Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • E79 Gold to acquire 90% of Cue Metals Pty Ltd for Cue Gold Project.
  • The Cue Gold Project is regarded as having potential for high-grade quartz reef-hosted gold deposits.
  • AUD 3 million capital raising through a two-tranche placement to fund acquisition and exploration.

E79 Gold Mines Limited (ASX:E79) is an Australian exploration company with a total project area of 1,838 km². Its portfolio includes the Laverton South Gold Project in the Laverton Tectonic Zone, the Mountain Home Copper-Gold Project in the McArthur Basin, and the Jungar Flats Gold Project, operated under a joint venture with Scorpion Minerals.

Acquisition Overview

E79 Gold will acquire 90% of Cue Metals Pty Ltd, which controls the Cue Gold Project in Western Australia’s Murchison Gold Province. The project extends over roughly 70 km² in the Day Dawn Goldfield, located just south of Westgold’s Great Fingall Gold Mine. The site is considered prospective for quartz reef-hosted gold deposits similar to historical regional production.

Capital Raising

To facilitate the acquisition and initial exploration, E79 Gold has secured binding commitments for a capital raising of AUD 3 million through a two-tranche placement to sophisticated investors. Director participation of AUD 115,000 is subject to shareholder approval. Tranche 1 will use the Company’s existing ASX Listing Rule 7.1 and 7.1A placement capacity, while Tranche 2 requires shareholder approval at the upcoming Annual General Meeting. The shares from the placement will rank equally with current fully-paid ordinary shares. Tranche 1 is expected to settle on 10 October 2025, with allotment on or about 13 October 2025.

Exploration Program

The Cue Gold Project has seen limited recent exploration, with historical drilling mostly targeting the top 50 meters. E79 Gold will focus on five priority areas: Ada, Chloe, Riptide, Transformer, and MBA23. Historical drill results include 13m at 2.2 g/t gold from 112-125m and 20m at 0.6 g/t from 45-65m at Ada, 2m at 4.8 g/t from 90-92m at Chloe, 4m at 0.6 g/t from 32-36m at Riptide, and 4m at 4.4 g/t from 36-40m at MBA23. The project is situated close to available infrastructure and nearby third-party gold processing plants.

Key Management Appointments

Glenn Martin is appointed as Technical Consultant, and Matthew Bowles will join the Board as a Non-Executive Director. Mr Martin has over 30 years of geological experience and has participated in multiple gold discoveries, including the Break of Day project in Cue. Mr Bowles has experience in resources and corporate management, including previous roles at Alto Metals.

Use of Funds

Funds from the placement will be used to finalize the acquisition, support exploration activities, and cover general working capital.

Management Comment
E79 Gold CEO Ned Summerhayes said:
“The Cue Gold Project is situated in a discovery and M&A hotspot within one of the best gold addresses in Australia. The area contains Westgold’s famous high-grade Great Fingall and Golden Crown Gold Mines, Ramelius Resources’ Break of Day Mine and other exciting projects such as Caprice Resources’ Island Gold Project. Not many junior explorers get the opportunity to secure ground with gold discovery potential like this in such a tightly-held region. We are looking forward to unlocking this significant discovery opportunity with an aggressive and focused exploration campaign.

Share Performance of – E79

The company is currently trading at AUD 0.034 and up by 30.769% from its previous close of AUD 0.026.