Element79 Gold Corp Provides Update on Nevada
Portfolio
Vancouver, BC, Canada -- August 23, 2024 -- InvestorsHub NewsWire
-- Element79 Gold Corp. (CSE:ELEM,
FSE 7YS0,
OTC:ELMGF) is pleased to announce several updates related to
its Nevada Portfolio:
Highlights of Element79's Nevada portoflio since
acquisition in 2021:
-
A portfolio of 16 projects was acquired as an "all or nothing"
package from Waterton Global Resource Management in December
2021. The Company has subsequently reviewed, updated and
expanded historical data sets, and ultimately divested of many
projects with an eye to generate shareholder value.
-
Two projects sold to Centra in 2023 – Stargo and Long Peak.
Long Peak 43-101 expected to be complete during late summer
2024.
-
The Company made the strategic decision to not renew the claims on
eight projects due to being very early stage and outside of the
Company's parameters to work on; data rooms for these projects were
retained.
-
The Maverick Springs project was purchased with a 1,8M oz AuEq
Historical Reosurce, which the Company reviewed, reworked and
increased the Mineral Resource Estimate to 3,71Moz AuEq.
Maverick Springs was sold to Sun Silver on May 8, 2024, with cash
received being used to pay off debts and accounts payable;
the Company retained 3,500,000 shares of Sun Silver Limited
(ASX:SS1) at 0.20 AUD as an investment in the development of the
Maverick SPrings asset. The Company will hold and divest of
these shares strategically over time.
-
Valdo portfolio – Original option expired. In discussions
with multiple counterparties for sale of the same projects,
anticipated closing in 2024.
-
Clover, West Whistler – portfolio under review, currently in
discussions with third parties to sell
Valdo Package Reset for Sale
The Company confirms the expiry of the previously-announced Letter
of Intent ("LOI") with Valdo Minerals Ltd. for the purchase of the
North Mill Creek, Elder Creek, and Elephant Projects, including all
land claims and historical databases relative to the projects
therein. The original LOI was established on November 17, 2022 with
an original closing date of July 15, 2023. As the parties
communicated through the process and were working towards a
closing, a 60-day extension was granted, which has expired.
The Company is in discussions with two parties regarding these same
projects with the intent to close the sale of them within
2024. Element79 Gold Corp. remains committed to the
successful completion of the divestiture of these projects and
believes that it will come to commercially beneficial terms for
their sale in the near term.
The North Mill Creek Project
The North Mill Creek Project ("North Mill
Creek") is comprised of 6 unpatented claims located at the
margins of the Goat Window in Lander County, Nevada. The Goat
Window is an exposure of lower plate rocks beneath the Roberts
Mountains Thrust which are the preferred carbonate host of
Carlin-type gold deposits. Previous drilling completed at North
Mill Creek yielded encouraging results warranting follow-up
exploration.
The Elder Creek Project
The Elder Creek Project ("Elder
Creek") is comprised of 23 unpatented claims which cover
the historic Elder Creek open-pit mine in Lander County, Nevada.
Elder Creek is hosted in upper plate rocks where the mine area is
believed to represent leakage from the deeper lower plate of the
Roberts Mountains Thrust, suggesting that deeper targets could host
significant mineralization within faulted and anticline folded
sedimentary beds.
The Elephant Project
The Elephant Project ("Elephant") is comprised of 197
claims located at the foot of the mine dumps at Nevada Gold Mines'
Phoenix operation. Elephant hosts a covered pediment target with
various depths of cover based on the displacement of fault blocks.
Limited past drilling has confirmed the presence and mineralization
of the Elephant target model.
Remaining Nevada Portfolio Under
Review
With the sale of Maverick Springs bringing attention to the
Company, it has been fielding calls with counterparties inquiring
about the remaining projects in the Element79 Gold Corp portfolio,
Clover and West Whistler. These projects have been visited and are
under review by the Element79 Gold team, being weighed for further
development and dealing.
Clover
Clover is in Elko County in township 38 range 44 and in township 37
range 44. The property comprises 162 claims over 3,063 acres.
