ELEM:CC - Element79 Gold Corp -- Extensive Channel Sampling and Mapping Reveal Promising Exploration Horizons on Lucero Property
(TheNewswire)
VANCOUVER, BC / THE NEWSWIRE / March2 6 , 2024 – Element79 Gold Corp. (CSE: ELEM) (OTC:ELMGF) (FSE: 7YS) ("Element79", the "Company) ispleased to provide additional updates on recent efforts on its Luceroproperty, further highlighting the flagship project's vast potential.
The latest underground mapping and channel sampling efforts onElement79's Lucero property have revealed additional insights,surpassing initial expectations. Accessible historical working,originally estimated at just 2.5 km, has been significantly. Recentwork has documented an expansive network spanning 8.9 km of workings(Figure 1 and 2), with 85% now meticulously mapped and sampled. Thesefindings significantly expand our understanding of Lucero's geologicallandscape, positioning the Company for unprecedented explorationopportunities.
To date a total of 19 adits have been mapped, with 10 additional aditsremaining for underground mapping. In addition to discovery ofsignificantly more accessible working, work done between October andDecember yielded significant insight into the project’ gold-silvermineralization. Below are some of the highlights of recent andhistorical workings:
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Mineralization conforms to the intermediate sulfidation epithermalstyle, characterized by Au-Ag veins with associated lead and zincsulphides.
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Subvertical structures, hosted with dacite tuffs are the primarycontrols of the mineralized veins, with an average vein width of0.40m.
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Within the Apacheta zone, mineralization remains open at depth andtowards the northwest.
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Two structures exhibiting significant exploration potential forgold-silver mineralization have been identified: the Promesa vein andthe Pillune sector.
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Notably, the Pillune sector appears hosts a well-defined ore shoot,highlighting its substantial mineralization potential.
"As we advance on this journey of discovery, our commitment tounlocking Lucero's vast potential through collaborative relationshipsremains unwavering," said James Tworek, CEO of Element79."With each milestone, we inch closer to realizing our vision ofsustainable and responsible resource exploration and production. Weremain dedicated to creating enduring value for our shareholders andfostering prosperity within the communities we operate."
Drawing from historical Buenaventura reports spanning 2005-2008,enriched by continued community engagement, Element79 has unearthedcompelling prospects for exploration.
Figure 1. Lucero Projectlocation map of fall 2023 underground mapping, focused on theApacheta, Pillune and Sando Alcalde historic mining areas.
Figure 2. Isometric view withgeology draped on topography, looking north, with recently mappedworking (light yellow).
Notably, our exploration timeline underscores our efficientutilization of resources. This strategic resource allocation ensuresthe completion of ongoing initiatives and paves the way for secondarymapping and geochemistry programs in additional zones beyond Apacheta,Pillune, and Sando Alcalde.
"Lucero project's extensive potential continues to unfold as wecompile drilling targets in the northwest region, where surfaceindicators of vuggy silica hint at underlying mineralization,"said Kim Kirkland, Chief Operating Officer at Element79 and RegisteredProfessional Geologist. "As we continue to chart new territoriesand push the boundaries of exploration on our flagship property, theseprospects ignite a palpable sense of anticipation and excitement,propelling Element79 towards new frontiers of discovery."
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 devel oping its past-producing,high-grade gold and silver mine, the Lucero project located inArequipa, Peru, with the intent to restart production in 2024.
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 in the first half of 2024. The Company hasalso signed an Option Agreement to sell the Maverick Springs project,an advanced-stage exploratory property with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and 175MMozAg) (see 43-101 technical report titled: Amended Technical Report onthe Maverick Springs Project, Nevada, USA, by Allan Armitage, PhD.,P.Geo, and Rohan Millar, B.Sc. P.Geo., dated October 7, 2022,available on SEDAR) and anticipates completing this sale on or beforeJuly 21, 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 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.
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 consideringmanagement'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 duration and effects of the coronavirus and COVID-19;risks related to the integration of acquisitions; actual results ofexploration activities; conclusions of economic evaluations; changesin project parameters as plans continue to be refined; commodityprices; variations in ore reserves, grade or recovery rates; actualperformance 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 as well as those factorsdiscussed 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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