Elem en t 79 Gold Corp Report s Exce pt ion a lly High -Gr a d e R esults from L ucero Addit ion a l High -Gra d e Va lu e s Con t in u e t o Su p p ort t h e Proje ct Ρ s Rob u st Potenti al

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Elem en t 79 Gold Corp Report s Exce pt ion a lly High -Gr a d e R esults from L ucero

Addit ion a l High -Gra d e Va lu e s Con t in u e t o Su p p ort t h e Proje ct Ρ s Rob u st Potenti al

VANCOUVER, BC / THENEWSWIRE / May 14, 2024 – Element79 Gold Corp. (CSE: ELEM) ( OTC: ELMGF)

(FSE: 7YS) ("Element79", the "C ompany ”) reports addi�onal assay results from underground sampling at

its flagship Lucero property, Peru, including samples up to 98 g/t gold and 2,034 g/t silver (sample 2508).

Key Highlights:

Significant Mineral Endowment : A total of 455 samples underground channel samples have been collected

from this latest phase, represen�ng nearly 600 kg ( 620kg) of mineraliza�on and 650 kg of wall rock ,

underwent comprehensive analysis by our partners at Ore Discovery and unveiled significant explora�on

poten�al. Notably, results in 115 samples returned substan�al values in gold (Au) (ranging from 1.0 g/t to

98.1 g/t), silver (Ag) (ranging from 0.7 g/t to 3,026 g/t), lead (Pb) (as high as 2.0%) and zinc (Zn) (up to

3.5%), highligh�ng the robust poten�al of Lucero’s mineral endowment.

High-Grade Mineraliza�on: Among these , 17 samples exhibited gold values surpassing 10 g/t, with 8

samples exceeding 20 g/t, a nd 51 samples boas�ng silver values exceeding 100 g/t Ag. Of par�cular

significance are 15 high-grade samples with values ranging from 12.65g/t to an impressive 98.1g/t of Au,

and remarkable silver values of 62.1 g/t to 3,026 g/t and up 3.24% Zn. These findings reaffirm the poten�al

for excep�onal high-grade mineraliza�on.

Geochemistry total Sta�s�cs: Total of 455 samples, 58% has grades over 0.1 g/t Au; 26% has grades over

1 g/t Au; and 9% has grades over 5 g/t Au. Notably most of grades below 0.1 g/t Au correspond to wall

rock (foot or hanging wall).

Table 1. Channel Sample gold grade sta�s�cs

Grade From

g/t

Grade To

g/t Count %

< 0.1 0.1 191 42

0.1 0.5 103 23

0.5 1 46 10

1 5 76 17

5 10 22 5

10 20 9 2

20 100 8 2

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Table 2. Samples returning >5.0 g/t gold from underground channel sampling.

Sampel Type Origin

WGS84

Z18S

Eas�ng

WGS84

Z18S

Northing

length

(m)

