Derek Macpherson Bolsters Stake in Gold79 Mines Ltd.

Derek Macpherson, a prominent investor, has recently announced an increase in his holdings in Gold79 Mines Ltd. (TSXV: AUU, OTCQB: AUSVF), a junior mining company focused on gold exploration and development. Macpherson's investment, totaling $60,000, represents a strategic move that aligns with Gold79's exploration and development plans, as well as his long-term investment objectives.

Macpherson acquired 240,000 units of Gold79, each consisting of one common share and one-half common share purchase warrant. The units were purchased at a price of $0.25 per unit, with each whole warrant exercisable at $0.40 per share until October 9, 2026. This investment brings Macpherson's and joint actors' ownership of the issued and outstanding common shares of the Company to 6.3% on an undiluted basis, down from the previous 7.7%. However, if all warrants and stock options were exercised, their ownership would represent 10.4% on a partially-diluted basis.

Macpherson's investment strategy appears to be aligned with Gold79's exploration and development plans, particularly the Gold Chain project in northwest Arizona. The project hosts the Tyro Main Zone, which has shown promising gold mineralization, with drill hole GC23-28 returning 9.1 meters at 51.1 grams per tonne (g/t) Au. Gold79 is preparing for a 1,000-meter core drilling campaign at the Gold Chain project, expected to commence later this month and be completed in Q4 2024. This program aims to define a maiden resource at the Tyro Main Zone.

Macpherson's increased ownership in Gold79 may influence the company's strategic decision-making and future growth prospects. His investment, along with other insiders' participation in the private placement, indicates confidence in the company's exploration potential and development plans. As Gold79 advances its projects, particularly the Gold Chain project, Macpherson's investment may contribute to the company's financial stability and liquidity, enabling it to pursue its exploration and development objectives more aggressively.

In conclusion, Derek Macpherson's investment in Gold79 Mines Ltd. demonstrates his confidence in the company's exploration potential and development plans, particularly the Gold Chain project. His strategic move aligns with Gold79's long-term objectives and may contribute to the company's financial stability and liquidity, ultimately enhancing its growth prospects.