E79 Gold Mines Locks in Two-Rig November Drill at $10.6M Market Cap
Key Takeaways
- E79 Gold Mines has secured all tenement approvals for the Cue Gold Project, with the final grant of P21/800 completing the 67km² package and unlocking additional gravity targets toward the Great Fingall Dolerite.
- A dual-rig drilling programme of more than 12,000 metres is scheduled to commence in early November 2026, with the heritage survey locked in for 12–16 October and all drilling targeted for completion before year-end.
- The Chloe Prospect has returned historical intercepts of up to 13.04g/t gold, while Ada has returned 13m @ 2.2g/t — both prospects are prioritised for RC rig follow-up in the upcoming campaign.
- E79's tenements sit within the Murchison Gold Province, immediately south of deposits totalling more than 9 million ounces including Big Bell (4.8Moz), Great Fingall (1.8Moz), and Break of Day (1.4Moz).
- The entire programme is being executed against a $10.6M market capitalisation, meaning progressive assay results from multiple high-priority targets will hit the market at a valuation that leaves significant room for re-rating on positive results.
Cue Gold Project drilling locked in for November as final tenement granted
E79 Gold Mines has announced its complete Cue Gold Project tenement package is now fully granted following the award of P21/800, paving the way for its inaugural drilling programme. With a heritage survey locked in for 12–16 October 2026 and drilling expected to commence in early November, the company is preparing to deploy two rigs across a programme of more than 12,000 metres, with all drilling targeted for completion before year-end.
The scale of the activity ahead sits in sharp contrast to the company’s current $10.6M market capitalisation (353.6M shares on issue). For investors, that means a sustained flow of exploration results from multiple high-priority targets over the coming months at a very early-stage valuation.
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What this drilling programme looks like
Two rigs, two strategies
The programme is sequenced deliberately. An aircore (AC) rig mobilises first to test northwest-trending structures across the wider tenement package, with these targets considered analogous to those hosting neighbouring high-grade gold deposits. A Reverse Circulation (RC) rig then joins the programme to test the more advanced Ada and Chloe Prospects.
- AC rig targets: Early and advanced northwest-trending structural targets across the wider tenement package, considered analogous to geological settings hosting nearby high-grade deposits
- RC rig targets: Advanced Ada and Chloe Prospects, where historical drilling has already returned encouraging gold intersections
Ned Summerhayes, CEO
“We are rapidly closing in on our highly anticipated initial drilling program at the Cue Gold Project, with all key approvals secured and all tenements now granted. An aircore (AC) drill rig will mobilise first, enabling immediate testing of the highly prospective northwest-trending structures that are considered analogous to those hosting the neighbouring high-grade gold deposits, including Break of Day and Great Fingall.
“After the AC rig commences, a Reverse Circulation (RC) rig will join the program to test the Company’s most advanced targets at the Ada and Chloe Prospects. These targets have been prioritised due to their strong geological characteristics and potential to deliver significant gold mineralisation.
“Importantly, the recent grant of tenement P21/800 consolidates the Project’s tenement package and unlocks a number of compelling new drill targets that will be incorporated into the exploration program.
“With drilling planned across multiple high-priority targets, the Company is poised to enter a significant and highly active phase of exploration. Supported by two drill rigs, the programs are expected to generate a steady stream of results while advancing multiple opportunities for discovery and value creation.”
Historical drilling sets the bar at Ada and Chloe
The RC rig’s focus on Ada and Chloe is grounded in what prior drilling has already returned at both prospects. These intercepts, reported in E79’s earlier ASX announcements of 3 October 2025 and 26 November 2025, represent the clearest existing indicators of mineralisation potential across the project.
Ada Prospect historical intercepts:
- 13m @ 2.2g/t gold from 112m down-hole (GCRC936)
- 16m @ 1.53g/t gold from 48m down-hole (AUSI 790), including 8m @ 2.4g/t gold from 48m
Chloe Prospect historical intercepts:
- 4m @ 6.96g/t gold from 90m (GCRC944), including 2m @ 13.04g/t gold from 90m
- 8m @ 4.15g/t gold from 6m (AUSI 838)
- 10m @ 2.55g/t gold from 12m (AUSI 949), including 2m @ 10.7g/t gold from 12m
The grades at Chloe in particular — with intercepts exceeding 13g/t — are the kind of numbers that justify dedicating a full RC rig to systematic follow-up.
What makes the Cue Gold Project neighbourhood so compelling
The Cue Gold Project sits within the Murchison Gold Province of Western Australia, one of the country’s most historically productive gold regions. The province has a well-established track record of hosting high-grade, quartz reef-hosted gold deposits, and E79’s tenements cover 67km² immediately south of the historic Day Dawn goldfield, connected to infrastructure by state highway.
The deposit endowment surrounding the project underlines why this address matters:
- Great Fingall: 1.8Moz (Westgold)
- Break of Day: 1.4Moz (Ramelius)
- Comet: 1.0Moz (Valiant Gold)
- Big Bell: 4.8Moz (Westgold)
When geologists describe E79’s targets as sitting in an “analogous geological setting,” it means the structural and rock-type characteristics that controlled gold deposition at those neighbouring mines appear to extend into E79’s ground. That is the geological basis for the exploration thesis.
The Cue Gold Project acquisition positioned E79 across 67km² of ground in the heart of the Murchison Gold Province, with the strategic rationale centred on the same northwest-trending structural corridor that controls mineralisation at the neighbouring multi-million-ounce deposits.
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What comes next and why investors should watch this space
The near-term newsflow timeline is clear and relatively compressed:
- Heritage survey: 12–16 October 2026
- Heritage clearance report: Expected approximately two weeks after survey completion, early November 2026
- AC rig mobilises: Immediately following receipt of the clearance report
- RC rig joins programme: Shortly after AC commencement
- Assay results: Released progressively as drilling advances
- Full programme completion: Targeted by year-end 2026
This will represent the first systematic testing of several high-priority targets in almost 30 years. The final $25,000 option payment for P21/800 has been made, triggered by the grant of the tenement, and unlocking additional gravity targets interpreted to extend westward toward the Great Fingall Dolerite — adding further drill target optionality beyond what was already planned.
| Milestone | Timing | Detail |
|---|---|---|
| Heritage survey | 12–16 October 2026 | Covers high-priority targets across the project, including P21/800 |
| Heritage clearance report | Early November 2026 | Expected approximately two weeks after survey completion |
| AC rig mobilises | Early November 2026 | Tests northwest-trending structural targets across the wider tenement package |
| RC rig joins programme | November 2026 | Focuses on Ada and Chloe Prospects with advanced drill targets |
| Progressive assay results and programme completion | November–December 2026 | Results released as drilling advances; full programme targeted for year-end 2026 |
For a company carrying a $10.6M market cap, the months ahead represent an unusually dense period of potential newsflow. Multiple rigs, multiple prospects, and a geological neighbourhood that has already produced tens of millions of ounces combine to make this one of the more closely watched small-cap exploration programs heading into the final quarter of 2026.
For investors exploring how E79 structures and sequences multi-phase drilling campaigns, our dedicated guide to E79’s Laverton South drill programme details the target prioritisation methodology and step-out logic the company has applied at its other active project.
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