ELEM.CN · 2023-04-27 12:00:00

Element79 Gold Reports High Grade Results from Lucero Gold - Silver Project, Arequipa, Peru

Drill Results

VANCOUVER, BC / THENEWSWIRE / April 27, 2023 – Element 79 Gold Corp. (CSE: ELEM)(OTC: ELMGF)(FSE: 7YS)

("Element 79 Gold", the "Company") is pleased to announce that recent assay results con�nue to show the signiﬁcant

poten�al of its past producing Lucero mine project in Arequipa, Peru.

“The most recent batch of 21 assay results from the March 2023 underground sampling program on the Apacheta Zone of

the Lucero project revealed excep�onally high -grade gold and silver mineraliza�on, up to 11.7 ounces per ton gold and

247 ounces per ton silver, further valida�ng the poten�al for a signiﬁcant high-grade future opera�on.” said James Tworek,

CEO of Element79 Gold.

The most recent assay results were collected underground as chip samples across several veins from the Apacheta Zone,

where local Informal miners had worked sporadically for the last several years. The April work program focused on three

diﬀerent underground workings and revealed high -grade gold-silver mineraliza�on conﬁrming two orienta�ons of

mineralized structures. These comprise a roughly E-W orienta�on associated with higher precious metals and a more NW

orienta�on associated with higher base metals, both with economic grades (Table 1.) and host veins approximately 0.3

meters thick.

Table 1. Assay Results from 2023 Chip Sampling Program on the Lucero Project

Sample Au Au Ag Ag Cu Pb Zn Vein Mine

Number g/tonne Oz/ton g/tonne Oz/ton % % % Width (m) Working

LUC2023-01 9.9 0.3 441 12.9 0.02 0.29 1.32 0.30 NV 150 SUR

LUC2023-02 9.9 0.3 319 9.3 0.03 0.25 0.74 0.30 NV 150 SUR

LUC2023-03 31.7 0.9 325 9.5 0.00 0.25 0.24 0.20 NV 150 SUR

LUC2023-04 78.9 2.3 3343 97.5 0.26 0.38 0.55 0.20 NV 150 SUR

LUC2023-05 74.5 2.2 2645 77.1 0.16 0.36 0.51 0.20 NV 150 SUR

LUC2023-06 402.0 11.7 8464 246.9 0.08 0.04 0.04 0.20 NV 150 SUR

LUC2023-07 231.0 6.7 8363 243.9 0.19 0.98 1.43 0.25 NV 150 SUR

LUC2023-08 30.2 0.9 493 14.4 0.20 1.52 1.82 0.30 NV 150 SUR (1)

LUC2023-09 105.0 3.1 3841 112.0 0.44 14.86 22.4 0.40 NV 150 SUR (1)

LUC2023-10 204.0 6.0 2416 70.5 0.61 7.03 5.56 0.30 NV 150 SUR (1)

LUC2023-11 143.0 4.2 1593 46.5 0.43 4.95 3.30 0.30 NV 150 SUR (1)

LUC2023-12 2.9 0.1 53 1.6 0.14 0.46 0.81 0.40 NV 150 NORTE

LUC2023-13 8.6 0.2 126 3.7 0.77 2.46 5.64 0.30 NV 150 NORTE

LUC2023-14 14.5 0.4 294 8.6 2.49 5.49 9.71 0.30 NV 150 NORTE

LUC2023-15 24.1 0.7 285 8.3 1.85 11.43 19.61 0.50 NV 150 NORTE

LUC2023-16 24.4 0.7 225 6.6 1.54 8.61 16.50 0.50 NV 150 NORTE

LUC2023-17 52.6 1.5 634 18.5 0.72 5.57 8.33 0.40 NV 150 NORTE

LUC2023-18 25.5 0.7 453 13.2 0.08 0.51 0.27 0.40 NV 200

LUC2023-19 31.6 0.9 1821 53.1 0.16 1.18 2.09 0.10 NV 200

LUC2023-20 26.0 0.8 2213 64.5 0.06 4.03 8.45 0.30 NV 200

LUC2023-21 32.9 1.0 1479 43.1 0.24 0.48 0.65 0.30 NV 200

"The latest assay results conﬁrm the high -grade nature of the Lucero project, consistent with visible mineraliza�on

observed during site visits and by prior operators," said James Tworek, CEO of Element79 Gold. "We have the beneﬁt of a

running start as the Lucero project has been in produc�on in the past, and many underground workings remain accessible.

Our recent work and associate d results con�nue to demonstrate the signiﬁcant poten�al of our assets while reinforcing

our belief that the project hosts more commercially exploitable veins as it has seen litle modern explora�on. We will

con�nue monthly work packages following on from this March trip, including an�cipa�ng sampling and mapping in the

Pillune and Sando Alcalde areas which were important past producers. We look forward to sharing addi�onal results as

we complete these programs in sequence over the next year."