Clover is positioned over felsic volcanics and tuffaceous
sedimentary rocks. Two sets of conjugate faults strike across or
adjacent to the property, with each of these fault systems projects
to a major Au producer. Past project owners had drilled 104
holes and have completed remediation work; past drill results
include: JK-4C were 32' at 25 g/t Au with a peak intersection of
2.5' at 274 g/t Au; CL-13 intersected 25' at 7.85 g/t Au; USCV012
intersected 10' at 20.4 g/t Au.
West Whistler
19km West of Eureka, Nevada, West Whistler is a moderate
group of 103 claims over 2,057 acres in Eureka County.
Regionally proximate to the former Barrick, current-day i80
Gold Ruby Hill Mine. Historic work includes mapping, soil
sampling, VLF survey and 6 drill holes.
"Element79 Gold has been on a constant mission to continue
unlocking additional value from the vast portfolio of projects that
had been amassed over the past few years, with the intent to create
value for our shareholders. The current market trend of
rising gold and silver prices, as well as the business- and
mining-friendly state of Nevada are key points that have driven
past sales as well as current (potential) transactional
counterparties to reach out on the remaining Battle Mountain
projects in our portfolio." stated James Tworek, CEO and Director
of Element79 Gold. "We, with industry teammates and transactional
counterparties, have always believed the Battle Mountain Portfolio
contains several notable future targets which warrant extensive
exploration and prospecting to further validate historic high-grade
samples and drilling results. We have seen success in other
sales from the portfolio, and we continue to pursue this strategy
of unlocking value for our shareholders, and to increase focus on
exploring and developing our core high-grade, past-producing Lucero
project."
Qualified Person
The technical information in this release has been reviewed and
verified by Kim Kirkland, Fellow of AusIMM #309585, Chief Operating
Officer of Element79 Gold Corp, 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
committed to maximizing shareholder value through responsible
mining practices and sustainable development of its projects.
Element79 Gold's focus is on exploring developing its
past-producing, high-grade gold and silver mine, the Lucero project
located in Arequipa, Peru, with the intent to restart production in
the near term.
The Company holds a portfolio of five properties along the Battle
Mountain trend in Nevada, and the projects are believed to have
significant potential for near-term resource development. The
Company is currently reviewing the Battle Mountain portfolio for
exploration and development or sale.
The Company also holds an option 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 information about the Company, please
visit its new website: www.element79.gold
Contact Information For corporate matters, please contact:
James C. Tworek, Chief Executive Officer and Director
E-mail: jt@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
E-mail: investors@element79.gold
Cautionary Note Regarding Forward-Looking
Statements
This press contains "forward-looking information" and
"forward-looking statements" under applicable securities laws
(collectively, "forward-looking statements"). These statements
relate to future events or the Company's future performance,
business prospects or opportunities that are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions of management made considering management's experience
and perception of historical trends, current conditions 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; exploration
activities; the timing and result of exploration activities;
capital projects and exploration activities and the possible
results thereof; acquisition opportunities; and the impact of
acquisitions, if any, on the Company. Assumptions may prove to be
incorrect and actual results may differ materially from those
anticipated. Consequently, forward-looking statements cannot be
guaranteed. As such, investors are cautioned not to place undue
reliance upon forward-looking statements as there can be no
assurance that the plans, assumptions or expectations 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 predictions,
expectations, beliefs, plans, projections, objectives or future
events or performance (often, but not always, using words or
phrases such as "seek", "anticipate", "plan", "continue",
"estimate", "expect", "may", "will", "project", "predict",
"forecast", "potential", "target", 4 of 4 "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, uncertainties 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 duration and effects of the coronavirus and COVID-19; risks
related to the integration of acquisitions; actual results of
exploration activities; conclusions of economic evaluations;
changes in project parameters as plans continue to be refined;
commodity prices; variations in ore reserves, grade or recovery
rates; actual performance of plant, equipment or processes relative
to specifications and expectations; accidents; labor relations;
relations with local communities; changes in national or local
governments; changes in applicable legislation or application
thereof; delays in obtaining approvals or financing or in the
completion of development or construction activities; exchange rate
fluctuations; requirements for additional capital; government
regulation; environmental risks; reclamation expenses; outcomes of
pending litigation; limitations 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 attempted to identify 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 anticipated, estimated or intended. The
Company believes that the expectations reflected in these
forward-looking statements are reasonable, but no assurance can be
given that these expectations 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 obligation, 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.