Element 79 Gold Corp. Provides Update on 2023 Work Plan for Dale Property
VANCOUVER, BC / THENEWSWIRE / September 26, 2023 – Element 79 Gold Corp. (CSE: ELEM)(OTC: ELMGF)(FSE: 7YS) ("Element 79 Gold", the "Company") a mining company focused on gold, silver and associated metals, provides an update on the progress of its comprehensive work plan for the Dale Property (the "Property"), located in the Porcupine Mining Division, Dale Township, Ontario, Canada.
Previously Iden�fied High-Poten�al Areas
Element 79 Gold and historic operator Placer Dome Canada Limited have previously iden�fied auriferous anomalies predominantly hosted in quartz veining and shear zones—the recently completed work plan aimed to expand upon these promising discoveries and confirm their con�nuity.
The work plan also included revisi�ng and tracing a massive pyrite dikelet found in the northern part of the Property. This dikelet has previously yielded significant silver values from sampling, adding another layer of intrigue to the Dale Property's geological profile. The Property holds numerous gold, silver, and other anomalous occurrences, fueling enthusiasm within our team.
Prospec�ng, Stripping, and Sampling Program
The prospec�ng, light stripping, washing, and sampling program was ini�ally slated for a minimum of seven days, with possible extension dependent on field results. Following the ini�al work period, our dedicated team on the ground made addi�onal progress, iden�fying new structures of interest and expressing a strong desire to con�nue some of the work, resul�ng in an addi�onal week of explora�on work.
Notable achievements include:
- Sampling in the iron carbonate zone, revealing consistent low-grade gold values.
- Resampling at various loca�ons and conduc�ng hand-stripping to expose and sample areas with gold concentra�ons exceeding 0.5g/t Including up to 1.1 g/t
- Highly anomalous Molybdenum up to 0.3% associated with two gold samples which returned >1 g/t suggests some similari�es to the world class Hemlo Gold mine.
- Iden�fica�on of new areas of interest for future explora�on.
- Channel cuts taken in the main gold-bearing zone.
- Comple�on of LIDAR image surveys.
- Opening up exis�ng forest roads for future explora�on, enhancing accessibility.
The team also met with SGS Canada Inc. ("SGS"), who provided support and recommenda�ons for the current program and outlined the upcoming update to the NI43-101. Notably, SGS made the recommenda�on to proceed with whole rock analysis to include silver, as this is a good associa�on with the current type of deposit models that have poten�ally been iden�fied.
Actlabs in Timmins, Ontario, has been responsible for the assays.
Figure 1. Dale Property (yellow outline) with reginal geology and 2020 drone Mag survey (see news release September 24, 2021), with 2020 prosec�ng highlights by the vendor, yellow triangles (see news release August 16, 2021), 2021 trenching (see news release June 3, 2022) and 2023 prospec�ng highlights, red triangles from this release.
Table 1. Summer 2023 Dale Program Prospec�ng Results.
