ELMGF - Element 79 Gold - Advancements in Field Work and Community Relations in Lucero Region

(TheNewswire)

VANCOUVER, BC  - T heNewswire - November 14, 2023 – Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS)(" Element 79Gold ", the " Company ") is pleased to provide a comprehensive update on the recentadvancements in geologic field work and community relationsinitiatives in the Apacheta and Sando Alcalde areas of its flagshipLucero property.

Geological Field WorkProgress:

Recent field work was focused on surface mapping (1/2,500 scale) aswell as surface and underground sampling at the Apacheta and SandoAlcalde areas. Despite adverse weather conditions affecting surfacework, underground work at Sando Alcalde commenced on Saturday,September 21st, following authorization from The Community of Chachas,RRCC. The achievements include:

• Mine Workings Mapping: 1,400linear metres covered, representing 40% more than the initial targetschedule.

• Surface Geological Mapping (1:2,500scale): A total of 360 hectares were mapped, contributing to acumulative total of more than 400 hectares .

• Field Stations: 98established, with a cumulative total of 279.

• Samples Collected: A total of111 samples have been collected and sent to Certimin Laboratory (33surface, 64 underground, and 14 QA/QC).

Recent reports highlight substantial progress in field work andsurface sampling, of the Apacheta area mapping now 75% complete.

Geological Observations:

Mineralization occurs within vein-faults at both the bottom and top.On the surface, it manifests as a siliceous ledge with Fe-Mn oxidesand an argillic halo. Three distinct surface events have beenidentified: massive gray silica, whitish silica, and drusy quartzfilling cavities with OxFe.

There are two main structure types:

1. Base Metal Structure: Comprising galena-sphalerite-pyrite (1st event),rhodochrosite-rhodonite-silica (brecciating sulfides, 2nd event),galena-pyrite-chalcopyrite band to the vein footwall (3rd event), anddrusy quartz with OxFe filling cavities (4th event).

2. Silica-Sulfide Structure: Characterized by a central suture of tens of centimetres of graysilica-pyrite-chalcopyrite-galena filled with drusy quartz andclay-OxFe halos.

Near these structures alteration of gray to whitish silica with clays(possibly dickite?) is prevalent, showing moderate to strong argillicalteration. Halos generally do not exceed 2 metres in width. As onemoves away from the structures, the predominant alteration shifts to aweak to moderate chlorite-epidote-calcite (propylitic halo).

The structural orientation follows three main controls: AZ 330° formain veins, EW for faults and secondary veins, and AZ 60° for somefaults and the emplacement of the dacitic intrusive.

The ground team has recommended defining ore shoot projection andbarren zones through orientation sampling by sectors.

Community Relations and SocialAffairs:

Recent social affairs initiatives include:

• Support in the Geology Area: Permanent monitoring during the day to avoid disruption of datacollection activities.

• Engagement with ArtisanalMiners: Visits to working areas to build positive relations andawareness with artisanal miners in the upper parts of Lomas Doradas.

• Dialogue with CommunityLeaders: Personal dialogue with leaders and the president ofLomas Doras and coordinate the entry of geologists for mappingactivities.

• Coordination for Entry toGalleries: Coordination with the president of the Chachascommunity and the president of Lomas Doradas for entry to activemining galleries, ensuring safety through collaboration with projectmanagers and security.

• Community Initiatives: Ongoingefforts including the coordination of the formal delivery of the pipedonation to be used by the Chachas community water conveyanceproject.

Element 79 Gold remains committed to transparency,community engagement, and the responsible development of its LuceroProperty. The Company looks forward to continued progress andcollaboration with the local community.

Qualified Person

The technical information in this release has been reviewed andverified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Goldand a "qualified person" as defined by National Instrument43-101.

About Element79 Gold Corp.

Element79 Gold is a mining company focused on gold and silvercommitted to maximizing shareholder value through responsible miningpractices and sustainable development of its projects.  Element79Gold's focus is on developing its past-producing, high-grade gold andsilver mine, the Lucero project located in Arequipa, Peru, with theintent to restart production in the near term.