The Company's ongoing 2023 explora�on program includes addi�onal surface and underground mapping, sampling,

surveying, data collec�on, and drilling to further iden�fy and delineate exis�ng and new mineralized zones. This data will

feed into a geologica l model for drill planning and assess iden�ﬁed ore shoots for their economic concentra�ons and

produc�on viability. The results of this ongoing program will inform the Company's next steps in advancing the project

towards more aggressive drilling plans as well as bulk sampling extrac�on.

Figure 1. Lucero Project showing major historic mining areas, including Apacheta area

Figure 2. Apacheta area veins (in red) and mine workings (yellow dots) - Lucero Project

Tworek added, "With these posi�ve results, the Company makes further progress in line with its 2023 Work Plan (as

announced in the Company's News Release February 15, 2023) a nd we look forward to upda�ng our investors on addi�onal

posi�ve results from explora�on plans as we receive and analyze them. "

Figure 3. A: LUC2023-06, 0.2-meter quartz vein with rhodochrosite and calcite with patches of pyrite, chalcopyrite, and sulfosalts. B. LUC2023-15,

0.5-meter galena-rich vein with sulfosalts. C. LUC2023-10, 0.3-meter granular quartz vein with pyrite, chalcopyrite, galena, sulfosalts and iron

oxides. D. LUC2023-17, 0.4-meter vein with galena, sulfosalts, pyrite, and chalcopyrite E. LUC2023-18, 0.4-meter vein with patches of pyrite,

chalcopyrite

About the Lucero Project

Formerly operated as the Shila mine from 1989 to 2005 by Buenaventura, Lucero consists of 10,805 hectares located in

the Shila range of southern Peru, which contains several historic high grade gold-silver mines. (1) Lucero consistently

delivered high grades during 16 years of opera�ons, and between 1998 and 2004 reported produc�on averaging

approximately 18,800 ounces of gold and 435,000 ounces of silver per year at grades of 14.0 g/t gold and 373 g/t silver,

with recoveries at the ore processing facility averaging 94.5% for gold and 85.5% for silver.

QA/QC

All samples were collected by Helmut Herrera of SLM Mining Services S.A.C of Peru (Lima) and submited to Cer�min S.A.

of Peru (Lima). Samples were prepared by crushing to 90% passing <2mm, with a 250-gram split pulverized to 85% passing

75 micrometers, and analysed by four acid diges�on followed by Induc�vely Couple Plasma with an Op�cal Emission

Spectrophotometry detector (ICP-OES) for 35 elements including silver, while gold was analyzed by Fire Assay with a 30 -

gram sample with an Atomic Absorp�on Spectrophotometry detector (AAS) ﬁnish for assay up to 10 g/t. Overlimit gold

was analysed by ﬁre assay with a gravimetric ﬁnish. Overlimit Silver (>100 g/t) was analysed by four acid diges�on and AAS

ﬁnish, silver >1000 g/t was analysed by ﬁre Assay with a gravimetric ﬁnish. Overlimit lead and zinc were analysed by ore

grade techniques using four acid diges�on and ICP-OES ﬁnish.

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

Element79 Gold is a mining company focused on gold, silver and associated metals commited to maximizing shareholder

value through responsible mining prac�ces and sustainable development of its projects. Element79 Gold's main focus is

on two core proper�es: the previously-producing, high-grade gold and silver mine, Lucero, located in Arequipa, Peru, with

the intent to develop a maiden resource on it as well as bring it back into produc�on in the near term; and its ﬂagship

Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and

White Pine Coun�es. Maverick Springs hosts a 43 -101-compliant, pit-constrained mineral resource es�mate reﬂec�ng 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 eﬀec�ve date of Oct. 19, 2022. The acquisi�on of the Maverick Springs Project also included a por�olio of 15

proper�es along the Batle Mountain trend in Nevada, which are non -core to its primary business focus. In Bri�sh

Columbia, Element79 Gold has executed a Leter of Intent and funded a drilling program to acquire a private company

which 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 also 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, Canada in the Timmins Mining Division, Dale Township. The Company is analyzing the non-core Nevada projects,

The Dale Property and Snowbird Property for further merit of explora�on, sale or spin-out.

For more informa�on about the Company, please visit www.element79.gold

Contact Informa�on

For corporate maters, please contact:

James C. Tworek, Chief Execu�ve Oﬃcer

E-mail: [email protected]

For investor rela�ons inquiries, please contact:

Investor Rela�ons Department

Phone: +1.613.879.9387

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 in light of 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 incorr ect 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.sedar.com. Although the

Company has atempted to iden�fy important facto rs 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 th e policies of the

Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

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