ELMGF - Element 79 Gold Corp Strengthens Position in Peru Acquiring Roxana Vein at Auction Adjacent to the High-Grade Lucero Gold-Silver Project
(TheNewswire)
CEO James Tworek also Provides anUpdate on Peru Work Plan
VANCOUVER, BC - T heNewswire - June 1, 2023 –Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF)(FSE: 7YS)(" Element 79Gold ", the " Company ")proudly announces that, further to an auction held on May 17, 2023,the Company submitted the winning bid for the coveted area coveringthe Roxana vein and referred to as Lucero del Sur 28 locatedstrategically just east of the high-grade Lucero gold-silver project(Figure 1) which has recently returned up to 402 g/t gold, and 8,464g/t silver in underground chip sampling (see news release April 27, 2023 ).
"This strategic move allows us to furtherstrengthen our foothold in the area while continuing to validate theregion's abundant resources," said James Tworek, President andCEO. "The Roxana vein boasts a significant historical potential,and we aim to build upon these results while leveraging our resourcesin the region."
Lucero del Sur 28
Encompassing 1,200 hectares, the Lucero del Sur 28property is located immediately to the east of the high-grade Lucerogold-silver project (Figure 1.) in the Shila range of southernPeru.
Roxana Vein
Historical information obtained from Buenaventuraindicates the Roxana vein outcrops over a strike length ofapproximately 100m, with varying widths between 0.20 and 0.50 meters.The vein is dominated by white to hyaline quartz) and altered rockclasts, with lesser amounts limonite patinas, hematite, pyrite, andjarosite. Certain sections feature lenses with argentiferous galena,chalcopyrite, malachite, and azurite. Informal workers have worked atstrike lengths of approximately 50m and depth of 5m, extracting over12,000 tonnes of ore yielding grades of 12.5 g/t Au and 1.2 oz/tAg.
TocracanchaProspect
Previously work on this prospect near the Roxana veinidentified several west-northwest trending veins exhibiting strikelengths from 200 meters to nearly 1,200 meters with widths spanningfrom 0.5 to 2.0 meters. The observed mineralogy predominantly consistsof predominantly hyaline quartz, gray silica microveins, baryte, andcalcite, with traces of galena, sphalerite, as well as oxides of ironand manganese.
“Given the recent high-grade results on the Luceroproject we jumped at the opportunity to acquire the nearby Lucero deSur 28 property which hosts significant known at surfacemineralization,” quoted James Tworek, Element79 Gold Corp CEO. “While our current work plans are focused on proving up the mainveins of the Lucero project’s past producing Shila Mine, we alsointend to explore this new land package in the near term. “
Figure 1. Lucero Project (magenta) andnew Lucero de Sur 28 property (red) which includes the Roxana vein
Update on Lucero Project Work PlansUnderway
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Review and sampling of the Apacheta area is completefor Phase 1, as released in the Company’s news release on April 27, 2023
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Mapping results are currently being compiled for futurePhases of exploration.
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The addits at Pillune and Sando Alcalde areas wereunder water due to seasonal raining and required pumping andrehabilitation through April.
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The field geological team was able to restart work inPillune in May which included geological mapping and sampling of bothsurface and underground workings.
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Rehabilitation is underway at the Sando Alcalde veinarea and near-term exploration; surface mapping and undergroundmapping will start as soon as it is safe to do so.
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A total of 51 samples were taken from Pillune and SandoAlcalde in May and June. Samples have been submitted to the lab foranalysis with results pending.
Qualified Person
The technical information in this release has beenreviewed and verified by Neil Pettigrew, M.Sc., P. Geo., a Director ofElement79 Gold and a "qualified person" as defined byNational Instrument 43-101.
About Element79 Gold
Element79 Gold is a mining company focused on gold,silver and associated metals and committed to maximizing shareholdervalue through responsible mining practices and sustainable developmentof its projects. Element79 Gold's main focus ison two core properties: developing its previously-producing,high-grade gold and silver mine, the Lucero project located inArequipa, Peru, with the intent to bring it back into production inthe near term; and its flagship Maverick Springs Project located inthe famous gold mining district of northeastern Nevada, USA, betweenthe Elko and White Pine Counties. Maverick Springs hosts a43-101-compliant, pit-constrained mineral resource estimate reflectingan 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/tAg) with an effective date of October 19, 2022. The acquisition of theMaverick Springs Project also included a portfolio of 15 propertiesalong the Battle Mountain trend in Nevada, which are non-core to itsprimary business focus. In British Columbia, Element79 Gold hasexecuted a Letter of Intent and funded a drilling program to acquire aprivate company 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, Canada in the Timmins MiningDivision, Dale Township. The Company is analyzing the non-core Nevadaprojects, The Dale Property and Snowbird Property for further merit ofexploration, sale or spin-out.
For more information about the Company, please visit www.element79.gold
Contact Information
For corporate matters, pleasecontact:
James C. Tworek, Chief Executive Officer E-mail: jt@element79.gold
For investor relations inquiries,please contact:
Investor Relations Department
Phone: +1 (613) 879-9387
E-mail: hello@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 similar expressions) are not statements ofhistorical fact and may be "forward?lookingstatements".
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 localcommunities; changes in national or local governments; changes inapplicable legislation or application thereof; delays in obtainingapprovals or financing or in the completion of development orconstruction activities; exchange rate fluctuations; requirements foradditional capital; government regulation; environmental risks;reclamation expenses; outcomes of pending litigation; limitations oninsurance coverage as well as those factors discussed in the Company'sother public disclosure documents, available on www.sedar.com.Although the Company has attempted to identify important factors thatcould cause actual results to differ materially from those containedin forward-looking statements, there may be other factors that causeresults not to be as anticipated, estimated or intended. The Companybelieves that the expectations reflected in these forward?lookingstatements are reasonable, but no assurance can be given that theseexpectations will prove to be correct and such forward?lookingstatements included herein should not be unduly relied upon. Thesestatements speak only as of the date hereof. The Company does notintend, and does not assume any obligation, to update theseforward-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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