Element79 Gold Corp.- Chachas Update
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Element79 Gold Pushes Forward with Community and Regulatory
Support for Lucero Project in Arequipa, Peru
Enhancing regional cooperation and advancing exploration milestones for long -term
sustainability in Peruvian mining.
VANCOUVER, BC – TheNewswire – November 13, 2024 – Element79 Gold Corp. (CSE: ELEM)
(OTC: ELMGF) (FSE: 7YS0) ("Element79," or the "Company”) is pleased to provide progress
updates regarding the Lucero Project in Arequipa, Peru, following recent engagement with both
state regulatory authorities and community representatives.
Field Activities and DREM Arequipa Collaboration
On November 2, 2024, Element79 initiated field activities in coordination with the Regional
Directorate of Energy and Mines (DREM) in Arequipa, working directly with Engineer Iván Prado ,
Regional manager for Energy and Mines for the state. The Company has been actively supporting
the social, technical, and environmental foundations of the Minas Lucero Project through DREM's
institutional channels. As part of this effort, Element79 ’s team has related and received
confirmation through these meetings that the time is of the essence and that the collective effort
of all interested parties is to complete key contracts before the end of 2024.
The Company has collaborated with DREM in preparing documentation to address the required
REINFOs (Mining Rights System) compliance, including files under IGAFOM (Environmental
Management Instrument for the Formalization of Mining). The most recent meeting with DREM on
November 12 provided updates on state plans to extend formalization support and facilitate
essential land agreements between Element79 and the local community.
To this effect, the next milestone meeting is set for November 16 in Chachas , with DREM
representatives and key mining stakeholders to discuss contract terms for long-term co-working,
artisanal production from the mine, exploration and tailings reprocessing; all of these initiatives
reinforce the Company’s position as the holder of the mineral rights to the Lucero mine and
strengthen relationships between the Company and the greater Chachas community.
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National REINFO Developments and Industry Implications
In light of much-debated and possible upcoming changes to national REINFO regulations, the
Company recognizes both potential opportunities and challenges in relation to Element79's
operations and timelines. T he likelihood of the changes toward requiring formalization in the
immediate term were a major factor a 75%+ majority of the Chachas community voting in favour
of Element79 being granted a long -term surface rights permit at the October 6 community
General Assembly, as reported by the Company on October 9. Should extension s on requiring
formalization of REINFO holders be granted, this may delay Element79’s plans. While holding the
opinion that Peru is a mining-friendly jurisdiction, Element79 remains vigilant regarding regulatory
risks, as the Company aims for an integrated value chain that includes exploration, exploitation,
and processing to ensure the technical feasibility of the Minas Lucero Project.
Project Progress and Next Steps
Element79 remains committed to supporting formalization and fostering community
relationships as the three phases of Minas Lucero Project advance : exploration of the 67
unexploited veins and the high-sulphidation target; production from existing open veins (artisanal
and by the company); and tailings reprocessing.
In the coming weeks, as Element79 continue s its strategic engagements with DREM, JAL, and
Chachas community stakeholders, discussions are aimed at concluding contracts in the
immediate future while maintaining a cooperative approach with local authorities to support the
Company’s exploration, mining and tailings reprocessing efforts, formalization efforts and foster
constructive community relations.
About Element79 Gold Corp.
Element79 Gold is a mining company with a focus on exploring and developing its past-producing,
high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to
restart production at the mine and through reprocessing its tailings, in the near term.
The Company holds a portfolio of four properties along the Battle Mountain trend in Nevada, and
the projects are believed to have significant potential for near -term resource development. The
Company has retained the Clover project for resource development purposes and signed a
binding agreement to sell three projects with a closing date on or before November 30, 2024.
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The Company also holds an option 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 information about the Company, please visit
[www.element79.gold](http://www.element79.gold)
**Contact Information**
For corporate matters, please contact:
**James C. Tworek, Chief Executive Officer**
E-mail: [email protected]
For investor relations inquiries, please contact:
Phone: +1.403.850.8050
E-mail: [email protected]
Forward-Looking Statements
This press release contains "forward ‐looking information" and "forward -looking statements" under applicable securities laws (collectively,
"forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or
opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of man agement made
considering management's experience and perception of historical trends, current conditions, and expecte d future developments. Forward -
looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes;
exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof;
acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may
differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not
to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions, or expectations 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 predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but
not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "pr oject", "predict",
"forecast", "potential", "target", "intend", "could", "might", "should", "believe" and sim ilar expressions) are not statements of historical fact and
may be "forward‐looking statements."
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Se curities Exchange)
accepts responsibility for the adequacy or accuracy of this release.