Element79 Gold Corp – Extensive Channel Sampling and Mapping Reveal Promising Exploration Horizons on Lucero Property
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 "C ompany ) 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 pro perty have
revealed addi�onal insights, surpassing ini�al expecta�ons. Accessible historical working, o riginally
es�mated at just 2.5 km, has been significantly. R ecent 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.
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Figure 1. Lucero Project loca�on map of fall 2023 underground mapping, focused on the Apacheta, Pillune
and Sando Alcalde historic mining areas.
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Element79 Gold Corp. Press Release March 27, 2024
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, t hese 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.
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Element79 Gold Corp. Press Release March 27, 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 prospec ts 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
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Element79 Gold Corp. Press Release March 27, 2024
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 c on �nue t o be r e fined; c ommodity pric es; v aria �ons in or e r es erv es, g r ade or r ec ove ry r a t es ;
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-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.