Element79 Gold Corp Provides Update on Nevada Portfolio
FOR IMMEDIATE RELEASE
Element79 Gold Corp Provides Update on Nevada Portfolio
Vancouver, BC | August 22, 2024 Element79 Gold Corp. (CSE:ELEM, FSE 7YS0, OTC:ELMGF) is pleased to
announce several updates related to its Nevada Portfolio:
Highlights of Element79’s Nevada portoflio since acquisition in 2021:
• A p ortfolio of 16 projects was acquired as an “all or nothing” package from Waterton Global
Resource Management in December 2021 . T he Company has subsequently reviewed, updated
and expanded historical data sets, and ultimately divested of many projects with an eye to
generate shareholder value.
• Two projects sold to Centra in 2023 – Stargo and Long Peak. Long Peak 43-101 expected to be
complete during late summer 2024.
• The Company made the strategic decision to not renew the claims on eight projects due to being
very early stage and outside of the Company’s parameters to work on ; data rooms for these
projects were retained.
• The Maverick Springs project was purchased with a 1,8M oz AuEq Historical Reosurce, which the
Company reviewed, reworked and increased the Mineral Resource Estimate to 3,71Moz AuEq.
Maverick Springs was sold to Sun Silver on May 8, 2024, with cash received being used to pay off
debts and accounts payable ; the Company retained 3,500,000 shares of Sun Silver Limited
(ASX:SS1) at 0.20 AUD as an investment in the development of the Maverick SPrings asset. The
Company will hold and divest of these shares strategically over time.
• Valdo portfolio – Original option expired. In discussions with multiple counterparties for sale of
the same projects, anticipated closing in 2024.
• Clover, West Whistler – portfolio under review, currently in discussions with third parties to sell
Valdo Package Reset for Sale
The Company confirms the expiry of the previously -announced Letter of Intent (“ LOI”) with Valdo
Minerals Ltd. for the purchase of the North Mill Creek, Elder Creek, and Elephant Project s, including all
land claims and historical databases relative to the projects therein. The original LOI was established on
November 17, 2022 with an original closing date of July 15, 2023. As the parties communicated through
the process and were working towards a closing, a 60-day extension was granted, which has expired.
The Company is in discussions with two parties regarding these same projects with the intent to close the
sale of them within 2024. Element79 Gold Corp. remains committed to the successful completion of the
divestiture of these projects and believes that it will come to commercially beneficial terms for their sale
in the near term.
The North Mill Creek Project
The North Mill Creek Project (" North Mill Creek ") is comprised of 6 unpatented claims located at the
margins of the Goat Window in Lander County, Nevada. The Goat Window is an exposure of lower plate
rocks beneath the Roberts Mountains Thrust which are the preferred carbonate host of Carlin -type gold
deposits. Previous drilling completed at North Mill Creek yielded encouraging results warranting follow -
up exploration.
The Elder Creek Project
The Elder Creek Project (" Elder Creek") is comprised of 23 unpatented claims which cover the historic
Elder Creek open-pit mine in Lander County, Nevada. Elder Creek is hosted in upper plate rocks where the
mine area is believed to represent leakage from the deeper lower plate of the Roberts Mountains Thrust,
suggesting that deeper targets could host significant mineralizatio n within faulted and anticline folded
sedimentary beds.
The Elephant Project
The Elephant Project (" Elephant") is comprised of 197 claims located at the foot of the mine dumps at
Nevada Gold Mines' Phoenix operation. Elephant hosts a covered pediment target with various depths of
cover based on the displacement of fault blocks. Limited past drilling has confirme d the presence and
mineralization of the Elephant target model.
Remaining Nevada Portfolio Under Review
With the sale of Maverick Springs bringing attention to the Company, it has been fielding calls with
counterparties inquiring about the remaining projects in the Element79 Gold Corp portfolio, Clover and
West Whistler. These projects have been visited and are under review by the Element79 Gold team, being
weighed for further development and dealing.
Clover
Clover is in Elko County in township 38 range 44 and in township 37 range 44. The property
comprises 162 claims over 3,063 acres. Clover is positioned over felsic volcanics and tuffaceous
sedimentary rocks. Two sets of conjugate faults strike across or adjacent to the property, with each of
these fault systems projects to a major Au producer. Past project owners had drilled 104 holes and have
completed remediation work; past drill results include: JK-4C were 32’ at 25 g/t Au with a peak intersection
of 2.5’ at 274 g/t Au; CL-13 intersected 25’ at 7.85 g/t Au; USCV012 intersected 10’ at 20.4 g/t Au.
West Whistler
19km West of Eureka, Nevada, West Whistler is a moderate group of 103 claims over 2,057 acres in
Eureka County. Regionally proximate to the former Barrick, current-day i80 Gold Ruby Hill Mine. Historic
work includes mapping, soil sampling, VLF survey and 6 drill holes.
"Element79 Gold has been on a constant mission to continue unlocking additional value from the vast
portfolio of projects that had been amassed over the past few years, with the intent to create value for
our shareholders. The current market trend of rising gold and silver prices, as well as the business - and
mining-friendly state of Nevada are key points that have driven past sales as well as current (potential)
transactional counterparties to reach out on the remaining Battle Mountain projects in our por tfolio."
stated James Tworek, CEO and Director of Element79 Gold. " We, with industry teammates and
transactional counterparties, have always believed the Battle Mountain Portfolio contains several notable
future targets which warrant extensive exploration and prospecting to further validate historic high-grade
samples and drilling results. We have seen success in other sales from the portfolio, and we continue to
pursue this strategy of unlocking value for our shareholders , and to increase focus on exploring and
developing our core high-grade, past-producing Lucero project.”
Qualified Person
The technical information in this release has been reviewed and verified by Kim Kirkland, Fellow of
AusIMM #309585, Chief Operating Officer of Element79 Gold Corp, and a "qualified person" as defined
by National Instrument 43-101.
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 exploring developing its past-producing, high-grade gold and silver mine, the
Lucero project located in Arequipa, Peru, with the intent to restart production in the near term.
The Company holds a portfolio of five properties along the Battle Mountain trend in Nevada, and the
projects are believed to have significant potential for near-term resource development. The Company is
currently reviewing the Battle Mountain portfolio for exploration and development or sale.
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 its new website: www.element79.gold
Contact Information For corporate matters, please contact:
James C. Tworek, Chief Executive Officer and Director
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 prospec ts 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 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", "project", "predict", "forecast", "potential", "target", 4 of
4 "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 project 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; labor relations; relations 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
fluctuations; 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 dat e 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.