ELEM:CC - Element 79 Gold Corp Confirms Extension of Option to Purchase Maverick Springs Project
(TheNewswire)
Vancouver, BC - TheNewswire - October 23, 2023 - Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) (" Element 79 Gold " or the" Company ") a mining company focused on the exploration anddevelopment of gold and silver projects is pleased to confirm theextension of the option to purchase the Maverick Springs Project byGreen Power Minerals Pty Ltd ("Green PowerMinerals").
As previously announced on August 31,2023 , Element 79 Gold entered into anoption agreement (the “Option Agreement”) with Green PowerMinerals, granting them the option to purchase Element 79 Gold’sMaverick Springs Project.
Green Power Minerals previously paid an option feeequal to CAD$66,000 for an option to acquire the Maverick SpringsProject until September 30, 2023. The Company now reports, that asprovided for in the Option Agreement, Green Power Minerals extendedthe option by making an additional payment of USD$100,000 whichextends the Option Period by a further 180 days to March 28, 2024.
The terms of the Option Agreement remain as reported inthe Company’s press release dated August 31, 2023.
James Tworek, Chief Executive Officer of Element 79Gold, commented, "We would like to thank Green Power Minerals fortheir diligent engagement with the potential sale of Maverick Springsthus far. We look forward to seeing the transaction complete in thecoming months and will provide further updates to our shareholders aswe progress towards that goal."
The completion of the Transaction is subject to anumber of conditions precedent that are common in transactions of thisnature. The Transaction is subject the requirements of the CanadianSecurities Exchange.
About the Maverick SpringsProject
The Maverick Springs Project consists of approximately4,800 acres across 247 unpatented claims that straddle the border ofElko County and White Pine County, proximal to the Carlin Trend, abelt of gold deposits approximately 5 miles wide and 40 miles longthat is one of the world's richest gold mining districts, havingproduced more gold than any other mining district in the US. For moreinformation on Maverick Springs, visit:
https://www.element79.gold/projects/nevada/maverick-springs-property.
About Element 79 Gold Corp.
Element79 Gold is a mining company focused on gold andsilver committed to maximizing shareholder value through responsiblemining practices and sustainable development of its projects. Element79 Gold's focus is on developing its past-producing,high-grade gold and silver mine, the Lucero project located inArequipa, Peru, with the intent to restart production in the nearterm.
The Company also holds a portfolio of 5 propertiesalong the Battle Mountain trend in Nevada, with the Clover and WestWhistler projects believed to have significant potential for near-termresource development. Three properties in the Battle MountainPortfolio are under contract for sale to Valdo Minerals Ltd., with ananticipated closing date around the end of 2023. The Company hasalso signed an Option Agreement to sell the Maverick Springs project,an advanced-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 aLetter of Intent and funded a drilling program to acquire a privatecompany that holds the option to 100% interest of the SnowbirdHigh-Grade Gold Project, which consists of 10 mineral claims locatedin Central British Columbia, approximately 20km west of Fort St.James.
The Company has an option to acquire a 100% interest inthe Dale Property, 90 unpatented mining claims located approximately100 km southwest of Timmins, Ontario, and has recently announced thatit has transferred this project to its wholly-owned subsidiary,Synergy Metals Corp, and is advancing through the Plan of Arrangementspin-out process through the rest of 2023.
For more information about Element 79 Gold Corp.,please visit www.element79.gold .
Contact Information
For corporate matters, pleasecontact:
James C. Tworek, Chief Executive Officer
E-mail: jt@element79gold.com
For investor relations inquiries,please contact:
Investor Relations Department
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 ofexploration activities; capital projects and exploration activitiesand the possible results thereof; acquisition opportunities; theimpact of acquisitions, if any, on the Company; and in relation to theTransaction. Assumptions may prove to be incorrect and actual resultsmay differ materially from those anticipated. The Transaction may notbe completed as anticipated or at all. Consequently, forward-lookingstatements cannot be guaranteed. As such, investors are cautioned notto place undue reliance upon forward-looking statements as there canbe no assurance that the plans, assumptions or expectations upon whichthey are placed will occur. All statements other than statements ofhistorical fact may be forward?looking statements. Any statementsthat express or involve discussions with respect to predictions,expectations, beliefs, plans, projections, objectives or future eventsor 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 similarexpressions) are not statements of historical fact and may be"forward?looking statements". Actual results may vary fromforward-looking statements. Forward-looking statements are subject toknown and unknown risks, uncertainties and other factors that maycause actual results to materially differ from those expressed orimplied by such forward-looking statements, including but not limitedto: risks related to the integration of acquisitions; actual resultsof 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 tospecifications and expectations; accidents; labour relations;relations with local communities; changes in national or localgovernments; changes in applicable legislation or application thereof;delays in obtaining approvals or financing or in the completion ofdevelopment or construction activities; exchange rate fluctuations;requirements for additional capital; government regulation;environmental risks; reclamation expenses; outcomes of pendinglitigation; limitations on insurance coverage; the ability of GreenPower Minerals or the Company to complete the Transaction as well asthose factors discussed in the Company's other public disclosuredocuments, available on www.sedar.com. Although the Company hasattempted to identify important factors that could cause actualresults to differ materially from those contained in forward-lookingstatements, there may be other factors that cause results not to be asanticipated, estimated or intended. The Company believes that theexpectations reflected in these 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 Securities Exchange nor the MarketRegulator (as that term is defined in the policies of the CanadianSecurities Exchange) accepts responsibility for the adequacy oraccuracy of this release.
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