Element79 Gold Corp Reports Additional Assay Results Reinforcing Lucero Project's Momentum
VANCOUVER, BC / THENEWSWIRE / April 23, 2024 – Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS0) ("Element79", the "Company”) reports addi�onal results from the most recent underground and surface sampling of its flagship Lucero property.
These geochemical assays of explora�on samples con�nue to support the immense poten�al housed within Element 79’s crown jewel.
“The data obtained is not just promising; it's the cornerstone upon which our future endeavors will be built,” said James Tworek, CEO of Element 79. “These recent results coupled with historical data represent the bedrock upon which we are advancing our Lucero project.”
Among a total of 97 samples were sent for assays, 56 of which returned greater than 0.1 g/t gold (up to 8.55 g/t gold and 523 g/t silver) which are shown in Table 1. Several samples also were also rich in base metals (up to 23.7% lead and 9.9% zinc), all of which underscores the richness of our project further suppor�ng the Company’s belief a robust resource base can be delineated.
Figure 1. Fall 2023 Sample loca�ons (yellow stars), mapped workings (crosses), with selected Samples highlighted.
| Table 1. Samples returning >0.1 g/t gold from the fall 2023 sampling program, C (channel sample), G (grab | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| sample), S (surface), U (underground). | |||||||||||||||||||||
| Sampel | Type | Origin | WGS84 | WGS84 | length (m) | Au g/t | Ag g/t | Cu % | Pb % | Zn % | |||||||||||
| Z18S | Z18S | length | Au | Ag | Cu | Pb | Zn | ||||||||||||||
| Sampel | Type | Origin | EasƟng | Northing | (m) | g/t | g/t | % | % | % | |||||||||||
| 2101 | C | S | 803,491 | 8,296,553 | 0.80 | 0.30 | 1.2 | 0.0 | 0.0 | 0.0 | |||||||||||
| 2103 | C | S | 803,493 | 8,296,666 | 1.00 | 0.53 | 8.9 | 0.0 | 0.0 | 0.0 | |||||||||||
| 2104 | C | S | 803,658 | 8,296,620 | 0.30 | 0.15 | 0.7 | 0.0 | 0.0 | 0.0 | |||||||||||
| 2108 | C | S | 803,700 | 8,296,468 | 0.60 | 0.12 | 1.9 | 0.0 | 0.0 | 0.0 | |||||||||||
| 2109 | C | S | 803,700 | 8,296,469 | 0.50 | 0.30 | 6.2 | 0.0 | 0.0 | 0.0 | |||||||||||
| 2113 | C | S | 803,730 | 8,296,446 | 1.00 | 0.25 | 40.1 | 0.0 | 0.0 | 0.0 | |||||||||||
| 2117 | C | S | 803,481 | 8,296,736 | 1.10 | 0.12 | 3.8 | 0.0 | 0.1 | 0.0 | |||||||||||
| 2119 | C | S | 803,457 | 8,296,803 | 0.50 | 0.58 | 2.6 | 0.0 | 0.0 | 0.0 | |||||||||||
| 2120 | C | S | 803,456 | 8,296,803 | 0.60 | 1.57 | 9.1 | 0.0 | 0.0 | 0.1 | |||||||||||
| 2123 | C | S | 803,399 | 8,296,787 | 0.50 | 2.77 | 9.7 | 0.0 | 0.0 | 0.0 | |||||||||||
| 2124 | C | S | 803,399 | 8,296,788 | 0.80 | 0.27 | 5.1 | 0.0 | 0.0 | 0.1 | |||||||||||
| 2125 | C | S | 803,298 | 8,297,044 | 0.35 | 1.70 | 57.7 | 0.0 | 0.1 | 0.1 | |||||||||||
| 2126 | C | S | 803,298 | 8,297,043 | 0.60 | 6.22 | 33.0 | 0.0 | 0.1 | 0.1 | |||||||||||
| 2127 | C | S | 803,189 | 8,297,146 | 0.35 | 5.01 | 138.0 | 0.0 | 0.1 | 0.0 | |||||||||||
| 2128 | C | S | 803,303 | 8,296,978 | 0.80 | 0.27 | 17.4 | 0.0 | 0.1 | 0.1 | |||||||||||
| 2129 | C | S | 803,257 | 8,297,133 | 0.40 | 1.75 | 84.1 | 0.0 | 0.0 | 0.1 | |||||||||||
