Element79 Gold Files NI 43-101 Technical Report on the Maverick Springs Project
Element79 Gold Files NI 43-101 Technical Report on the Maverick Springs
Project
VANCOUVER, BC / ACCESSWIRE / February 7, 2022 / Element79 Gold Corp.
(CSE:ELEM) (OTC PINK:ELMGF) (FSE:7YS) ("Element79 Gold", the "Company") is pleased
to announce the filing of a National Instrument 43-101 Technical Report (the "Technical
Report") on the flagship Maverick Springs Project ("Maverick Springs") located in the famous
gold mining region of northeastern Nevada. The Report has an effective date of October 7th 2021
and is entitled "Technical Report on the Maverick Springs Project, Nevada, USA" and was
prepared by SGS Canada Inc.
Highlights of the Technical Report on Maverick Springs include:
3.71 million gold equivalent ounces "Au EQ" (278.0M Ag EQ ounces), within 125.4 million
tonnes at an average grade of 0.92 g/t Au EQ (68.9 g/tonne Ag EQ) in the Inferred category.
Table 1. 2022 Pit-Constrained Mineral Resource Estimate for Maverick Springs
Class Tonnes
Ag
(g/t)
Au
(g/t)
Ag
(Moz)
Au
(Moz)
Ag EQ
(g/t)
Ag EQ
(Moz)
Au EQ
(g/t)
Au EQ
(Moz)
Inferred 125,421,000 43.5 0.34 175.7 1.37 68.9 278.0 0.92 3.71
• The classification of the current Mineral Resource Estimate into Inferred is consistent
with current 2014 CIM Definition Standards - For Mineral Resources and Mineral
Reserves and 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best
Practice Guidelines.
• Mineral resources which are not mineral reserves do not have demonstrated economic
viability. An Inferred Mineral Resource has a lower level of confidence than that
applying to a Measured and Indicated Mineral Resource and must not be converted to a
Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral
Resources could be upgraded to Indicated Mineral Resources with continued
exploration.
• All figures are rounded to reflect the relative accuracy of the estimate. Composites have
been capped where appropriate.
• Resources are presented undiluted and in situ and are considered to have reasonable
prospects for economic extraction.
• Open pit mineral resources are reported at a cut-off grade of 22.5 g/tonne Ag EQ. Cut-
off grade is based on a gold price of US$1,650 per ounce and a silver price of US$22 per
ounce, a gold recovery of 75%, a silver recovery of 85% and reasonable mining,
processing and transportation costs.
• High grade capping was done on silver grades in the composite data. A capping value of
25 oz/ton Ag was applied to the silver grades.
• A fixed specific gravity value of 13.6 ft3/ton (2.35 g/cm3) was used to estimate the tonnage
from block model volumes.
• The Authors are not aware of any known environmental, permitting, legal, title-related,
taxation, socio-political or marketing issues, or any other relevant issue not reported in
the technical report, that could materially affect the mineral resource estimate.
Table 2. 2022 Maverick Springs Open-Pit Optimization Parameters
Parameter Unit In-Pit Maverick Springs
Gold Price $US per ounce $1,650
Silver Price $US per ounce $22
Gold Recovery Percent (%) 75
Silver Recovery Percent (%) 85
Pit Slope Degrees 45
Strip Ratio Waste:Mineralisation 5.8:1
Mining Cost $US per tonne mined $1.90
Processing Cost and G&A $US per tonne milled $12.50
Mining Dilution Percent (%) 5%
Mining Recovery Percent (%) 95%
Cut-Off Grade g/t Au EQ 0.3
Cut-Off Grade g/t Ag EQ 22.5
The Technical Report, filed on SEDAR on February 4, 2022, was completed by Allan Armitage,
PhD., P. Geo., and Rohan Millar, B.Sc., P. Geo. of SGS Canada Inc. with an effective date of
October 7, 2021. The Technical Report includes an updated Mineral Resource Estimate (the
"MRE"), which incorporates an additional 52 drill holes (Figure 2 and 3) drilled since the
historical 2004 Mineral Resource Estimate by Snowden Mining Industry Consultants Inc. (the
"2004 MRE")(5) and is constrained by a conceptual Whittle Pit (Figure 4.).
There are no material differences between information disclosed in the Company's January 31,
2022 news release and the Technical Report.
