ELEM.CN · 2024-04-23 12:00:00

Element79 Gold Corp Reports Additional Assay Results Reinforcing Lucero Project's Momentum

Drill Results

Element79 Gold Corp Reports Additional Assay Results Reinforcing Lucero

Project's Momentum

VANCOUVER, BC / THENEWSWIRE / April 23, 2024 – Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF)

(FSE: 7YS0) ("Element79", the "C ompany ”) reports addi�onal results from the most recent underground

and surface sampling of its ﬂagship Lucero property.

These geochemical assays of explora�on samples con�nue to support the immense poten�al housed

within Element 79’s crown jewel.

“The data obtained is not just promising; it's the cornerstone upon which our future endeavors will be

built,” said James Tworek, CEO of Element 79. “These recent results coupled with historical data represent

the bedrock upon which we are advancing our Lucero project.”

Among a total of 97 samples were sent for assays, 56 of which returned greater than 0.1 g/t gold (up to

8.55 g/t gold and 523 g/t silver) which are shown in Table 1. Several samples also were also rich in base

metals (up to 23.7% lead and 9 .9% zinc), all of which underscores the richness of our project further

suppor�ng the Company’s belief a robust resource base can be delineated.

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Figure 1. Fall 2023 Sample loca�ons (yellow stars), mapped workings (crosses), with selected Samples

highlighted.

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Table 1. Samples returning >0.1 g/t gold from the fall 2023 sampling program, C (channel sample), G (grab

sample), S (surface), U (underground).

Sampel Type Origin

WGS84

Z18S

Eas�ng

WGS84

Z18S

Northing

length

(m)

g/t

2101 C S 803,491 8,296,553 0.80 0.30 1.2 0.0 0.0 0.0

2103 C S 803,493 8,296,666 1.00 0.53 8.9 0.0 0.0 0.0

2104 C S 803,658 8,296,620 0.30 0.15 0.7 0.0 0.0 0.0

2108 C S 803,700 8,296,468 0.60 0.12 1.9 0.0 0.0 0.0

2109 C S 803,700 8,296,469 0.50 0.30 6.2 0.0 0.0 0.0

2113 C S 803,730 8,296,446 1.00 0.25 40.1 0.0 0.0 0.0

2117 C S 803,481 8,296,736 1.10 0.12 3.8 0.0 0.1 0.0

2119 C S 803,457 8,296,803 0.50 0.58 2.6 0.0 0.0 0.0

2120 C S 803,456 8,296,803 0.60 1.57 9.1 0.0 0.0 0.1

2123 C S 803,399 8,296,787 0.50 2.77 9.7 0.0 0.0 0.0

2124 C S 803,399 8,296,788 0.80 0.27 5.1 0.0 0.0 0.1

2125 C S 803,298 8,297,044 0.35 1.70 57.7 0.0 0.1 0.1

2126 C S 803,298 8,297,043 0.60 6.22 33.0 0.0 0.1 0.1

2127 C S 803,189 8,297,146 0.35 5.01 138.0 0.0 0.1 0.0

2128 C S 803,303 8,296,978 0.80 0.27 17.4 0.0 0.1 0.1

2129 C S 803,257 8,297,133 0.40 1.75 84.1 0.0 0.0 0.1

2130 C S 803,256 8,297,133 0.85 0.65 42.6 0.0 0.0 0.1

2134 C S 803,594 8,297,072 0.60 0.18 26.2 0.0 0.4 0.1

2139 G U 801,951 8,294,338 N/A 6.96 81.4 0.1 0.4 0.8

2140 G U 801,929 8,294,348 N/A 1.06 23.1 0.0 0.7 1.2

2141 C U 801,882 8,294,362 0.30 0.12 5.5 0.0 0.0 0.1

2143 C U 801,832 8,294,389 0.30 0.90 29.1 0.0 0.1 0.3

2145 G U 801,809 8,294,390 N/A 8.55 523.0 0.0 0.4 0.2

2149 C U 801,824 8,294,392 0.45 6.19 97.0 0.1 0.4 0.4

2150 C U 802,276 8,293,072 0.90 0.14 40.1 0.1 2.1 1.3

2152 C U 802,297 8,293,075 0.30 2.11 48.5 0.0 1.6 3.6

2154 C U 802,297 8,293,075 0.50 0.11 6.3 0.0 0.3 0.8

2156 C U 802,374 8,293,117 0.90 0.18 6.6 0.1 0.2 0.4

2157 C U 802,382 8,293,119 1.50 0.16 13.7 0.1 0.3 2.2

2159 C U 802,412 8,293,119 0.40 0.16 22.7 0.0 2.7 1.6

2160 C U 802,439 8,293,126 0.80 0.10 34.1 0.2 2.3 2.7

2162 G U 802,498 8,293,150 N/A 0.60 5.0 0.0 0.1 0.2

2163 C U 802,520 8,293,161 0.65 0.24 7.2 0.0 0.5 1.0

2165 C U 802,542 8,293,167 0.30 0.11 2.9 0.0 0.2 0.2

2166 C U 802,596 8,293,176 0.55 0.29 2.4 0.0 0.1 0.2

2167 C U 802,595 8,293,175 0.60 0.20 23.5 0.0 2.9 2.2

2169 C U 802,327 8,293,090 0.55 0.27 4.3 0.0 0.0 0.1

2171 C U 802,327 8,293,091 0.50 0.43 29.4 0.0 0.6 0.7

2173 C U 802,367 8,293,108 0.45 0.37 14.7 0.0 0.6 0.3

2175 C U 802,385 8,293,111 0.90 0.32 69.0 0.6 3.8 2.6

2176 C U 802,405 8,293,113 0.35 1.22 60.8 0.2 3.7 2.7

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Sampel Type Origin

WGS84

Z18S

Eas�ng

WGS84

Z18S

Northing

length

(m)