| 2130 | C | S | 803,256 | 8,297,133 | 0.85 | 0.65 | 42.6 | 0.0 | 0.0 | 0.1 | |||||||||||
| 2134 | C | S | 803,594 | 8,297,072 | 0.60 | 0.18 | 26.2 | 0.0 | 0.4 | 0.1 | |||||||||||
| 2139 | G | U | 801,951 | 8,294,338 | N/A | 6.96 | 81.4 | 0.1 | 0.4 | 0.8 | |||||||||||
| 2140 | G | U | 801,929 | 8,294,348 | N/A | 1.06 | 23.1 | 0.0 | 0.7 | 1.2 | |||||||||||
| 2141 | C | U | 801,882 | 8,294,362 | 0.30 | 0.12 | 5.5 | 0.0 | 0.0 | 0.1 | |||||||||||
| 2143 | C | U | 801,832 | 8,294,389 | 0.30 | 0.90 | 29.1 | 0.0 | 0.1 | 0.3 | |||||||||||
| 2145 | G | U | 801,809 | 8,294,390 | N/A | 8.55 | 523.0 | 0.0 | 0.4 | 0.2 | |||||||||||
| 2149 | C | U | 801,824 | 8,294,392 | 0.45 | 6.19 | 97.0 | 0.1 | 0.4 | 0.4 | |||||||||||
| 2150 | C | U | 802,276 | 8,293,072 | 0.90 | 0.14 | 40.1 | 0.1 | 2.1 | 1.3 | |||||||||||
| 2152 | C | U | 802,297 | 8,293,075 | 0.30 | 2.11 | 48.5 | 0.0 | 1.6 | 3.6 | |||||||||||
| 2154 | C | U | 802,297 | 8,293,075 | 0.50 | 0.11 | 6.3 | 0.0 | 0.3 | 0.8 | |||||||||||
| 2156 | C | U | 802,374 | 8,293,117 | 0.90 | 0.18 | 6.6 | 0.1 | 0.2 | 0.4 | |||||||||||
| 2157 | C | U | 802,382 | 8,293,119 | 1.50 | 0.16 | 13.7 | 0.1 | 0.3 | 2.2 | |||||||||||
| 2159 | C | U | 802,412 | 8,293,119 | 0.40 | 0.16 | 22.7 | 0.0 | 2.7 | 1.6 | |||||||||||
| 2160 | C | U | 802,439 | 8,293,126 | 0.80 | 0.10 | 34.1 | 0.2 | 2.3 | 2.7 | |||||||||||
| 2162 | G | U | 802,498 | 8,293,150 | N/A | 0.60 | 5.0 | 0.0 | 0.1 | 0.2 | |||||||||||
| 2163 | C | U | 802,520 | 8,293,161 | 0.65 | 0.24 | 7.2 | 0.0 | 0.5 | 1.0 | |||||||||||
| 2165 | C | U | 802,542 | 8,293,167 | 0.30 | 0.11 | 2.9 | 0.0 | 0.2 | 0.2 | |||||||||||
| 2166 | C | U | 802,596 | 8,293,176 | 0.55 | 0.29 | 2.4 | 0.0 | 0.1 | 0.2 | |||||||||||
| 2167 | C | U | 802,595 | 8,293,175 | 0.60 | 0.20 | 23.5 | 0.0 | 2.9 | 2.2 | |||||||||||
| 2169 | C | U | 802,327 | 8,293,090 | 0.55 | 0.27 | 4.3 | 0.0 | 0.0 | 0.1 | |||||||||||
| 2171 | C | U | 802,327 | 8,293,091 | 0.50 | 0.43 | 29.4 | 0.0 | 0.6 | 0.7 | |||||||||||
| 2173 | C | U | 802,367 | 8,293,108 | 0.45 | 0.37 | 14.7 | 0.0 | 0.6 | 0.3 | |||||||||||
| 2175 | C | U | 802,385 | 8,293,111 | 0.90 | 0.32 | 69.0 | 0.6 | 3.8 | 2.6 | |||||||||||
| 2176 | C | U | 802,405 | 8,293,113 | 0.35 | 1.22 | 60.8 | 0.2 | 3.7 | 2.7 |
| Sampel | Type | Origin | WGS84 | WGS84 | length (m) | Au g/t | Ag g/t | Cu % | Pb % | Zn % | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Z18S | Z18S | ||||||||||||||||||||
| EasƟng | Northing | ||||||||||||||||||||
| 2178 | C | U | 802,424 | 8,293,116 | 0.55 | 0.17 | 5.8 | 0.0 | 0.2 | 0.3 | |||||||||||
| 2179 | C | U | 802,424 | 8,293,115 | 0.40 | 0.49 | 210.0 | 0.3 | 23.7 | 9.9 | |||||||||||
| 2181 | C | U | 802,424 | 8,293,115 | 0.70 | 0.16 | 35.3 | 0.1 | 0.1 | 1.0 | |||||||||||
| 2182 | C | U | 802,453 | 8,293,126 | 0.75 | 0.17 | 7.8 | 0.0 | 0.2 | 0.2 | |||||||||||
| 2183 | C | U | 802,510 | 8,293,155 | 0.80 | 0.25 | 6.6 | 0.0 | 0.2 | 0.5 | |||||||||||
| 2184 | C | U | 802,509 | 8,293,156 | 0.50 | 0.65 | 30.5 | 0.1 | 1.8 | 6.1 | |||||||||||
| 2185 | C | U | 802,629 | 8,293,181 | 0.40 | 0.12 | 5.7 | 0.1 | 0.1 | 0.3 | |||||||||||
| 2187 | C | U | 802,676 | 8,293,176 | 0.55 | 0.54 | 10.6 | 0.0 | 0.4 | 0.8 | |||||||||||
