Element79 Gold Enters Letters of Intent to Sell Five Properties from Nevada Gold Portfolio
Element79 Gold Enters Letters of Intent to Sell Five Properties from
Nevada Gold Portfolio
Vancouver, BC, November 17, 2022 – Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS)
("Element79 Gold", the "Company") today announced it has entered non- binding letters of
intent (the " Centra LOI" and " Valdo LOI" respectively) with Centra Mining Ltd. (" Centra") and
Valdo Minerals Ltd. (" Valdo"), whereby the Company intends to sell a total of five properties
from its Battle Mountain Portfolio, which is comprised of fifteen properties located in the famous
gold mining district of northeastern Nevada, USA.
The properties being considered for sale include:
• The Long Peak Project: 34 unpatented claims in Lander County
• The Stargo Project: 337 unpatented claims in Nye County
• The Elder Creek Project: 23 unpatented claims in Lander County
• The North Mill Creek Project: 6 unpatented claims in Lander County
• The Elephant Project: 197 unpatented claims in Lander County
"The potential sale of these claim bloc ks would allow Element79 Gold to continue unlocking
additional value from our vast portfolio of prospective properties while maintaining our
established focus on the rapid pace of development at our primary high- grade gold assets,"
stated James Tworek, Pre sident and CEO of Element79 Gold. " Overall, we believe the Battle
Mountain Portfolio contains several additional targets which warrant extensive exploration and
prospecting to further validate historic high- grade samples. Selling some of the portfolio has
been a corporate strategy point and this is a great opportunity that allows us both unlock value
for our shareholders and to focus our energy on our core projects.”
The Long Peak Project
The Long Peak Project ("Long Peak") is comprised of 34 unpatented claims located near Copper
Basin and the Copper Canyon Mine in Lander County, Nevada. Long Peak hosts significant historic
prospects, warranting further exploration at Long Peak.
The Stargo Project
The Stargo Project ("Stargo") is comprised of 337 unpatented claims located south of the Battle
Mountain Trend in Nye County, Nevada.The large claim block contains attractive host rocks,
tertiary age intrusives, and appropriate aged structural preparation to represent an attra ctive
area for exploration target development.
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 repr esent leakage from the deeper lower plate of the
Roberts Mountains Thrust, suggesting that deeper targets could host significant mineralization
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
confirmed the presence and mineralization of the Elephant target model.
Terms of The Centra LOI
Under the terms of the Centra LOI, it is anticipated that Centra would purchase all of Element79
Gold's interests and obligations in relation to Long Peak, and Stargo in e xchange for a total
consideration of $1,000,000 CAD payable by the issuance of an aggregate of 2,500,000 common
shares of Centra at a deemed price of $0.40 CAD per share. The Centra LOI is non- binding and is
subject to a 180-day exclusivity period.
Terms of the Valdo LOI
Under the terms of the Valdo LOI, it is anticipated that Valdo would purchase all of Element79
Gold's interests and obligations in relation to North Mill Creek, Elder Creek, and Elephant in
exchange for a total consideration of $1,125,000 CAD payable by the issuance of an aggregate of
3,750,000 common shares of Centra at a deemed price of $0.30 CAD per share. The Valdo LOI is
non-binding and is subject to a 180-day exclusivity period.
About Element79 Gold
Element79 Gold is a mineral explor ation company focused on the acquisition, exploration and
development of mining properties for gold and associated metals. Element79 Gold has acquired
its flagship Maverick Springs Project located in the famous gold mining district of northeastern
Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a 43-
101-compliant, pit-constrained mineral resource estimate reflecting an Inferred resource of 3.71
million ounces of gold equivalent* “AuEq” at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t
Ag)) with an effective date of Oct. 7, 2021 (see news release January 31st, 2022, available on
SEDAR). The acquisition of the Maverick Springs Project also included a portfolio of 15 properties
along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of
exploration, along with the potential for sale or spin- out. In British Columbia, Element79 Gold
has executed a Letter of Intent to acquire a private company which holds the option to 100%
interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in
Central British Columbia, approximately 20km west of Fort St. James. In Peru, Element79 Gold
holds 100% interest in the past producing Lucero Mine, one of the highest- grade underground
mines to be commercially mined in Peru's history, as well as the past producing Machacala Mine.
The Company also has an option to acquire 100% interest in the Dale Property which consists of
90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario,
Canada in the Timmins Mining Division, Dale Township. For more information about the
Company, please visit www.element79.gold or www.element79gold.com.
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
Email: [email protected]
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1 (604) 200-3608
Email: [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 in light of 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 plans for
its portfolio of mining projects and properties; 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; any potential future cash flow and the
timing thereof; acquisition opportunities; 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", "intend", "could", "might", "should",
"believe" and similar expressio ns) 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; labour 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, ava ilable on www.sedar.com. 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 ex pectations 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 obligation, to update these
forward-looking statements, except as required by applicable laws.
Source: Element79 Gold
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in
the policies of the Canadian Securities Exchange) accepts responsibility f or the adequacy or
accuracy of this release.