E79 Gold Mines (ASX:E79) Stock Jumps 11.11% Today – Here's Why

Sonal Goyal

20 October 2026 03:07 PM AEDT

E79 Gold Mines (ASX:E79) Stock Jumps 11.11% Today – Here's Why

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Key Highlights

E79 Gold Mines Ltd (ASX:E79) shares were priced at $0.03 during the 20 October 2026 session, a gain of 11.11%.
The company's 29 September 2026 announcement said tenement P21/800 had been granted, so the whole Cue Gold Project now sits on granted tenements.
E79 plans more than 12,000 metres of drilling at Cue using two rigs, with the program scheduled for completion before the end of 2026.

During the Trading session on 20 October 2026, E79 Gold Mines Ltd (ASX:E79) shares were priced at $0.03, a gain of 11.11%. The company's latest press release, dated 29 September 2026, covered the grant of tenement P21/800 at its Cue Gold Project in Western Australia and the schedule for an initial drilling program of more than 12,000 metres. That announcement was released several weeks before the trading session described above.

Company Background

E79 Gold Mines Limited is an exploration company that holds a portfolio of about 2,405 square kilometres of tenure across Western Australia and the Northern Territory. Its projects are the Cue Gold Project, the Laverton South Gold Project, the Mountain Home Project and the Murchison Project. The company's head office is in Nedlands, Western Australia.

The Cue Gold Project is held through Cue Metals Pty Ltd, in which E79 Gold has a 90% interest. It covers about 67 square kilometres in the Day Dawn Goldfield of the Murchison Gold Province, immediately south of Westgold Resources' Great Fingall Gold Mine. The company said Great Fingall produced 1.2 million ounces at an average grade of 19.2 grams per tonne gold, citing a Westgold announcement of 23 October 2023.

Tenement Grant and Drilling Schedule

The 29 September 2026 announcement said the grant of P21/800 means the entire Cue Gold Project now sits on granted tenements. The final A$25,000 payment under the option over P21/800 was triggered by the grant and has been paid.

An Aboriginal heritage survey was scheduled for 12 to 16 October 2026, covering several priority targets across the wider project area, including those on P21/800. The company expects the survey report roughly two weeks after the survey is completed, in early November, and said drilling is expected to start shortly after the report is received.

Two drill rigs have been secured. An aircore rig is to mobilise first to test northwest-trending structures that the company regards as analogous to those hosting neighbouring deposits, including Break of Day, owned by Ramelius Resources, and Great Fingall. A reverse circulation rig will then join to test the Ada and Chloe Prospects, which the company describes as its most advanced targets.

Historical Drilling at Ada and Chloe

The announcement listed historical intersections at the two reverse circulation targets, referring to earlier E79 announcements of 3 October 2025 and 26 November 2025. At the Ada Prospect, hole GCRC936 returned 13 metres at 2.2 grams per tonne gold from 112 metres down-hole, ending the hole. Hole AUSI 790 returned 16 metres at 1.53 grams per tonne from 48 metres, including 8 metres at 2.4 grams per tonne from 48 metres.

At the Chloe Prospect, hole GCRC944 returned 4 metres at 6.96 grams per tonne from 90 metres, including 2 metres at 13.04 grams per tonne from 90 metres. Hole AUSI 838 returned 8 metres at 4.15 grams per tonne from 6 metres, and hole AUSI 949 returned 10 metres at 2.55 grams per tonne from 12 metres, including 2 metres at 10.7 grams per tonne from 12 metres.

The company noted that the planned program would be the first systematic testing of several of these targets in almost 30 years.

Sector Backdrop

Gold exploration companies operate against the movement of the bullion price, which is quoted in US dollars. A daily price record for 12 October 2026 showed gold closing at US$4,187.46 per ounce, down US$8.34 on the day, with an intraday low of US$4,157.14.

Risks Shareholders Should Weigh

The announcement describes exploration targets and historical drilling results, not a defined mineral resource. Historical intersections were obtained by earlier operators, and the drilling now planned is intended to test them. Results from aircore and Reverse Circulation Drilling at any target may differ from past intersections, and mineralisation may not be confirmed.

The drilling timetable relies on receipt of the heritage survey report, which the company said it expects in early November, and on rig mobilisation. A delay at either step would move the program dates. E79 Gold is an exploration-stage company with a Market Capitalisation of $10.6 million at the announcement date, and exploration activity is generally funded from capital raised from investors.

What's Next

The company said the heritage survey was scheduled for 12 to 16 October 2026, with the final report expected about two weeks afterwards, in early November. Drilling is expected to begin shortly after the report is received, with both drill rigs secured. The aircore rig is to start first, followed by the reverse circulation rig at Ada and Chloe.

E79 Gold said all drilling is scheduled for completion by the end of 2026, covering more than 12,000 metres. Assay results from both the aircore and reverse circulation campaigns are expected to be received progressively as drilling advances, and the company expects a consistent flow of exploration results over the following months.

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