Element 79 Gold Corp Reports Assay Results up to 7.7 g/t Gold and 916 g/t Silver from High Grade Lucero Project, Peru
Element 79 Gold Corp Reports Assay Results up to 7.7 g/t Gold and 916 g/t Silver
from High Grade Lucero Project, Peru
Vancouver, B.C. February 15, 2022 – Element79 Gold Corp (CSE:ELEM) (OTC:ELMGF) (FSE:7YS)
("Element79 Gold", the "Company") is pleased to report that samples collected during the 2022 site
visit have returned high grade silver-gold-lead-zinc mineralization.
Highlights:
• Up to 7.7g/t Au, 916 g/t Silver, 1.1 % Lead, and 0.5% Zinc, in grab samples
• Several quartz-carbonate veins observed with recent artisanal workings
• Evidence for potential high sulfidations system
“Assay results of the 2022 site visit have confirmed the high-grade nature of the Lucero project with
high grade samples collected form two areas of recent artisanal workings, and numbers historic
quartz carbonate veins observed on the property ” Remarked James Tworek, P resident and CEO of
Element79 Gold.
Table 1. Grab Sample Assay Results
Sample
No
Easting
(NAD84
Zone18L)
Northing
(NAD84
Zone18L)
Au
g/t
Ag
g/t
Cu
%
Pb
%
Zn
% Description
L1.2 802149 8296909 0.00 0.3 0.00 0.00 0.00 Disseminated pyrite rich clay
altered dacite
L2 802367 8296764 0.01 <0.2 0.00 0.01 0.00 Vuggy hydrothermal breccia
L4 801526 8296837 <0.05 37.6 0.00 0.00 0.00 Silicified dacite with strong
disseminated pyrite
L5 801105 8296887 7.11 50.0 0.10 1.72 2.09
galena-sphalerite bearing
quartz-carbonate vein from
recent artisanal workings
L7 802002 8295790 7.70 916.0 0.19 1.07 0.49
galena bearing quartz
carbonate vein from recent
artisanal workings
2 of 7
The site visit to the Luce ro project (see news release April 26, 2022 ), highlighted the historic
production on the property, not only by Buenaventura (1998-2004) with average production grades
of 14.0 g/t gold and 373 g/t silver, but also recent artisanal miners. The Project hosts an impressive,
74 recognized veins, only 14 which have been commercially exploited to date, and potential exists
to find additional veins.
The Project also hosts the potential for high sulphidation style mineralization. This style of
mineralization has not been explored for due to the past focus on high grade low sulphidaton veins.
Evidence has been observed by prior operator C ondor Resources Inc. and the Company during the
site visit of textures approaching classic vuggy silica style alteration. This style of mineralization offers
the opportunity to discover potentially open- pitable bulk tonnage disseminated gold- silver
mineralization.
The samples collected by the Company during the site visit are in line with those collected by the QP
of the recent 43-101 technical report on Lucero which returned check samples up to 78.7g/t Au and
2,856 g/t Ag, as well as past production by Buenaventura.
3 of 7
Figure 1. Galena-sphalerite bearing stringer-style low sulphidation epithermal quartz-carbonate vein
which returned 7 .1 g/t gold, 50 g/t silver, 0.1% copper, 1.7% lead, 2.1% zinc from recent artisanal
workings on surface.
Figure 2. Director Neil Pettigrew at the site of sample L5, next to recent artisanal workings.
Figure 3. Sample L7 location with Vice President of Exploration Kim Kirkland, inspecting relatively
recent artisanal workings. Sample L7 returned 7.7 g/t gold, 916 g/t silver, 0.2 copper, 1.1% lead, and
0.5% zinc.
4 of 7
Figure 4. Sample L1.2, moderately vuggy, silicified hydrothermal breccia.
5 of 7
Figure 5. more intense v uggy silica style alteration of hydrothermal breccia similar to sample L1 .2
(sample collected by Condor Resources Inc.).
2022 Work Plan Completed
- Results are being compiled from a reconnaissance p rogram consisting of surface and select
underground sampling of historic and recent workings in order to help target the
2023exploration program.
2023 Work Plan
- Phase I
o Additional mapping, and sampling of historic workings
o Underground packsack drilling of known veins
- Phase II
o Remote LIDAR mapping of select workings
o Additional packsack drilling
o Surface diamond drilling, including testing high sulphidation target.
o 3D modelling of historic working and known veins
o Desktop studies for restart of small-scale mining
o Investigate nearby toll milling capacity
Completion of Condor payment
Per the Company’s News Release from December 20, 2022, Element79 Gold Corp had rescheduled
the December 21, 2022 payment of U$300,000 into two payments: The first payment of US$100,000
due on or before January 31, 2023, has been completed and the balance of US$200,000 is due on or
before March 31, 2023.