The Company also holds a portfolio of 5 properties along the BattleMountain trend in Nevada, with the Clover and West Whistler projectsbelieved to have significant potential for near-term resourcedevelopment. Three properties in the Battle Mountain Portfolio areunder contract for sale to Valdo Minerals Ltd., with an anticipatedclosing date around the end of 2023.  The Company has also signed anOption Agreement to sell the Maverick Springs project, anadvanced-stage exploratory property with an Inferred Resource of3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) and anticipates completingthis sale on or before March 28, 2024.

In British Columbia, Element79 Gold has executed a Letter of Intentand funded a drilling program to acquire a private company that holdsthe option to 100% interest of the Snowbird High-Grade Gold Project,which consists of 10 mineral claims located in Central BritishColumbia, approximately 20km west of Fort St. James.

The Company has an option to acquire a 100% interest in the DaleProperty, 90 unpatented mining claims located approximately 100 kmsouthwest of Timmins, Ontario, and has recently announced that it hastransferred this project to its wholly-owned subsidiary, SynergyMetals Corp, and is advancing through the Plan of Arrangement spin-outprocess through the rest of 2023.

For more information about the Company, please visit www.element79.gold

Contact Information

For corporatematters, please contact:

James C. Tworek, Chief Executive Officer

E-mail: jt@element79gold.com

For investorrelations inquiries, please contact:

Investor RelationsDepartment

Phone: +1.613.879.9387

E-mail: investors@element79.gold

Cautionary Note Regarding ForwardLooking Statements

This press contains "forward?lookinginformation" and "forward-looking statements" underapplicable securities laws (collectively, "forward?lookingstatements"). These statements relate to future events or theCompany's future performance, business prospects or opportunities thatare based on forecasts of future results, estimates of amounts not yetdeterminable and assumptions of management made in light ofmanagement's experience and perception of historical trends, currentconditions and expected future developments. Forward-lookingstatements include, but are not limited to, statements with respectto: the Company's business strategy; future planning processes;exploration activities; the timing and result of explorationactivities; capital projects and exploration activities and thepossible results thereof; acquisition opportunities; and the impact ofacquisitions, if any, on the Company. Assumptions may prove to beincorrect and actual results may differ materially from thoseanticipated. Consequently, forward-looking statements cannot beguaranteed. As such, investors are cautioned not to place unduereliance upon forward-looking statements as there can be no assurancethat the plans, assumptions or expectations upon which they are placedwill occur. All statements other than statements of historical factmay be forward?looking statements. Any statements that express orinvolve discussions with respect to predictions, expectations,beliefs, plans, projections, objectives or future events orperformance (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 similarexpressions) are not statements of historical fact and may be"forward?looking statements".

Actual results may vary from forward-lookingstatements. Forward-looking statements are subject to known andunknown risks, uncertainties and other factors that may cause actualresults to materially differ from those expressed or implied by suchforward-looking statements, including but not limited to: the durationand effects of the coronavirus and COVID-19; risks related to theintegration of acquisitions; actual results of exploration activities;conclusions of economic evaluations; changes in project parameters asplans continue to be refined; commodity prices; variations in orereserves, grade or recovery rates; actual performance of plant,equipment or processes relative to specifications and expectations;accidents; labour relations; relations with local communities; changesin national or local governments; changes in applicable legislation orapplication thereof; delays in obtaining approvals or financing or inthe completion of development or construction activities; exchangerate fluctuations; requirements for additional capital; governmentregulation; environmental risks; reclamation expenses; outcomes ofpending litigation; limitations on insurance coverage as well as thosefactors discussed in the Company's other public disclosure documents,available on www.sedarplus.ca . Although the Company has attempted to identify importantfactors that could cause actual results to differ materially fromthose contained in forward-looking statements, there may be otherfactors that cause results not to be as anticipated, estimated orintended. The Company believes that the expectations reflected inthese forward?looking statements arereasonable, but no assurance can be given that these expectations willprove to be correct and such forward?looking statements includedherein should not be unduly relied upon. These statements speak onlyas of the date hereof. The Company does not intend, and does notassume any obligation, to update these forward-looking statements,except as required by applicable laws.

Neither the Canadian SecuritiesExchange nor the Market Regulator (as that term is defined in thepolicies of the Canadian Securities Exchange) accepts responsibilityfor the adequacy or accuracy of this release.

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