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Fri, Dec 27, 2024 | Jumada al-Aakhirah 26, 1446 | DXB
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Seventy Ninth Resources announces gold discoveries in Guinea
For UAE-based investors, this discovery represents a promising opportunity in the gold sector, offering a stable and potentially high-return investment
Natalie Bellis, CEO of Seventy Ninth Resources, accompanied by Mamoudou Diawara, head of geology (dressed in brown khaki with a backpack); Hadja Camara, geologist (in yellow with a white veil); and Noumagan Doumbouya, Hadja’s assistant (in blue), along with other regular visitors.
Seventy Ninth Resources Limited, a Gibraltar-based project generator, has identified multiple gold-rich areas at its LM project in the Siguiri Basin, Guinea, West Africa. This discovery is part of its ongoing exploration efforts in Guinea and Ontario, Canada.
This announcement is particularly notable for UAE-based investors, with the Emirates government aiming to diversify its economy away from oil. The promising gold forecast is also welcome news following the recent bullish outlook on crude oil. Following the unrest in the region, oil prices fell this week, with threats to oil infrastructure continuing.
The current volatility of the oil market contrasts with the growth potential and stability of the precious metals market. Often referred to as a ‘safe-haven’ asset, gold is renowned for its rate rises during turbulent periods, nicely complementing a portfolio.
Seventy Ninth Resources' Chief Geologist, William Slater, commented on their findings: “Our soil sampling has revealed multiple gold anomalies along an 8 km geological structure.”
A geophysical survey will take place shortly, with the previously identified geochemical anomalies as the priority target.
Samples from local mining pits in Guinea show high gold content, with results including 10.74g/t and 8.32g/t of gold per tonne.
Natalie Bellis, CEO of Seventy Ninth Resources, added: "We are excited by this next step in the advancement of the LM gold project. These findings highlight our ability to identify high-quality targets across our projects."
Positioning itself as a sustainable project generator, Seventy Ninth Resources invests heavily in the local communities in which it operates. The organisation supports those at the heart of its projects by creating a sustainable future for generations to come through education and improved safety standards.
The LM project in Guinea is located in the Mandiana region, 590km east of Conakry, near other significant gold mines. For UAE-based investors, this discovery represents a promising opportunity in the gold sector, offering a stable and potentially high-return investment. Seventy Ninth Resources demonstrates strong potential for future growth and development, making it a strategic addition to any diversified investment portfolio.
Stay updated with Seventy Ninth Resources at 79thresources.com.
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