Element79 Gold Corp – Extensive Channel Sampling and Mapping Reveal Promising Exploration Horizons on Lucero Property

VANCOUVER, BC / THE NEWSWIRE / March 26, 2024 – Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) ("Element79", the "Company) is pleased to provide addi�onal updates on recent efforts on its Lucero property, further highligh�ng the flagship project's vast poten�al.

The latest underground mapping and channel sampling efforts on Element79's Lucero property have revealed addi�onal insights, surpassing ini�al expecta�ons. Accessible historical working, originally es�mated at just 2.5 km, has been significantly. Recent work has documented an expansive network spanning 8.9 km of workings (Figure 1 and 2), with 85% now me�culously mapped and sampled. These findings significantly expand our understanding of Lucero's geological landscape, posi�oning the Company for unprecedented explora�on opportuni�es.

To date a total of 19 adits have been mapped, with 10 addi�onal adits remaining for underground mapping. In addi�on to discovery of significantly more accessible working, work done between October and December yielded significant insight into the project’ gold-silver mineraliza�on. Below are some of the highlights of recent and historical workings:

• Mineraliza�on conforms to the intermediate sulfida�on epithermal style, characterized by Au-Ag veins with associated lead and zinc sulphides.

• Subver�cal structures, hosted with dacite tuffs are the primary controls of the mineralized veins, with an average vein width of 0.40m.

• Within the Apacheta zone, mineraliza�on remains open at depth and towards the northwest.
• Two structures exhibi�ng significant explora�on poten�al for gold-silver mineraliza�on have been iden�fied: the Promesa vein and the Pillune sector.
• Notably, the Pillune sector appears hosts a well-defined ore shoot, highligh�ng its substan�al mineraliza�on poten�al.

"As we advance on this journey of discovery, our commitment to unlocking Lucero's vast poten�al through collabora�ve rela�onships remains unwavering," said James Tworek, CEO of Element79. "With each milestone, we inch closer to realizing our vision of sustainable and responsible resource explora�on and produc�on. We remain dedicated to crea�ng enduring value for our shareholders and fostering prosperity within the communi�es we operate."

Drawing from historical Buenaventura reports spanning 2005-2008, enriched by con�nued community engagement, Element79 has unearthed compelling prospects for explora�on.

Figure 1. Lucero Project loca�on map of fall 2023 underground mapping, focused on the Apacheta, Pillune and Sando Alcalde historic mining areas.

Figure 2. Isometric view with geology draped on topography, looking north, with recently mapped working (light yellow).

Notably, our explora�on �meline underscores our efficient u�liza�on of resources. This strategic resource alloca�on ensures the comple�on of ongoing ini�a�ves and paves the way for secondary mapping and geochemistry programs in addi�onal zones beyond Apacheta, Pillune, and Sando Alcalde.

"Lucero project's extensive poten�al con�nues to unfold as we compile drilling targets in the northwest region, where surface indicators of vuggy silica hint at underlying mineraliza�on," said Kim Kirkland, Chief Opera�ng Officer at Element79 and Registered Professional Geologist. "As we con�nue to chart new territories and push the boundaries of explora�on on our flagship property, these prospects ignite a palpable sense of an�cipa�on and excitement, propelling Element79 towards new fron�ers of discovery."

Qualified Person

The technical informa�on in this release has been reviewed and verified by Neil Pe�grew, M.Sc., P. Geo., Director of Element79 Gold and a "qualified person" as defined by Na�onal 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 developing 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�olio are under contract for sale to Valdo 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.Geo, and Rohan Millar, B.Sc. P.Geo., dated October 7, 2022, available 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]

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; requirements 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-looking statements, there may be other factors that cause results not to be as an�cipated, 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.

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.