Element 79 Gold Corp Strengthens Position in Peru, Acquiring Roxana Vein at Auction, Adjacent to the High-Grade Lucero Gold-Silver Project
Element 79 Gold Corp Strengthens Posi�on in Peru, Acquiring Roxana Vein at
Auc�on, Adjacent to the High-Grade Lucero Gold-Silver Project
CEO James Tworek also Provides an Update on Peru Work Plan
VANCOUVER, BC / THENEWSWIRE / June 27, 2023 – Element 79 Gold Corp. (CSE: ELEM)(OTC: ELMGF)(FSE:
7YS) ("Element 79 Gold", the "Company") proudly announces that, further to an auc�on held on May 17,
2023, the Company submited the winning bid for the coveted area covering the Roxana vein and referred
to as Lucero del Sur 28 located strategically just east of the high-grade Lucero gold-silver project (Figure 1)
which has recently returned up to 402 g /t gold, and 8,464 g/t silver in underground chip sampling (see
news release April 27, 2023).
"This strategic move allows us to further strengthen our foothold in the area while con�nuing to validate
the region's abundant resources," said James Tworek, President and CEO. "The Roxana vein boasts a
significant historical poten�al, and we aim to build upon these results while leveraging our resources in
the region."
Lucero del Sur 28
Encompassing 1,200 hectares, the Lucero del Sur 28 property is located immediately to the east of the
high-grade Lucero gold-silver project (Figure 1.) in the Shila range of southern Peru.
Roxana Vein
Historical informa�on obtained from Buenaventura indicates the Roxana vein outcrops over a strike length
of approximately 100m, with varying widths between 0.20 and 0.50 meters. The vein is dominated by
white to hyaline quartz) and altered rock clasts, with lesser amounts limonite pa�nas, hema�te , pyrite,
and jarosite. Certain sec�ons feature lenses with argen�ferous galena, chalcopyrite, malachite, and
azurite. Informal workers have worked at strike lengths of approximately 50m and depth of 5m, extrac�ng
over 12,000 tonnes of ore yielding grades of 12.5 g/t Au and 1.2 oz/t Ag.
Tocracancha Prospect
Previously work on this pro spect near the Roxana vein iden�fied several west-northwest trending veins
exhibi�ng strike lengths from 200 meters to nearly 1,200 meters with widths spanning from 0.5 to 2.0
meters. The observed mineralogy predominantly consists of predominantly hyaline quartz, gray silica
microveins, baryte, and calcite, with traces of galena, sphalerite, as well as oxides of iron and manganese.
“Given the recent high-grade results on the Lucero project we jumped at the opportunity to acquire the
nearby Lucero de Sur 28 property which hosts significant known at surface mineraliza�on,” quoted James
Tworek, Element79 Gold Corp CEO. “While our current work plans are focused on proving up the main
veins of the Lucero project’s past producing Shila Mine, we also intend to explore this new land package
in the near term. “
Figure 1. Lucero Project (magenta) and new Lucero de Sur 28 property (red) which includes the Roxana vein
Update on Lucero Project Work Plans Underway
1) Review and sampling of the Apacheta area is complete for Phase 1, as released in the Company’s
news release on April 27, 2023
2) Mapping results are currently being compiled for future Phases of explora�on.
3) The addits at Pillune and Sando Alcalde areas were under water due to seasonal raining and
required pumping and rehabilita�on through April.
4) The field geological team was able to restart work in Pillune in May which included geological
mapping and sampling of both surface and underground workings.
5) Rehabilita�on is underway at the Sando Alcalde vein area and near-term explora�on; surface
mapping and underground mapping will start as soon as it is safe to do so.
6) A total of 51 samples were taken from Pillune and Sando Alcalde in May and June. Samples have
been submited to the lab for analysis with results pending.
Qualified Person
The technical informa�on in this release has been reviewed and verified by Neil Pe�grew, M.Sc., P . Geo.,
a Director of Element79 Gold and a "qualified person" as defined by Na�onal Instrument 43-101.
About Element79 Gold
Element79 Gold is a mining comp any 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 previous ly-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
For corporate maters, please contact:
James C. Tworek, Chief Execu�ve Officer E-mail: [email protected]
For investor rela�ons 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, 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 expr ess 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".
A c t u a l r e s u l t s m a y v a r y f r om 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.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.