Element79 Gold Corp Provides Corporate Update with Focus on Peru, Nevada Projects
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Element79 Gold Corp Provides Corporate Update with Focus on
Peru, Nevada Projects
Consistent progress towards near term renewal of surface rights access in Peru
December 10, 2024 – Vancouver, Canada - Element79 Gold Corp. (CSE: ELEM, FSE: 7YS0,
OTC: ELMGF) is pleased to provide a progress update on some of its portfolio of mine projects in
Peru and Nevada. The Company has been periodically updating investors on its efforts to
advance the Lucero Mine and Lucero Tailings projects while building strong partne rships with
local stakeholders. Activities have been focused on generating a safe and profitable working
relationship within Chachas and alongside the Lomas Doradas artisanal mining association.
Lucero - Key Activities and Progress Through November and December:
1. Engagement with Regional Government of Arequipa (DREM):
a. Coordinated field activities starting November 2, including meetings with Ing. Iván
Prado and the Arequipa DREM team. Supported DREM's meeting at the Chachas
Municipal Auditorium, which Element79 representatives attended.
b. Initiated plans for in-situ meetings with key mining stakeholders in Chachas,
scheduled throughout November and early December.
c. Advanced documentation for 64 REINFO (Formalization Process Registries)
applications with completed IGAFOM (Environmental and Safety Framework).
2. Collaboration with Chachas Authorities and Key Stakeholders:
a. Met with Vice President of the Chachas community, Víctor Antonio
Condorcahuana Taya, discussing collaboration and establishing groundwork for
direct dialogues and completing contracts.
b. On November 11, a pivotal community meeting involving key authorities and local
organizations to align on partnership terms took place. Terms have been tabled
by Element79; awaiting responses.
3. Managing Risks and Leveraging Opportunities:
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a. Addressing local empowerment stemming from potential national -level REINFO
formalization extensions, ensuring balanced agreements that respect community
rights while enabling project access and development.
b. Developing strategies to manage community concerns regarding tailings
reclamation while focusing on securing agreements for land use and plant
installations.
c. Discussing local security and ongoing logistical, energy and personal security
matters for miners and mining operations; community security through project
expansion phases.
4. Immediate Results:
a. The formal dialogue process between Element79 and the Chachas community
began on November 11, aiming for community assembly validation of key
agreements; negotiation terms from the Company have been outlaid and the
Community and Lomas Doradas are working on responses.
b. Redoubled requests for immediate term site access in 2024 for a 5–7-day review of
existing mine and tailings site workings, current waste rock dumps and sampling
leading to a refreshed 43-101 for Lucero using more recent/accurate data.
c. Strengthened relationships with influential local leaders, such as the community's
Vice President, to foster goodwill and ensure project continuity.
d. Initiated enhancement of Chachas community infrastructure with advanced
internet connectivity using Starlink technology.
James Tworek, CEO and Director of Element79 Gold Corp commented: “In late 2024 the former
leadership in Chachas had granted Element79 Gold Corp surface access to complete a brief
work plan, and the term of that permit ended along with the end of the term of local leadership.
Despite consistent presence and effort in building with new community leadership in 2024, there
have been challenges realigning the Company in the minds and schedules of both Chachas and
Lomas Doradas. This year’s biggest challenge has been managing past expectations for site
access, getting audience and attention with community leadership, versus the calendar. Being
in open discourse with both local parties at the negotiating table, mediated by the Arequipa state
DREM as we are, is where we need to be to build forward and have better control of Lu cero Mine
and Lucero Tailings business plans unfolding in 2025 and beyond.”
Lucero Mine and Lucero Tailings - Future Steps in Chachas
It is noteworthy that there is a seasonal end to the site access and activity at the Lucero project.
The rainy season in Arequipa begins in December, customarily signaling the annual end of mining
activity, and continues through approximately March-April..
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Element79 Gold remains committed to progressing the Lucero Mine and Lucero Tailings Projects
with the following immediate next steps:
● Continued engagement and dialogue with local annex authorities and stakeholders in
Chachas to ensure alignment and shared value creation in 2025 and beyond.
● Continued collaboration with DREM to streamline formalization and approval processes
between the Company, Chachas and Lomas Doradas.
● Feedback on the approval of the Company's redoubled request for a 5 -7 day site visit to
review the current workings and environmental status, to be accompanied by personnel
from the Arequipa ARMA (environmental) and DREM (construction/logistical), is pendi ng
approval on December 14th.
Context on Corporate Undertakings: Arequipa, Peru
LOI with Buenaventura: On January 30, 2024, the Company announced that it had signed an LOI
with Compañía de Minas Buenaventura S.A.A. (“BVN”). While the LOI is still in effect, the
Company has been advised by BVN that due to its ongoing Progressive Closure Plan relative to
the former workings at the Lucero Mine, it is unable to accept product from those same workings,
but should the Company open up new workings not included in the Progressive Closure Plan,
there exists the potential to restart offtake discussions with BVN.
Lucero Ta lings project: On September 26, the Company announced that it had secured an LOI
for launching a tailings r eprocessing business relative to the tailings generated from past
commercial production at the Lucero mine. The terms of the LOI are still in context, and the
Company awaits completing its surface rights access contracts to be able to access and drill the
tailings piles to pull comparative samples. This tailings project, including generating a 43 -101
compliant Mineral Resource Estimate and PEA on the tailings, is slated as a priority for 2025.
Context on Corporate Undertakings: Battle Mountain, Nevada
Sale of Nevada project package to 1472886 BC Ltd. : Announced on September 9, 2024 , the
Company and the counterparty to the sale are working with their respective legal teams to close
the sale of these assets in the most expeditious manner possible. The Company looks forward
to providing further updates on the above initiatives, in addition to further processes underway,
as developments continue to unfold.
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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 an imminent 2024 closing date.
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
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; futur e 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, o n 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 performanc e (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".
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.