Element79 Gold Corp Announces Update to Binding Option Agreement for Maverick Springs Silver Project
Element79 Gold Corp Announces Update to Binding Option Agreement for
Maverick Springs Silver Project
VANCOUVER, BC / THENEWSWIRE / March 18, 2024 – Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF)
(FSE: 7YS0) ( "Element79", the "Company along with its subsidiaries E LEM US Holdings Inc and E LEM
Maverick Springs, LLC (collectively referred to as "Element79"), announces an amendment to its Binding
Option Agreement for the Maverick Springs Project. This amendment follows a productive negotiation
with Green Power Minerals Pty Ltd, (soon to be known as Sun Silver Limited ("Green Power")). The original
agreement (the "Agreement") dated August 28, 2023, and announced August 31 and October 23, 2023,
has been updated to reflect the evolving interests and continued collaboration between the parties
(“Variation”).
This Variation comes after the Agreement was amended by mutual agreement reached through a letter
deed dated January 12, 2024 (the "First Variation") (refer to the press release dated January 17, 2024).
The following amendments have been made pursuant to the Variation:
1. Amendment of Share Allocation: The share component of the consideration has been adjusted
from "CAD$1,500,000 worth of fully paid ordinary shares" to "3,500,000 fully paid ordinary
shares."
2. Increase in Cash Consideration : The cash consideration has been increased from
"CAD$4,000,000" to "CAD$4,400,000".
Except for amendments made under the Variation, all terms and conditions of the Agreement (as amended
by the First Variation) previously stated remain in full force and effect , including the option period ,
remaining in effect until the earlier of July 10, 2024, or completion of the acquisition. Both parties have
acknowledged that this letter deed will prevail in case of any inconsistency with the terms of the original
Agreement, ensuring a seamless adjustment to the updated terms.
"These amendments not only strengthen the strategic partnership between Element79 and Green Power
but also continue to align with our long-term vision for the Maverick Springs Project," said James Tworek,
CEO of Element79. "The adjustments in the consideration underscore our dedica tion to balancing
shareholder value creation with strategic partnerships, ensuring a robust foundation for sustainable
growth of Element79 operations, and facilitate the continued development of our key projects while
reinforcing our position in the mining sector."
The Agreement, as amended, remains governed by the laws of the State of Nevada, USA, with both parties
submitting to the exclusive jurisdiction of the Nevada District Court in Reno.
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About Element79 Gold Corp.
Element79 Gold is a mining company focused on gold and silver committed to maximizing shareholder
value through responsible mining practices and sustainable development of its projects. Element79 Gold's
focus is on developing its past-producing, high-grade gold and silver mine, the Lucero project located in
Arequipa, Peru, with the intent to restart production in 2024.
The Company also holds a portfolio of 5 properties along the Battle Mountain trend in Nevada, with the
Clover and West Whistler projects believed to have significant potential for near -term resource
development. Three properties in the Battle Mountain Portf olio are under contract for sale to Valdo
Minerals Ltd., with an anticipated closing date in the first half of 2024. The Company has also signed an
Option 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) (see 43 -101 technical report
titled: Amended Technical Report on the Maverick Springs Project, Nevada, USA, by Allan Armitage, PhD.,
P .Geo, and Rohan Millar, B.Sc. P .Geo., dated October 7, 2022, available on SEDAR) and anticipates
completing this sale on or before July 21, 2024.
In British Columbia, Element79 Gold has executed a Letter of Intent and funded a drilling program to
acquire a private company that holds the option to 100% interest of the Snowbird High-Grade Gold Project,
which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort
St. James.
The Company has 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
Contact Information
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
E-mail: [email protected]
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
E-mail: [email protected]
Cautionary Note Regarding Forward Looking Statements
This press 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 management made considering management's experience and perception of historical trends, current conditions
and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the
Company's business strategy; future planning proc esses; 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
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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", "project", "predict", "forecast", "potential", "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-looking statements are subject to known and unknown risks,
uncertainties 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 duration and effects of the coronavirus and COVID -19; risks related to the
integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in projec t
parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual
performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relati ons
with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays
in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuation s;
requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending
litigation; limitations 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 attempted to identify 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 anticipated, estimated or intended. The Company believes that the expectations reflected in these forward-
looking statements are reasonable, but no assurance can be given that these expectations 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 obligation, 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.