| Sample No. | EasƟng | Northing | Au g/t | Ag g/t | Mo g/t |
|---|---|---|---|---|---|
| DALE 07/23/23-01 | 400355 | 5306477 | < 0.005 | < 0.2 | < 1 |
| DALE 07/23/23-02 | 400339 | 5306455 | < 0.005 | < 0.2 | < 1 |
| DALE 07/23/23-03 | 400339 | 5306445 | 0.046 | < 0.2 | 1 |
| DALE 07/23/23-04 | 401631 | 5306037 | 0.229 | < 0.2 | 7 |
| DALE 07/23/23-05 | 401952 | 5306073 | < 0.005 | < 0.2 | < 1 |
| DALE 07/23/23-06 | 402020 | 5306134 | 0.055 | < 0.2 | < 1 |
| DALE 07/23/23-07 | 402034 | 5306147 | 0.083 | 0.2 | 12 |
| DALE 07/23/23-08 | 400154 | 5306992 | 0.083 | < 0.2 | < 1 |
| DALE 07/23/23-09 | 400111 | 5306784 | < 0.005 | 0.5 | < 1 |
| DALE 07/23/23-10 | 400257 | 5306513 | < 0.005 | < 0.2 | < 1 |
| DALE 07/23/23-11 | 400253 | 5306512 | < 0.005 | 0.3 | < 1 |
| DALE 07/23/23-12 | 400252 | 5306506 | < 0.005 | < 0.2 | 3 |
| DALE 07/23/23-13 | 400181 | 5306292 | < 0.005 | < 0.2 | < 1 |
| DALE 07/23/23-14 | 400061 | 5306227 | < 0.005 | < 0.2 | < 1 |
| DALE 07/23/23-15 | 400023 | 5306255 | < 0.005 | < 0.2 | < 1 |
| DALE 07/23/23-16 | 400023 | 5306162 | < 0.005 | < 0.2 | < 1 |
| DALE 07/23/23-17 | 400333 | 5306378 | < 0.005 | < 0.2 | < 1 |
| DALE 07/23/23-18a | 400321 | 5306374 | < 0.005 | < 0.2 | < 1 |
| DALE 07/28/23-19a | 400333 | 5306353 | < 0.005 | < 0.2 | 2 |
| DALE 07/29/23-18b | 400402 | 5306455 | < 0.005 | < 0.2 | < 1 |
| DALE 07/29/23-19b | 400381 | 5306426 | < 0.005 | < 0.2 | < 1 |
| DALE 07/29/23-20 | 400421 | 5306458 | 0.187 | 0.5 | 5 |
| DALE 07/29/23-21 | 401615 | 5306655 | 1.120 | 3.4 | 3170 |
| DALE 07/29/23-22 | 401615 | 5306655 | 1.100 | 2 | 795 |
| DALE 07/29/23-23 | 401527 | 5306630 | < 0.005 | < 0.2 | 2 |
| DALE 07/29/23-24 | 400388 | 5306551 | < 0.005 | < 0.2 | 1 |
| DALE 07/29/23-25 | 400410 | 5306551 | < 0.005 | < 0.2 | < 1 |
| DALE 07/29/23-26 | 400423 | 5306537 | 0.007 | < 0.2 | < 1 |
| DALE 07/29/23-27 | 400738 | 5306718 | < 0.005 | 1.2 | < 1 |
| DALE 07/29/23-28 | 400715 | 5306726 | 0.683 | 1.8 | < 1 |
| DALE 07/30/23-CC01 | 400962 | 5306718 | 0.135 | 0.2 | < 1 |
Leveraging the SHERP CENTAUR
A key highlight of the work plan was the deployment of the "SHERP CENTAUR," an amphibious vehicle that has posi�vely transformed our field opera�ons. The team was happy to communicate that the SHERP CENTAUR effec�vely enhanced their efficiency and mobility, gran�ng access to previously challenging areas and enabling the expansion of their work in the first area of low-grade gold and iron-carbonates to assess the poten�al of a larger/higher grade zone beneath the currently iden�fied low-grade zones. The team was also able to leverage the height of the SHERP CENTAUR to facilitate gravity-fed core saw opera�ons.
"We are thrilled to see and share the progress on the Dale Property work plan and the posi�ve impact of the strategic decision to bring in state-of-the-art equipment like the SHERP CENTAUR to enhance our team's capabili�es on the ground," remarked James Tworek, President and CEO of Element79. "The comple�on of the work program and upcoming results further demonstrates our commitment to the con�nued development of the Dale property and success of the Synergy Metals Corp an�cipated spin out." For further informa�on and updates, please visit our website at www.element79gold.com and follow us on social media.
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 main focus is on 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.
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 around the end of 2023. 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) and an�cipates comple�ng this sale before the end of 2023.
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, 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 through the rest of 2023.
For more informa�on about the Company, please visit www.elem ent79.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: +1.613.879.9387 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, forwardlooking 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 "forwardlooking 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.