Sponsorship of local festival, Chachas Community
The Company, via its wholly -owned subsidiary, Mineras Lucero SAC, is participating in sponsoring
the anniversary celebration held each February by the local Communidad Campesina De Chachas
community.
CEO James Tworek comments: “Our 2023 work plan supports the key objectives of the company, to
bring the high-grade Lucero mine back into production as well as proving the exploration potential
for large high -sulphidation style mineralization . We are confident that with our strong local
community relationship and support will provide the opportunity to bring this project back to a cash-
flowing operation in the near term.”
6 of 7
About the Lucero Project
Formerly operated as the Shila mine from 1989 to 2005 by Buenaventura, Lucero consists of 10,805
hectares located in the Shila range of southern Peru, which contains several historic high grade gold-
silver mines.(1) Lucero consistently delivered high grades during 16 years of operations, and between
1998 and 2004 reported production averaging approximately 18,800 ounces of gold and 435,000
ounces of silver per year at grades of 14.0 g/t gold and 373 g/t silver , with recoveries at the ore
processing facility averaging 94.5% for gold and 85.5% for silver.
Recent samples at Lucero returned up to 78.7g/t Au and 2,856 g/t Ag; Consistent with historic high-
grade production of 14.0 g/t Au and 373 g/t Ag between 1998 and 2004; Recent historic prospecting
indicates potential for additional bulk-tonnage high-sulfidation gold-silver deposit.
43-101 Details
An NI 43 -101 report, dated Sept 4, 2021, prepared for Calipuy Resources (now a wholly owned
subsidiary of Element 79 Gold) on the Lucero Project by Mining Plus is now available on the Company
website. Due to a lack of historical data, the project does not currently host any 43-101 compliant
or historic resources. However, access to the historic workings is available, and the QP states the
Project is underexplored and has significant exploration potential for extension of known veins, and
to discover additional veins.
QA/QC
All samples were collected by Neil Pettigrew, M.Sc., P.Geo. and a Director of the company and were
submitted by Kim Kirkland, P.Geo., Vice President of Exploration, to ALS Peru S.A. (Lima). Samples
were prepared by crushing to 70% passing <2mm, wi th a 250-gram split pulverized to 85% passing
75 micrometers and analyzed by aqua regia digestion followed by Inductively Couple Plasma with an
Atomic Emission Spectrophotometry detector (ICP-AES) for 35 elements including silver, while gold
was analyzed by Fire Assay with and ICP -AES finish. Overlimit gold and silver was analyzed by Fire
assay with a gravimetric finish. Overlimit lead and zinc were analyzed by ore grade techniques using
aqua regia digestion and ICP-AES finish.
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
Element79 Gold is a min ing company focused on gold, silver and associated metals. Element79
Gold’s main focus is on two core properties: 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
production 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 Counties . Maverick
7 of 7
Springs hosts a 43-101-compliant, pit-constrained mineral resource estimate reflecting 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 effective date of Oct. 19, 2022 (see news release October 20, 2022, available
on SEDAR). The acquisition of the Maverick Springs Project also included a portfolio of 15 properties
along the Battle Mountain trend in Nevada , which are non -core to its primary business focus . In
British Columbia, Element79 Gold has executed a Letter of Intent and funded a drilling program
pursuant to acquire a private company which holds the option to 100% interest of the Snowbird
High-Grade Gold Project, which consists of 10 mineral claims located in Central Br itish Columbia,
approximately 20km west of Fort St. James. The Company also has an option to acquire 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 exploration, sale or spin -out. For more information about the Company, please visit
www.element79.gold .
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
Email: [email protected]
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1 (604) 200-3608
Email: [email protected]
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this
release.
Certain information contained herein may constitute “forward-looking information” under Canadian
securities legislation. Generally, forward-looking information can be identified by the use of forward-
looking terminology such as “expects”, “anticipates”, “will be”, “intends” or variations of such words
and phrases or statements that certain actions, events, or results “will” occur. Forward- looking
statements regarding the Company and its business and strategies are based on the Company’s
estimates and are subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of the Company and its
subsidiaries to be materially different from those expressed or implied by such forward- looking
statements or forward-looking information, including capital expenditures and other costs. There can
be no assurance that such statements will prove to be accurate, as actual results and future events
could differ materially from t hose anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements and forward-looking information. The Company
will not update any forward- looking statements or forward- looking information that are
incorporated by reference herein, except as required by applicable securities laws