Au

g/t

Ag

g/t

Cu

%

Pb

%

Zn

%

2215 C UG 803,281 8,296,986 0.70 17.6 415 0.01 0.06 0.06

2221 C UG 803,272 8,297,031 0.30 6.3 276 0.13 0.21 0.49

2242 C UG 803,118 8,297,214 0.30 40.3 444 0.07 0.81 1.88

2250 C UG 803,071 8,297,228 0.30 35.2 545 0.03 0.31 0.38

2272 C UG 803,150 8,297,286 0.36 5.8 158 0.01 0.02 0.03

2281 C UG 803,162 8,297,338 0.35 7.1 546 0.04 0.11 0.06

2283 C UG 803,151 8,297,341 0.32 6.6 433 0.03 0.08 0.06

2288 C UG 803,112 8,297,333 0.30 19.8 3026 0.08 1.01 1.88

2290 C UG 803,085 8,297,352 0.35 6.3 800 0.04 0.31 0.27

2291 C UG 803,085 8,297,352 0.53 12.6 1333 0.03 0.14 0.07

2305 C UG 803,130 8,297,269 0.30 8.2 416 0.03 0.03 0.15

2344 C UG 803,478 8,296,734 0.67 6.9 253 0.03 0.04 0.11

2346 C UG 803,478 8,296,734 0.83 6.5 315 0.01 0.10 0.07

2375 C UG 803,467 8,296,406 0.85 18.6 161 0.20 0.18 0.18

2388 C UG 803,654 8,296,885 0.33 7.3 78 0.01 0.50 0.94

2409 C UG 803,458 8,296,776 0.30 5.3 15 0.04 0.40 0.38

2414 C UG 803,476 8,296,734 0.50 8.4 9 0.02 0.03 0.12

2422 C UG 803,442 8,296,786 0.42 6.4 98 0.13 0.66 0.77

2430 C UG 803,373 8,296,859 0.60 9.2 117 0.01 0.16 0.16

2432 C UG 803,364 8,296,868 0.30 44.9 79 0.25 1.55 3.24

2474 C UG 802,644 8,295,266 0.35 8.0 255 0.01 0.03 0.08

2475 C UG 802,670 8,295,257 0.77 37.8 309 0.01 0.03 0.08

2478 C UG 802,680 8,295,258 0.30 7.5 394 0.01 0.15 0.04

2493 C UG 802,678 8,295,271 0.30 5.7 415 0.02 0.07 0.11

2508 C UG 803,524 8,296,755 0.67 98.1 2034 0.24 0.78 0.85

2522 C UG 803,472 8,296,786 0.37 9.4 573 0.04 0.09 0.12

2540 C UG 803,110 8,297,320 0.30 10.2 497 0.03 0.24 0.06

2543 C UG 803,094 8,297,334 0.30 9.9 750 0.03 0.20 0.23

2564 C UG 803,047 8,297,327 0.35 45.8 2473 0.08 0.47 1.09

2576 C UG 803,232 8,297,187 0.67 16.6 599 0.02 0.41 0.64

2580 C UG 803,189 8,297,234 0.45 5.9 375 0.03 0.17 0.25

2591 C UG 803,346 8,296,917 0.40 54.3 1203 0.56 2.03 1.55

2623 C UG 803,484 8,297,035 0.45 9.7 39 0.00 0.39 0.92

2638 C UG 803,348 8,296,904 0.35 5.2 11 0.02 0.03 0.07

2641 C UG 803,391 8,296,867 0.32 18.8 211 0.15 0.88 1.68

2646 C UG 803,417 8,296,781 0.37 10.4 132 0.04 0.37 0.94

2649 C UG 803,520 8,296,831 0.72 7.2 1 0.00 0.01 0.02

2665 C UG 803,625 8,296,851 0.30 18.9 199 0.05 0.19 0.30

2733 C UG 803,604 8,296,902 0.30 29.2 1095 0.01 0.47 1.15

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Figure 1. Winter 2024 sample loca�ons (this new release, red stars) and fall 2023 Sample loca�ons (yellow

stars) which were previously released (see news release April 23, 2023) mapped workings (crosses), with

selected samples highlighted (black 2024 and grey 2023).

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Figure 2. Lithology map with veins and samples over 1g/t Au within the project; Apacheta and Pillune

areas.

Next Steps:

With this latest excep�onal assay data, Element79 is poised for strategic advancement. These results

transcend rou�ne explora�on work, they are pivotal markers demonstra�ng the Lucero project’s tangible

promise and poten�al, serving as the bedrock for our forthcoming drill plans and resource es�ma�on.

“As we delve deeper into both contemporary and historical data, we witness the unfolding story of Lucero’s

vast poten�al,” said James Tworek, CEO and Director of Element79. “ Harnessing the comprehensive

dataset will allow Element79 to set new standards in its explora�on methodology.”

Qualified Person

The technical informa�on in this release has been reviewed and verified by Neil Pe�grew, M.Sc., P . Geo.,

Director of Element79 Gold and a "qualified person" as defined by Na�onal 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.

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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 prospec ts 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 expre ssions) 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 c on �nue t o be r e fined; c ommodity pric es; v aria �ons in or e r es erv es, g r ade or r ec ove ry r a t es ;

actual performance of plant, equipment or processes rela�ve to specifica�ons and expecta�ons;

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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 Com pany'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.