Element 79 Gold Announces 60-Day Extension to Valdo LOI
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Element 79 Gold Announces 60-Day Extension to Valdo LOI
VANCOUVER, BC / THENEWSWIRE / May 30, 2023 – Element 79 Gold Corp. (CSE: ELEM)(OTC: ELMGF)(FSE:
7YS) (" Element 79 Gold ", the "Company ") announces that, further to its November 17, 2022 release
announcing that the Company had entered into a non-binding leter of intent (the “Valdo LOI”) with Valdo
Minerals Ltd. (“Valdo”), the par�es have mutually agreed to a 60 -day extension to the exclusivity period
to enter into a defini�ve agreement for the sale of three proper�es from its Batle Mountain Por�olio
located in the northeastern Nevada, US.
The other terms of the LOI, as announced by the Company on November 17, 2022, remain unchanged.
Proposed Transac�on Highlights
• Valdo to acquire 100% interests and obliga�on in:
o The North Mill Creek Project - comprised of 6 unpatented claims located at the margins
of the Goat Window in Lander County, Nevada, an exposure of lower plate rocks beneath
the Roberts Mountains Thrust, the preferred carbonate host of Carlin-type gold deposits.
o The Elder Creek Project - comprised of 23 unpatented claims, which cover the historic
Elder Creek open-pit mine in Lander County, Nevada, hosted in upper plate rocks where
the mine area is believed to represent leakage from the deeper lower plate of the Roberts
Mountains Thrust.
o The Elephant Project - comprised of 197 claims located at the foot of the mine dumps at
Nevada Gold Mines' Phoenix opera�on hos�ng a covered pediment target with v arious
depths of cover based on the displacement of fault blocks.
• Valdo to issue 3,750,000 common shares at a deemed price of $0.30 CAD per share represen�ng
an aggregate value of CAD 1,125,000.
• According to the revised exclusivity period, the transac�on is expected to close by July 15, 2023.
“ As we progressed toward the ini�al term of the LOI, V aldo expressed a desire for an extension as they
finalize their project structuring and capitaliza�on plans,” said James Tworek, Element79 Gold Corp CEO.
“Our collabora�on with Valdo holds great promise, spurred by their con�nued interest in how the
op�oned por�olio synergizes with their other regionally adjacent projects, we are confident that this
extension will pave the way for a successful closing and strong Valdo story in the future.”
Element79 Gold’s Batle Mountain Por�olio
The Batle Mountain Por�olio was originally comprised of 15 separate projects totaling over 44,478 acres
across 2,203 unpatented claims in five coun�es: Elko County, Eureka County, Humboldt County, Lander
County, and Nye County. Most of the Batle Mountain Por�olio is located within the Batle Mountain Trend,
with several projects close to globally reputable gold deposits including Nevada Gold's Cortez Mine.
The Batle Mountain Por�olio is comprised primarily of early-stage projects. While drilling has been
c o m p l e t e d a t s o m e p r o j e c t s , s u c h a s E l d e r C r e e k ( 1 5 5 h o l e s ) a n d C l o v e r ( 1 0 4 h o l es), many have only
surface sampling and geophysical surveys completed. Of par�cular note are the Long Peak, Elephant, Elder
Creek, North Mill Creek, Clipper, Pipeline South, West Cortez, and Wal� Projects, which are interpreted to
lie along the northwest trending fault that hosts the high -grade Pipeline deposit, which is included in
Nevada Gold's Cortez Mine.
About Element79 Gold
Element79 Gold is a mining company focused on gold, silver and associated metals and commited to
maximizing shareholder value through responsible mining prac�ces and sustainable development of its
projects. Element79 Gold 's main focus is on two core proper�es: developing its previously -producing,
high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to bring it
back into produc�on in the near term; and its flagship Maverick Springs Project located in the famous gold
mining district of northeastern Nevada, USA, between the Elko and White Pine Coun�es. Maverick Springs
hosts a 43 -101-compliant, pit-constrained mineral resource es�mate reflec�ng an inferred resource of
3.71 million ounces of gold equivalent "AuEq" at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag)
with an effec�ve date of October 19, 2022. The acquisi�on of the Maverick Springs Project also included
a por�olio of 15 proper�es along the Batle Mountain trend in Nevada, which are non-core to its primary
business focus. 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 also 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, Canada in the
Timmins Mining Division, Dale Township. The Company is analyzing the non -core Nevada projects, The
Dale Property and Snowbird Property for further merit of explora�on, sale or spin-out.
For more informa�on about the Company, please visit www.element79.gold
Contact Informa�on:
James C. Tworek, Chief Execu�ve Officer E-mail: [email protected]
For investor rela�ons inquiries, please contact:
Investor Rela�ons Department – Dylan Anderson
Phone: +1 (613) 879-9387
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 in light of 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-l o o k i ng s t a t e m e n t s a r e s ub j e ct t o k no w n a nd
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 resul ts 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.sedar.com. 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.