E79 Gold Mines (ASX:E79) said air-core drilling at its Laverton South gold project in Western Australia identified a 700-meter-long, low-level, but significant, gold anomaly in a favorable structural position, according to a Wednesday Australian bourse filing.

The location of the anomaly was previously identified as prospective during a recent geophysical review. The firm said in-fill drilling is required to further assess this target, the filing said.

It will also drill other high-priority targets identified from the regional data review and geophysical re-processing, beginning in late May.

Its shares plunged 20% on market close on Wednesday.