| 2188 | C | U | 802,676 | 8,293,176 | 0.35 | 0.27 | 15.9 | 0.1 | 1.6 | 0.6 | |||||||||||
| 2189 | C | U | 802,331 | 8,293,090 | 2.00 | 0.40 | 12.9 | 0.0 | 0.5 | 0.3 | |||||||||||
| 2200 | C | U | 802,361 | 8,293,107 | 0.40 | 0.19 | 3.3 | 0.0 | 0.3 | 0.4 | |||||||||||
| 2202 | C | U | 802,371 | 8,293,108 | 0.70 | 0.12 | 5.1 | 0.0 | 0.1 | 0.1 | |||||||||||
| 2203 | C | U | 802,371 | 8,293,107 | 0.65 | 0.11 | 9.1 | 0.0 | 0.9 | 0.2 | |||||||||||
| 2206 | C | U | 802,375 | 8,293,108 | 1.60 | 0.16 | 2.4 | 0.0 | 0.1 | 0.2 | |||||||||||
| 2209 | C | U | 802,383 | 8,293,111 | 0.30 | 0.13 | 23.0 | 0.1 | 0.6 | 0.8 | |||||||||||
| All Samples were sent for To CERTIMIN S.A. Laboratories, Lima, Peru for analysis. Standards and | |||||||||||||||||||||
| duplicates were inserted every 10th samples. | |||||||||||||||||||||
| Recent data from assay results is pivotal for Element 79. Firstly, it will serve as the foundaƟon for the | |||||||||||||||||||||
| Company’s resource development and future mine planning. These reports are both essenƟal steps the | |||||||||||||||||||||
| mine evaluaƟon process and highlights crucial milestones in demonstraƟng the project's viability. | |||||||||||||||||||||
| Secondly, this data will inform the direcƟon of the Company’s upcoming 2024 drill program, which will be | |||||||||||||||||||||
| guided by a 3D modelling of both geology and historic mine workings, designed to maximize efficiency and | |||||||||||||||||||||
| accuracy. The 3D model will harness the comprehensive dataset that has been amassed, including historic | |||||||||||||||||||||
| data compilaƟon from the past-producing era leading up to 2005, current surface and underground | |||||||||||||||||||||
| geochemistry, review and channel sampling of underground workings, mapping (both underground and | |||||||||||||||||||||
| surface), geophysical surveys, as well as cross-secƟonal and longitudinal interpretaƟons. | |||||||||||||||||||||
| Tworek conƟnues: “This data helps to prove from a methodical and unbiased perspecƟve where both the | |||||||||||||||||||||
| ore “is” as much as where the ore “isn’t”. When modelled in conjuncƟon with past sampling data and | |||||||||||||||||||||
| historical producƟon data, this proves that the current underground addits and open veins as well as their | |||||||||||||||||||||
| surface level expressions are strong economically, where future exploraƟon and drilling campaigns will | |||||||||||||||||||||
| highlight where we will focus for ore extracƟon.“ | |||||||||||||||||||||
| As the Element79 team moves forward, its confidence is both in the skill and experience of its team as | |||||||||||||||||||||
| well as the conƟnued posiƟve results its work programs have yielded. The Company’s mission is to | |||||||||||||||||||||
| maximize shareholder value through conƟnued development of the Lucero project, by bringing it back into | |||||||||||||||||||||
| commercial producƟon, in a safe, ethical, sustainable and profitable fashion. |
Qualified Person
The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a "qualified person" as defined by National Instrument 43-101.
