Element79 Presents 2023 Work Plan for Dale Property, Emphasizing Strategic Direction

Element79 Presents 2023 Work Plan for Dale Property,

Emphasizing Strategic Direc�on

VANCOUVER, BC / THENEWSWIRE / July 26, 2023 – Element 79 Gold Corp. (CSE: ELEM)(OTC: ELMGF)(FSE:

7YS) ("Element 79 Gold ", the "Company") a mining company focused on gold and silver today confirms

that it has reviewed and approved its comprehensive 2023 work plan for the Dale Gold Property, situated

in the Porcupine Mining Division, Dale Township, Ontario, Canada. The Work plan will start immediately

in July 2023.

"Today's announcement is driven by the strong commitment to con�nued progress while emphasizing our

strategic direc�on, enabling a smooth spin out of Synergy Metals Corp, as recently announced," said James

Tworek, President and CEO of Element79. "The s uccessful execu�on of the Dale Property work plan will

reinforce our ability to showcase the property's great poten�al, which in the future, through con�nued

work by Synergy Metals Corp, could boast successes similar to what our regional neighbours GFG

Resources see in their recent explora�on successes and IAMgold’s upcoming Coté Mine opening. We look

forward to receiving and sharing the results of this campaign later this summer."

The 2023 Dale Property Explora�on Program

The proposed prospec�ng, stripping, and sampling program outlines a comprehensive ground campaign

targe�ng addi�onal gold mineraliza�on. All ac�vi�es will be me�culously documented and analyzed, in

prepara�on for a revised 43-101 technical report to be filed at a future date.

Innova�ve Explora�on with SHERP CENTAUR

Element79 will employ a "SHERP CENTAUR," one of the most advanced amphibious vehicles on the market,

providing the explora�on team with unprecedented mobility, giving them access to previously inaccessible

areas on the property with rugged or wet terrain and genera�ng significant costs savings compared to

using a helicopter for access.

High-Poten�al Prospec�ng Loca�ons

Element79 Gold and historic operator Placer Dome Canada Limited have previously iden�fied numerous

highly anomalous zones of quartz veining and/or shearing a on the Dale Property through conven�onal

prospec�ng from of areas easily accessible via Horwood Lake by boat. The current work plan aims to

extend these discoveries inland to verify their con�nuity.

Addi�onally, the Dale Property has shown poten�al for other styles of mineraliza�on such as Volcanogenic

Massive Sulphide (VMS) in the volcanics rocks surrounding the Dale granodiorite stock. Notably, the

current program will target massive pyrite dykelet in the north part of the property which as returned

anomalous silver. Overall, the Dale Property boasts numerous gold, silver, and other anomalous

occurrences that present an exci�ng opportunity for Element79 Gold and spin out of Synergy Metals Corp.

Experienced Team of Prospectors

The prospec�ng team will be led by two experienced prospectors who bring extensive wilderness, mineral

explora�on and SHERP CENTAUR opera�on skills, ensuring a successful and efficient campaign.

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.

E l ement79 Gol d i s a mi ni ng company focused on gol d and silve r co m m itte d to m a xim izin g

sharehol der val ue through responsi bl e mi ni ng practi ces and sustai nabl e devel opment of i ts

p ro je cts. Ele m e n t79 Go ld 's m a in fo cu s is o n two co re p ro p e rtie s: d e ve lo p in g its p re vio u sly-

produci ng, hi gh- gra d e go ld a n d silve r m in e , th e Lucero proj ect l ocated i n A requi pa, Peru, wi th

the i ntent to bri ng i t back i nto producti on i n the near term; and i ts Њ agshi p Maveri ck S pri ngs

Proj ect l ocated i n the famous gol d mi ni ng di stri ct of northeastern Nevada, USA , between the E l ko

and W hi te Pi ne C o unties. Maverick Springs hosts a 43 -101- co m p lia n t, p it-co n stra in e d m in e ra l

re so u rce e stim a te re Њ e ctin g a n in fe rre d re so u rce o f 3.71 m illio n o u n ce s o f go ld e q u iva le n t

ective date o f October

1 9 , 2 0 2 2 . Th e a cq u is it io n o f t h e Ma ve r ick Sp r in gs Pr o je ct a ls o in clu d e d a p o r t fo lio o f 1 5 p r o p e r t ie s

al ong the B attl e Mountai n trend i n Nevada, whi ch are non-n

British Co lu m b ia , Ele m e n t79 Go ld h a s e xe cu te d a Lntent and funded a drilling program

to acqui re a pri vate company that hol ds the opti on to 100% i nterest of the Snowbi rd Hi gh-Grade

Go ld Pro je ct, wh ich co n sists o f 10 m in e ra l cla im s lo ca te d in Ce n tra l British Co lu m b ia ,

a p p ro xim a te ly 20km we st o f Fort St. J ames. T he C ompany al so has an opti on to acqui re a 100%

i nterest i n the Dal e Property, 90 unpatented mi ni ng cl ai ms l ocated approxi matel y 100 km

southwest of T i mmi ns, Ontari o, and has recentl y announced that i t has transferred thi s proj ect

to its wh o lly-owned subsi di ary, Synergy Metal s C orp, and i s advanci ng through the Pl an of

A rrangement spin -out process through the rest of 2023. T he Company continues to negotiate

th e sa le o f its n o n-core B attl e Mountai n proj ects and the Snowbi rd Property.

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 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 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 alwa ys, 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 stat ements 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: 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.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.