Element79 Gold Provides Year-End Update on Dale Property in Ontario and Pending Property Acquisitions in Nevada and British Columbia
Element79 Gold Provides Year-End Update on Dale Property in
Ontario and Pending Property Acquisitions in Nevada and British
Columbia
VANCOUVER, BC / ACCESSWIRE / December 15, 2021 / Since listing in August
Element79 Gold Corp. (The Company) has had active year. The Company launched their Phase I
exploration on their Dale gold project in Ontario, and announced significant acquisitions in both
British Columbia, and Nevada. Following up on the high-resolution data obtained from the
drone-based magnetic survey completed by Element79 Gold Corp. (The Company) earlier this
year, The Company is expected to announce results of the soil sampling, mapping, prospecting
and trenching to follow up on historic prospecting by the vendors of the property which has
yielded up to 3.82 g/t gold, including several highly anomalous samples grading greater than 0.1
g/t gold 1 .
These highly anomalous prospecting samples are associated with zones of strong silicification
and disseminated pyrite which The Company believes are prospective for bulk tonnage style
gold mineralization.
2021 Dale Gold Property Phase I Exploration Program Highlights in Ontario
Following up on the high-resolution data obtained from the drone-based magnetic survey
completed by Element79 Gold Corp. (The Company) earlier this year, The Company launched
its Phase I exploration program (see news release Sept. 24, 2021), results of which are pending.
This Phase I program wrapped up in early November and consisted of trenching, channel
sampling, prospecting, mapping and soil sampling is expected to announce results of the soil
sampling, mapping, prospecting and trenching, following up on historic prospecting by the
vendors of the property which has yielded up to 3.82 g/t gold, including several highly
anomalous samples grading greater than 0.1 g/t gold 1 . The mineralization present on the Dale
property is associated with zones of strong silification and disseminated pyrite which The
Company believes are prospective for bulk tonnage style gold mineralization
The Dale Property is a highly prospective early-stage gold project located in the Swayze
greenstone belt, which is turn is part of the Abitibi Subprovince, which hosts some of the world's
largest gold deposits, e.g. the Timmins camp which has produced over 70 million ounces of gold
(Figure 1).
The Swayze greenstone belt is best known for hosting IamGold's Côté Lake deposit which
contains 10.2 million ounces Measured and Indicated and 3.8 million ounces Inferred 2 , and is
located 50 km southeast of the Dale Property (Figure 1). The Côté Lake project received a
Positive Construction Decision in July 2020 3 and plans to achieve commercial production in
2023.
When asked to comment about this year's exploration program, CEO James Tworek said, "Our
budget for the work on the Dale property was targeted in the $80K range and this was met. The
Phase I exploration expenditures have fulfilled our work investment, completing the 2021 and
2022 work commitments required. Work completed during this campaign included trenching,
channel sampling, mapping and soil sampling and finally lab testing samples for gold and silver
inclusions. In addition to geological work, The Company increased its land package by staking
245.53 hectares directly adjacent to the Western and North-Western borders of its existing
claims, this expansion of the property was a trajectory reinforced as valuable based on review
and further interpretation of The Company's drone-based magnetic survey completed earlier in
2021."
Figure 1 Simplified Regional Geology of the Dale Project Area, showing nearby significant
deposits and producing mines.
Nevada Portfolio Acquisition
Pursuant to the news release dated December 1st , 2021, The Company is pleased to provide an
update on its acquisition of 1316524 B.C. Ltd. ("Goldco"). As previously disclosed, Element79
Gold is party to a securities exchange agreement (the "Goldco Agreement") pursuant to which it
will acquire all of the issued and outstanding shares of Goldco (the "Goldco Acquisition").
Goldco is party to an asset purchase agreement (the "Asset Purchase Agreement") with Clover
Nevada LLC ("Clover Nevada") and Maverick Springs Mining Company, LLC ("MSMC") to
acquire the flagship Maverick Springs project (the "Maverick Springs Project") and 15 additional
projects that comprise the Battle Mountain portfolio (collectively, the "Battle Mountain
Portfolio") (the "Asset Acquisition" and together with the Goldco Acquisition, the
"Transactions"). The Maverick Springs Project and the Battle Mountain Portfolio are located in
the gold mining regions of northeastern Nevada, home to some of the world's largest gold mines.
The Transactions were originally scheduled be completed in November. However, due to delays
associated with Clover Nevada and MSMC obtaining outstanding consents required in
connection with the Asset Acquisition, completion of the Transactions have been briefly delayed.
As such, both the Goldco Agreement and the Asset Purchase Agreement have been amended to
provide the parties with additional time to complete the transactions contemplated thereunder.
Element79 Gold remains committed to completing the Transactions and virtually all of the
closing conditions have been satisfied on The Company's end. An announcement is to be
expected at the beginning of Q1 2022.
Snowbird Property Acquisition in British Columbia
Pursuant to The Company's August 25th, 2021 news release, Element79 Gold has signed a
binding Letter of Intent (the "LOI") to acquire 100% of the issued and outstanding shares in
Plutus Gold, which holds the option to acquire the Snowbird High-Grade Gold Project. While
Element79 Gold's due diligence review remains ongoing, it has progressed sufficiently that the
Company has opted to finance Plutus Gold's Drill Program via a drawable loan facility up to
$1,100,000 CAD in order to facilitate the fulfillment of Plutus Gold's final obligations remaining
under the Option Agreement between Plutus Gold and Gitennes Exploration Ltd. (see new
release Oct. 27, 2021). Plutus Gold's Drill Program is ongoing with an estimate of 3,000 meters
to be completed this year.
Similar to the Nevada Portfolio acquisition, The Company expects to make an
announcement, which includes an updated 43-101, at the beginning of Q1 2022.
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
Element79 Gold is a mineral exploration company focused on the acquisition, exploration and
development of mining properties for gold and associated metals. Element79 Gold 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. 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. For more information about Element79 Gold, 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]
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.
Sources
1. Element79 Gold Corp., May 4, 2021, 43-101 Technical report on the Dale Property,
Section 9.6, available on SEDAR
2. IamGold Corp., February 17, 2021, Annual Information Form
https://s2.q4cdn.com/610165863/files/doc_downloads/2021/02/FINAL-2020-AIF-Feb-
17-2021.pdf
3. IamGold Corp., July 21 2020, News Release
https://www.iamgold.com/English/investors/news-releases/news-releases-
details/2020/IAMGOLD-to-Proceed-with-Construction-of-the-Ct-Gold-Project-in-
Ontario-Canada/default.aspx
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 Element79 Gold'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 Element79 Gold's
business strategy; and completion of the Transactions. 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
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, 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 Element79
Gold's other public disclosure documents, available on www.sedar.com. Although Element79
Gold 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. Element79 Gold believes that the
expectations reflected in these forward‐looking statements are reasonable, but no assurance can
be given that these expectations 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. Element79 Gold does not intend, and does not assume any obligation, to update these
forward-looking statements, except as required by applicable laws.
SOURCE: Element79 Gold Corp.