About Element79 Gold Corp.
Element79 Gold is a mining company focused on gold and silver commited to maximizing shareholder value through responsible mining prac�ces and sustainable development of its projects. Element79 Gold's focus is on developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart produc�on in 2024.
The Company also holds a por�olio of 5 proper�es along the Batle Mountain trend in Nevada, with the Clover and West Whistler projects believed to have significant poten�al for near-term resource development. Three proper�es in the Batle Mountain Por�olio are under contract for sale to Valdo Minerals Ltd., with an an�cipated closing date in the first half of 2024. The Company has also signed an Op�on Agreement to sell the Maverick Springs project, an advanced-stage exploratory property with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) (see 43-101 technical report �tled: Amended Technical Report on the Maverick Springs Project, Nevada, USA, by Allan Armitage, PhD., P.Geo, and Rohan Millar, B.Sc. P.Geo., dated October 7, 2022, available on SEDAR) and an�cipates comple�ng this sale on or before July 21, 2024.
In Bri�sh Columbia, Element79 Gold has executed a Leter of Intent and funded a drilling program to acquire a private company that holds the op�on to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central Bri�sh Columbia, approximately 20km west of Fort St. James.
The Company has an op�on to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, and has recently announced that it has transferred this project to its wholly owned subsidiary, Synergy Metals Corp, and is advancing through the Plan of Arrangement spin-out process.
For more informa�on about the Company, please visit www.element79.gold
Contact Informa�on For corporate matters, please contact:
James C. Tworek, Chief Execu�ve Officer E-mail: [email protected]
For investor relations inquiries, please contact:
Investor Rela�ons Department
Phone: +1.403.850.8050 E-mail: [email protected]
Cau�onary Note Regarding Forward Looking Statements
This press contains "forward-looking informa�on" and "forward-looking statements" under applicable securi�es laws (collec�vely, "forward-looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportuni�es that are based on forecasts of future results, es�mates of amounts not yet determinable and assump�ons of management made considering management's experience and percep�on of historical trends, current condi�ons and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; explora�on ac�vi�es; the �ming and result of explora�on ac�vi�es; capital projects and explora�on ac�vi�es and the possible results thereof; acquisi�on opportuni�es; and the impact of acquisi�ons, if any, on the Company. Assump�ons may prove to be incorrect and actual results may differ materially from those an�cipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cau�oned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assump�ons or expecta�ons upon which they are placed will occur. All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predic�ons, expecta�ons, beliefs, plans, projec�ons, objec�ves or future events or performance (o�en, but not always, using words or phrases such as "seek", "an�cipate", "plan", "con�nue", "es�mate", "expect", "may", "will", "project", "predict", "forecast", "poten�al", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements".
Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertain�es and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the dura�on and effects of the coronavirus and COVID-19; risks related to the integra�on of acquisi�ons; actual results of explora�on ac�vi�es; conclusions of economic evalua�ons; changes in project parameters as plans con�nue to be refined; commodity prices; varia�ons in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes rela�ve to specifica�ons and expecta�ons; accidents; labour rela�ons; rela�ons with local communi�es; changes in na�onal or local governments; changes in applicable legisla�on or applica�on thereof; delays in obtaining approvals or financing or in the comple�on of development or construc�on ac�vi�es; exchange rate fluctua�ons; requirements for addi�onal capital; government regula�on; environmental risks; reclama�on expenses; outcomes of pending li�ga�on; limita�ons on insurance coverage as well as those factors discussed in the Company's other public disclosure documents, available on www.sedarplus.ca. Although the Company has atempted to iden�fy important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as an�cipated, es�mated or intended. The Company believes that the expecta�ons reflected in these forward-looking statements are reasonable, but no assurance can be given that these expecta�ons will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obliga�on, to update these forward-looking statements, except as required by applicable laws.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.