g/t

2178 C U 802,424 8,293,116 0.55 0.17 5.8 0.0 0.2 0.3

2179 C U 802,424 8,293,115 0.40 0.49 210.0 0.3 23.7 9.9

2181 C U 802,424 8,293,115 0.70 0.16 35.3 0.1 0.1 1.0

2182 C U 802,453 8,293,126 0.75 0.17 7.8 0.0 0.2 0.2

2183 C U 802,510 8,293,155 0.80 0.25 6.6 0.0 0.2 0.5

2184 C U 802,509 8,293,156 0.50 0.65 30.5 0.1 1.8 6.1

2185 C U 802,629 8,293,181 0.40 0.12 5.7 0.1 0.1 0.3

2187 C U 802,676 8,293,176 0.55 0.54 10.6 0.0 0.4 0.8

2188 C U 802,676 8,293,176 0.35 0.27 15.9 0.1 1.6 0.6

2189 C U 802,331 8,293,090 2.00 0.40 12.9 0.0 0.5 0.3

2200 C U 802,361 8,293,107 0.40 0.19 3.3 0.0 0.3 0.4

2202 C U 802,371 8,293,108 0.70 0.12 5.1 0.0 0.1 0.1

2203 C U 802,371 8,293,107 0.65 0.11 9.1 0.0 0.9 0.2

2206 C U 802,375 8,293,108 1.60 0.16 2.4 0.0 0.1 0.2

2209 C U 802,383 8,293,111 0.30 0.13 23.0 0.1 0.6 0.8

All Samples were sent for To CERTIMIN S.A. Laboratories, Lima, Peru for analysis. Standards and

duplicates were inserted every 10th samples.

R ecen t da t a fr om assa y r esults is piv ot al f or Elemen t 79. Fir s tly , it will serv e as the f ounda�on f or the

Company’s resource development and future mine planning. These reports are both essen�al steps the

mine evalua�on process and highlights crucial milestones in demonstra�ng the project's viability.

Secondly, this data will inform the direc�on of the Company’s upcoming 2024 drill program, which will be

guided by a 3D modelling of both geology and historic mine workings, designed to maximize eﬃciency and

accuracy. The 3D model will harness the comprehensive dataset that has been amassed, including historic

data compila�on from the past -producing era leading up to 2005, current surface and underground

geochemistry, review and channel sampling of underground workings, mapping (both underground and

surface), geophysical surveys, as well as cross-sec�onal and longitudinal interpreta�ons.

Tworek con�nues: “This data helps to prove from a methodical and unbiased perspec�ve where both the

ore “is” as much as where the ore “isn’t”. When modelled in conjunc�on with past sampling data and

historical produc�on data, this proves that the current underground addits and open veins as well as their

surface level expressions are strong economically, where future explora�on and drilling campaigns will

highlight where we will focus for ore extrac�on.“

As the Element79 team moves forward, its conﬁdence is both in the skill and experience of its team as

well as the con�nued posi�ve results its work programs have yielded. The Company’s mission is to

maximize shareholder value through con�nued development of the Lucero project, by bringing it back into

commercial produc�on, in a safe, ethical, sustainable and proﬁtable fashion.

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Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo.,

Director of Element79 Gold 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 commited to maximizing shareholder

value through responsible mining prac�ces and sustainable development of its projects. Element79 Gold's

focus is on devel oping its past-producing, high-grade gold and silver mine, the Lucero project located in

Arequipa, Peru, with the intent to restart produc�on in 2024.

The Company also holds a por�olio of 5 proper�es along the Batle Mountain trend in Nevada, with the

Clover and West Whistler projects believed to have signiﬁcant poten�al for near -term resource

development. Three proper�es in the Batle Mountain Por� o l i o a r e u n d e r c o n t r a c t f o r s a l e t o V a l d o

Minerals Ltd., with an an�cipated closing date in the ﬁrst half of 2024. The Company has also signed an

Op�on 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

�tled: Amended Technical Report on the Maverick Springs Project, Nevada, USA, by Allan Armitage, PhD.,

P . G e o , a n d R o h a n M i l l a r , B . S c . P . G e o . , d a t e d O c t o b e r 7 , 2 0 2 2 , a vailable on SEDAR) and an�cipates

comple�ng this sale on or before July 21, 2024.

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 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, 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 informa�on about the Company, please visit www.element79.gold

Contact Informa�on

For corporate matters, please contact:

James C. Tworek, Chief Execu�ve Oﬃcer

E-mail: [email protected]

For investor relations inquiries, please contact:

Investor Rela�ons Department

Phone: +1.403.850.8050

E-mail: [email protected]

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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

considering 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 express 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".

Actual results may vary from 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; req uirements 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.sedarplus.ca. Although the Company has atempted

to iden�fy important factors that could cause actual results to diﬀer materially from those contained in

forward-l o o k i n g s t a t e m e n t s , t h e r e m a y b e o t h e r f a c t o r s t h a t c a u s e r e s u l t s n o t t o b e a s a n � c i p a t e d ,

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.

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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.

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