ELMGF - Element 79 Gold Corp. Provides Update on 2023 Work Plan for Dale Property
(TheNewswire)
VANCOUVER, BC - T heNewswire - September 26, 2023 – Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS)(" Element 79Gold ", the " Company ") amining company focused on gold, silver and associated metals, providesan update on the progress of its comprehensive work plan for the DaleProperty (the "Property"), located in the Porcupine MiningDivision, Dale Township, Ontario, Canada.
Previously Identified High-PotentialAreas
Element 79 Gold and historic operator Placer DomeCanada Limited have previously identified auriferous anomaliespredominantly hosted in quartz veining and shear zones—the recentlycompleted work plan aimed to expand upon these promising discoveriesand confirm their continuity.
The work plan also included revisiting and tracing amassive pyrite dikelet found in the northern part of the Property.This dikelet has previously yielded significant silver values fromsampling, adding another layer of intrigue to the Dale Property'sgeological profile. The Property holds numerous gold, silver, andother anomalous occurrences, fueling enthusiasm within ourteam.
Prospecting, Stripping, and SamplingProgram
The prospecting, light stripping, washing, and samplingprogram was initially slated for a minimum of seven days, withpossible extension dependent on field results. Following the initialwork period, our dedicated team on the ground made additionalprogress, identifying new structures of interest and expressing astrong desire to continue some of the work, resulting in an additionalweek of exploration work.
Notable achievements include:
-
Sampling in the iron carbonate zone, revealingconsistent low-grade gold values.
-
Resampling at various locations and conductinghand-stripping to expose and sample areas with gold concentrationsexceeding 0.5g/t Including up to 1.1 g/t
-
Highly anomalous Molybdenum up to 0.3% associated withtwo gold samples which returned 1 g/t suggests some similarities tothe world class Hemlo Gold mine.
-
Identification of new areas of interest for futureexploration.
-
Channel cuts taken in the main gold-bearingzone.
-
Completion of LIDAR image surveys.
-
Opening up existing forest roads for futureexploration, enhancing accessibility.
The team also met with SGS Canada Inc.("SGS"), who provided support and recommendations for thecurrent program and outlined the upcoming update to the NI43-101.Notably, SGS made the recommendation to proceed with whole rockanalysis to include silver, as this is a good association with thecurrent type of deposit models that have potentially beenidentified.
Actlabs in Timmins, Ontario, has been responsible forthe assays.
Figure 1. DaleProperty (yellow outline) with reginal geology and 2020 drone Magsurvey (see news release September 24, 2021), with 2020 prosectinghighlights by the vendor, yellow triangles (see news release August16, 2021), 2021 trenching (see news release June 3, 2022) and 2023prospecting highlights, red triangles from this release.
Table 1. Summer2023 Dale Program Prospecting Results.
| Sample No. |
| Easting |
| Northing |
| Au g/t |
| Ag g/t |
| Mo g/t |
| DALE 07/23/23-01 |
| 400355 |
| 5306477 |
| < 0.005 |
| < 0.2 |
| < 1 |
| DALE 07/23/23-02 |
| 400339 |
| 5306455 |
| < 0.005 |
| < 0.2 |
| < 1 |
| DALE 07/23/23-03 |
| 400339 |
| 5306445 |
| 0.046 |
| < 0.2 |
| 1 |
| DALE 07/23/23-04 |
| 401631 |
| 5306037 |
| 0.229 |
| < 0.2 |
| 7 |
| DALE 07/23/23-05 |
| 401952 |
| 5306073 |
| < 0.005 |
| < 0.2 |
| < 1 |
| DALE 07/23/23-06 |
| 402020 |
| 5306134 |
| 0.055 |
| < 0.2 |
| < 1 |
| DALE 07/23/23-07 |
| 402034 |
| 5306147 |
| 0.083 |
| 0.2 |
| 12 |
| DALE 07/23/23-08 |
| 400154 |
| 5306992 |
| 0.083 |
| < 0.2 |
| < 1 |
| DALE 07/23/23-09 |
| 400111 |
| 5306784 |
| < 0.005 |
| 0.5 |
| < 1 |
| DALE 07/23/23-10 |
| 400257 |
| 5306513 |
| < 0.005 |
| < 0.2 |
| < 1 |
| DALE 07/23/23-11 |
| 400253 |
| 5306512 |
| < 0.005 |
| 0.3 |
| < 1 |
| DALE 07/23/23-12 |
| 400252 |
| 5306506 |
| < 0.005 |
| < 0.2 |
| 3 |
| DALE 07/23/23-13 |
| 400181 |
| 5306292 |
| < 0.005 |
| < 0.2 |
| < 1 |
| DALE 07/23/23-14 |
| 400061 |
| 5306227 |
| < 0.005 |
| < 0.2 |
| < 1 |
| DALE 07/23/23-15 |
| 400023 |
| 5306255 |
| < 0.005 |
| < 0.2 |
| < 1 |
| DALE 07/23/23-16 |
| 400023 |
| 5306162 |
| < 0.005 |
| < 0.2 |
| < 1 |
| DALE 07/23/23-17 |
| 400333 |
| 5306378 |
| < 0.005 |
| < 0.2 |
| < 1 |
| DALE 07/23/23-18a |
| 400321 |
| 5306374 |
| < 0.005 |
| < 0.2 |
| < 1 |
| DALE 07/28/23-19a |
| 400333 |
| 5306353 |
| < 0.005 |
| < 0.2 |
| 2 |
| DALE 07/29/23-18b |
| 400402 |
| 5306455 |
| < 0.005 |
| < 0.2 |
| < 1 |
| DALE 07/29/23-19b |
| 400381 |
| 5306426 |
| < 0.005 |
| < 0.2 |
| < 1 |
| DALE 07/29/23-20 |
| 400421 |
| 5306458 |
| 0.187 |
| 0.5 |
| 5 |
| DALE 07/29/23-21 |
| 401615 |
| 5306655 |
| 1.120 |
| 3.4 |
| 3170 |
| DALE 07/29/23-22 |
