ELMGF - Element 79 Gold Reports Progress on Lucero Property Work and Community Engagement
(TheNewswire)
VANCOUVER, BC - The N ewswire - December 22, 2023 – Element 79Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) (" Element 79 Gold ", the " Company ") is pleased to provide aprogress update on the ongoing underground work on the Apacheta andPillune areas of its flagship Lucero property.
Underground Mapping and Sampling
Recent work has focusedon mapping and surface and underground sampling at the Apacheta area.The following progress has been made:
- Underground Mapping: 4addits, 2,505 linear meters (358m/day).
- Sampling: 200 samples collected(28 samples per day), including 26 QA/QC samples.
Image 1 –Updated map outlining mapping and channel sampling progress at theLucero project. December2023 .
Further field work is underway at the Lucero site and is expected tocomplete on or around December 30 th , with the total 2023 work program re-generatingunavailable historical mapping and data sets, including a significantvolume of channel samples along the addits and veins where pastproduction, and current artisanal production is coming from. This datawill help the Company develop geological models and both undergroundand surface-level drilling targets, which the Company intends to forma drilling campaign around in mid-2024.
Image 2 –Channel samples from the Apacheta vein. December 2023.
The local Chachas community continues to provide invaluable support toour geological team, ensuring seamless mapping and samplingactivities. Following on the Company's commitments as outlined in itsnews release of October 6, 2023 it hascoordinated the manufacturing of the second batch of HDPE pipes aspart of our proactive approach to support the community'sinfrastructure needs; the delivery of the second part of the pipingdonation for the Ticlla irrigation program will be complete byDecember 22, 2023.
In addition to completing upon its previous social commitments, thefield team engages in daily dialogues with local artisanal miners fromthe upper parts of the mines to strengthen social relations andheighten awareness, facilitating continued entry into the othergalleries of the Apacheta region of the project.
In the spirit of community collaboration, a special chocolatada , a heartwarmingseasonal chocolate drink, was shared with artisan miners in the LomasDoradas camps on December 21 and will be shared with the workers andsome of the community in Chachas on the night of the 24th.
Image 3 –Element79 Gold Corp community relations manager, Jorge Vasquez, withthe local artisanal miners enjoying a seasonal chocolatada togetherat the Lomas Doradas camp at the Lucero project. December 21, 2023 .
James Tworek, President and CEO of Element 79 Gold, added, "Thisreally is two interdependent projects running simultaneously: Ageological and mine re-start project along with a Social project. The engagement with the local community reflects our broadercommitment to responsible and sustainable mining practices.Collaborating with the local artisanal miners, coordinating efforts,and fostering open dialogues with community stakeholders are integralparts of our approach. While we believe in maximizing the economicvalue of our assets, we also believe in building positive, enduringrelationships with the communities where we operate. Looking ahead, weremain steadfast in our pursuit to build shareholder value. Theyear-end marks not only a culmination of efforts but a stepping stonetowards a promising future for Element 79 Gold and the Luceroproject."
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: +1.403.850.8050
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 . Althoughthe Company has attempted to identify important factors that couldcause actual results to differ materially from those contained inforward-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 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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