon completion of a feasibility study.

Gold79 Mines announced the closing of the first tranche of a private placement financing, raising $718,250 through the issuance of 2,873,000 units at $0.25 per unit. Each unit includes one common share and one-half common share purchase warrant. The company aims to use the proceeds for exploration expenditures, property claim costs, and general corporate purposes. Officers and directors participated in the placement, acquiring 900,000 units for $225,000.

Gold79 Mines is set to commence trenching at the Tyro Main Zone in the Gold Chain Project to further explore high-grade drill intercepts from 2023. The program aims to understand gold distribution, define a maiden resource, and plan follow-up drilling. The company anticipates a larger and higher-grade resource than the nearest producing mine in the district.

Gold79 Mines (TSXV: AUU) (OTCQB: AUSVF) announces the approval of a one-for-10 share consolidation by the TSX Venture Exchange, effective April 22, 2024. The consolidation aims to streamline equity financing for exploration objectives. Shareholders will see a reduction in outstanding common shares from 191,298,579 to approximately 19,129,857. Fractional shares will be rounded up to whole shares, with no cash consideration for fractional shares. Voting power and ownership percentages will remain consistent post-consolidation. Uncertificated shares will be converted through brokerage accounts, while registered shareholders will need to follow specific instructions for obtaining new certificates. The new CUSIP is 380719203, and the ISIN is CA3807192032.

Gold79 Mines announces a non-brokered private placement to raise up to $1,000,000 through the issuance of 4,000,000 post-consolidation units at $0.25 per unit. Each unit includes a common share and a warrant. The warrants are callable if the share price meets certain criteria. The offering is subject to a hold period and TSX-V approval, with a closing date set for April 30, 2024. Existing shareholders as of April 10, 2024, can participate under certain exemptions. The proceeds will fund exploration, property costs, and working capital. Officers and directors may participate, and finder fees may be paid. The company plans a share consolidation at a ratio of 1:10, resulting in approximately 19,129,857 common shares outstanding.

Gold79 Mines Ltd. has defined an exploration target at the Tyro Main Zone, part of the Gold Chain Project in Arizona. The potential resource area has the potential for 15.6 to 31.2 Mt grading 1.5 to 2.5 g/t Au. The company plans to conduct additional drilling and sampling to further define the resource. The potential quantity and grades are conceptual in nature, and further exploration is needed to determine if the target can be delineated as a mineral resource.

Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) provides an update on the permitting process at its Jefferson Canyon project in Nevada. The project is located 7 kilometers from Kinross's Round Mountain operations and has 145 historical drill holes, including 41.2m at 6.4 g/t gold and 402 g/t silver (GJ-81). Gold79 has entered into an Exploration and Option agreement with Kinross, and the recent progress in the permitting process suggests completion in time for the 2024 exploration season.