The Maverick Springs Project
The Maverick Springs Project consists of approximately 4,800 acres across 247 unpatented
claims that straddle the border of Elko County and White Pine County, proximal to the Carlin
Trend, a belt of gold deposits approximately 5 miles wide and 40 miles long that is one of the
world's richest gold mining districts, having produced more gold than any other mining district in
the US.(1) The Maverick Springs Project is located just 30 kilometres northeast of Kinross's Bald
Mountain Mine with measured and indicated resources (inclusive of proven and probable
reserves) of 4.5 million ounces grading 0.52 g/t gold.(2)
Maverick Springs is a silver-rich sediment/carbonate hosted deposit located adjacent to the
famous Carlin Trend (Figure 1) which hosts some of the largest gold deposits in the world, such
as Nevada Gold Mines' Carlin Mine, a combination of Newmont Corporation's Carlin Mine and
Barrick Gold Corporation's Goldstrike Mine, which reported 1.665 million ounces of gold
produced in 2020.(1,4) As of 2019, the Carlin Trend as a whole has produced over 92.5 million
ounces of gold since the original Carlin Mine went into production in 1965(6).
In addition to Carlin style gold deposits Nevada is also famous for large silver-rich epithermal
deposits such as Comstock Lode and Tonopah Districts.(3) Work by the authors of current MRE
suggests that Maverick Springs has similarities to silver rich epithermal deposits. Maverick
Springs is a blind deposit comprising a 30-120 metre thick, flat-lying zone centered on an
anticlinal structure with oxidation pervasive to 120 metres and intermittent to 270 metres.(5) The
fact that Maverick may be an epithermal deposit leaves open the possibility of additional
mineralization above this flat laying zone, which could have a significant positive impact on any
future open pit mining.
The Maverick Springs Project is accessible year-round via gravel road, with a network of drill
roads spread throughout its claims. Nearby electrical power can be sourced from the eastern
Nevada grid system to the northwest. The claims at Maverick Springs were first staked in 1986,
with several exploration programs conducted from 1987 to 2004, including a total of 195 drill
holes totaling 47,000 metres.(8)
Figure 1. Location Map of the Maverick Springs deposit, and nearby select significant gold
mines.
Figure 2. Plan View looking North of Maverick Springs Mineralized wireframe and drill holes
by year.
Figure 3. View looking north showing all drill holes, the mineralized wireframe, the base of
oxidation and surface topography of the Maverick Springs Deposit.
Figure 4. Isometric View of Conceptual Open Pit and In-Pit Block Model
Qualified Persons
The National Instrument 43-101 Technical Report on the Maverick Springs Project was
independently prepared by Allan Armitage, PhD., P.Geo, and Rohan Millar, B.Sc. P.Geo., both
of whom are "qualified persons" as defined by National Instrument 43-101 and a Senior
Resource Geologist and Senior Geologist, respectively, of SGS Canada Inc.
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
Element 79 Gold is a mineral exploration 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 ("Maverick Springs") between the Elko and White Pine
Counties in Nevada, USA and recently filed an updated National Instrument 43-101 Technical
Report on Maverick Springs dated February 4, 2022. The acquisition of Maverick Springs also
included a portfolio of 15 properties along the Battle Mountain trend in Nevada, and the
Company is completing analysis on these properties for further merit of exploration, along with
the potential for sale or spin-out. In British Columbia, the Company 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. 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
Contact Information
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
E-mail: [email protected]
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1 (604) 200-3608
E-mail: [email protected]
Sources
Element 79 Gold makes no warranty as to the completeness, accuracy, verifiability, or
suitableness of any of the information contained on the following third-party links and expressly
undertakes no obligation to update the following links.
(1) https://www.kitco.com/news/2021-04-05/Top-10-biggest-gold-mines-in-the-United-States-
report.html
(2) Kinross Bald Mountain Mine 2020 Mineral Reserves and Resources
https://www.kinross.com/operations/default.aspx#reserves
(3) History of the Silver StateL Nevad and it's Silver Districts
https://www.visualcapitalist.com/nevada-silver-districts/
(4) Evidence for a magmatic origin for Carlin-type gold deposits: isotopic composition of sulfur
in the Betze-Post-Screamer Deposit, Nevada, USA - Stephen E. Kesler, Lee C. Riciputi, Zaojun