| 401615 |
| 5306655 |
| 1.100 |
| 2 |
| 795 |
| DALE 07/29/23-23 |
| 401527 |
| 5306630 |
| < 0.005 |
| < 0.2 |
| 2 |
| DALE 07/29/23-24 |
| 400388 |
| 5306551 |
| < 0.005 |
| < 0.2 |
| 1 |
| DALE 07/29/23-25 |
| 400410 |
| 5306551 |
| < 0.005 |
| < 0.2 |
| < 1 |
| DALE 07/29/23-26 |
| 400423 |
| 5306537 |
| 0.007 |
| < 0.2 |
| < 1 |
| DALE 07/29/23-27 |
| 400738 |
| 5306718 |
| < 0.005 |
| 1.2 |
| < 1 |
| DALE 07/29/23-28 |
| 400715 |
| 5306726 |
| 0.683 |
| 1.8 |
| < 1 |
| DALE 07/30/23-CC01 |
| 400962 |
| 5306718 |
| 0.135 |
| 0.2 |
| < 1 |
Leveraging the SHERP CENTAUR
A key highlight of the work plan was the deployment ofthe "SHERP CENTAUR," an amphibious vehicle that haspositively transformed our field operations. The team was happy tocommunicate that the SHERP CENTAUR effectively enhanced theirefficiency and mobility, granting access to previously challengingareas and enabling the expansion of their work in the first area ofanomalous gold and iron-carbonate alteration to assess the potentialof a larger/higher grade zone beneath the currently identifiedanomalous zones.
Picture 1 .Drone photo reinforcing the SHERP CENTAUR allowed access to moreremote sections of the property. Drone recon also provided perspectiveto detect new outcroppings for sampling.
NorOnt Group Inc. In The Field
Element79 Gold Corp retained the services of NorOntGroup for project work with great success. NorOnt Group possessesspecialized expertise in a full suite of exploration services with astrong focus on innovation and the logistics of working remotely andin challenging locations. In addition to the overall performance,Element79 Gold was impressed with the following products thatcomplemented the development of the Dale property:
Digital Mapping – An extensive digital map was created of the property roads andoutcrops, updated daily and viewable via NorOnt’s online portal.Mapping included information on the vehicle types required for access,geotagged photos and notes of geological areas of interest. Roads andaccess notes were also imbedded.
Drone Work –A drone was deployed to scout the area for initial access. Once in thefield, the drone was used in conjunction with the Sherp to detect newoutcrops and plot the best path to get to it. 3 new outcrops werediscovered that would previously been hidden by surroundingvegetation.
Ground Based LIDAR – Ground based LIDAR was deployed on specific outcrops ofinterest, to collect a series of datapoints to create ahigh-resolution 3D image. This image can later be reviewed by the teamto further inspect geological formations of the outcrop structure andtake remote mazements.
Digital Deliverables Portal – A digital customer portal was providedduring the project consolidating all fields, media, and geologicaldata into one accessible location, streamlining it for both sharingand analysis. View the Portal Page at https://www.remoterecon.ca/element79
For more information on NorOnt group please visit www.norontgroup.com
"We are thrilled to see and share the progress onthe Dale Property work plan and the positive impact of the strategicdecisions to both to work with the NorOnt group and bring instate-of-the-art equipment like the SHERP CENTAUR to enhance ourteam's capabilities on the ground," remarked James Tworek, CEO ofElement79. "The completion of the work program and upcomingresults further demonstrates our commitment to the continueddevelopment of the Dale property and success of the Synergy MetalsCorp anticipated spin out."
For further information and updates, please visit ourwebsite at www.element79.gold and follow us on social media.
Qualified Person
The technical information in this release has beenreviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director ofElement79 Gold and a "qualified person" as defined byNational Instrument 43-101.
About Element79 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 main focus is on developing itspreviously-producing, high-grade gold and silver mine, the Luceroproject located in Arequipa, Peru, with the intent to bring it backinto production in the near term.
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 before the end of 2023.
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 also 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 the Company, pleasevisi t 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 are reasonable, but no assurancecan be given that these expectations will prove to be correct and suchforward?looking statements included herein should not be undulyrelied upon. These statements speak only as of the date hereof. TheCompany does not intend, and does not assume any obligation, to updatethese forward-looking statements, except as required by applicablelaws.
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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