ELMGF - Element79 Gold Reports Additional High-Grade Results from Pillune Sando Alcalde regions of Lucero Project.

(TheNewswire)

Vancouver, BC – TheNewswire - February 13, 2024 – Element79 Gold Corp.(CSE:ELEM) (OTC:ELMGF) (FSE:7YS0) ("Element79 Gold", the"Company") is pleased to  announcethe final results of the 2023 work campaign that SLM Resource Group(“SLM”) completed at the Lucero mine project in Arequipa,Peru.

HIGHLIGHTS:

• ELEM’s 2023 focus was on identifying and revisitinghistoric workings at the past-producing Lucero mine where previouscommercial production came from: Apacheta, Pillune and Sando AlcaldeAreas.

• A total of 72 chip samples were collected as part ofthe 2023 SLM program, with the final 27 taken from the Pillune andSando Alcalde areas forming this release (Figure 1, 2 3).;

  • 1.7 oz/t Gold and 189 oz/t Silver at Sando Alcalde, sample LUC2023-059

  • 2.6 oz/t Gold and 3 oz/t Silver at Pillune, sample LUC2023-063

• These assays results reflect multi-ounce Gold andmulti-ounce Silver nature of the Lucero mineralization, and reinforcesthe significant potential of restarting this past-producing mine inthe near term;

• Further lab assays from later 2023 work campaigns arebeing received shortly and will be released as soon asavailable.

“We are grateful for SLM’s body of work and pleasedwith its results as it has helped shine a light on the current stateof the vein in the historic workings and project viability.  Asanticipated, this final batch of 27 assays from SLM’s 2023underground sampling program revealed impressively high-grade gold andsilver mineralization, up to 2.6 ounces per ton gold and 189 ouncesper ton silver, in addition to some great base metals results. Combined with the chip sample assays that were received from SLM’swork at the Apacheta and Pillune regions (see news releases April 27, 2023 and February 6, 2023 ) of the Lucero mine, this clarifies an exciting picture ofwhat we believe will be a significant, high-grade mining operation.”said James Tworek, CEO and Director of Element79 Gold.

The assay results were collected underground as chipsamples across several veins from the Pillune and Sando Alcalde Areas,where local Informal miners have worked sporadically since the Lucero(then, Shila) mine ceased commercial production in 2005. The 2023 workprogram carried out by SLM Resource Group focused on three differentunderground workings and revealed high-grade gold-silvermineralization (Table 1.) and host veins rangingfrom  0.1 to 0.3 meters thick.

Table 1. Underground chip sampleassay results for the Pillune Area and Sando Alcalde Area of theLucero Project

"The areas of the Lucero project that we arefocused on in the initial stages of development are the veins thathave provided past commercial production.  These final assay resultsform a complete set of data from the SLM work campaign from 2023undoubtedly confirm the high-grade nature of the former mine,consistent with visible mineralization observed during our team’ssite visits and by prior operators," said James Tworek, CEO ofElement79 Gold. "Along with data from our 2023 and previous workprograms, we will be analyzing and modelling these results as driversfor drill targeting in and around the commercially exploitableveins."

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Figure 1. Lucero Project showingmajor historic mining areas, specifically the Apacheta, Pillune, andSando Alcalde areas that were the focus of the 2023 program. Select2023 chip sample assay results are shown for all three areas (see newsreleases April 27, 2023, February 6, 2023 and this release)

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Figure 2. Satellite image showingthe Pillune and Sando Alcalde Areas of the Lucero Project, mineworkings and veins that were sampled during the 2023 workprogram.

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Figure 3. Photographs of selectunderground chip sample locations at Pillune and Sando AlcaldeAreas: A LUC2023-46, 47& 48 (0.6 oz/t gold / 50 oz/t silver, 1.1 oz/t gold / 105 oz/tsilver & 0.8 oz/t gold / 65 oz/t silver respectively), B LUC2023-57 ( 0.7 oz/t gold / 3 oz/tsilver), C LUC2023-49& 50 (1.7 oz/t gold / 189 oz/t silver & 1.2 oz/t gold / 84oz/t silver respectively), D LUC2023-66 & 67 (1.5 oz/t gold / 15 oz/t silver & 1.1oz/t gold / 32 oz/t silver respectively).

Tworek added, "These positive results, along withhistorical data are being modeled and analyzed to produce undergroundand surface drill targets for our upcoming Q1/Q2 drill program.  Welook forward to updating our investors on additional plans for the2024 field season once this modeling is complete "

About the Lucero Project

Formerly operated as the Shila mine from 1989 to 2005by Buenaventura (NASDAQ:BVN), Lucero consists of 10,813 hectareslocated in the Shila range of southern Peru, which contains severalhistoric high-grade gold-silver mines. Lucero consistently deliveredhigh grades during 16 years of operations, and between 1998 and 2004reported production averaging approximately 18,800 ounces of gold and435,000 ounces of silver per year at grades of 14.0 g/t gold and 373g/t silver, with recoveries at the ore processing facility averaging94.5% for gold and 85.5% for silver.

QA/QC

All samples were collected by Helmut Herrera of SLMMining Services S.A.C of Peru (Lima) and submitted to Certimin  S.A.of Peru (Lima). Samples were prepared by crushing to 90% passing<2mm, with a 250-gram split pulverized to 85% passing 75micrometers, and analysed by four acid digestion followed byInductively Couple Plasma with an Optical  Emission Spectrophotometrydetector (ICP-OES) for 35 elements including silver, while gold wasanalyzed by Fire Assay with a 30-gram sample with an Atomic AbsorptionSpectrophotometry detector (AAS) finish for assay up to 10 g/t.Overlimit gold was analysed by fire assay with a gravimetric finish.Overlimit Silver (>100 g/t) was analysed by four acid digestion andAAS finish, silver >1000 g/t was analysed by fire Assay with agravimetric finish.  Overlimit lead and zinc were analysed by oregrade techniques using four acid digestion and ICP-OES finish.

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 Corp is a gold and silver mining companycommitted to maximizing shareholder value through responsible miningpractices and sustainable development of its projects.  Element79Gold's core focus is on developing its past-producing, high-grade goldand silver mine, the Lucero project located in Arequipa, Peru, withthe 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 ValdoMinerals Ltd., with an anticipated closing date in the first half of2024. The Company has also signed an OptionAgreement to sell the Maverick Springs project, an advanced-stageexploratory property with an Inferred Resource of 3.71MMoz AuEq(1.37MMoz Au and 175MMoz Ag) (see 43-101 technical report titled:Amended Technical Report on the Maverick Springs Project, Nevada, USA,by Allan Armitage, PhD., P.Geo, and Rohan Millar, B.Sc. P.Geo., datedOctober 7, 2022, available on SEDAR) and anticipates completing thissale on or before July 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 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.

The Company’s 2023 review and Corporate Update can bereviewed HERE

For more information about Element 79 Gold Corp.,please visit www.element79.gold .

For corporate matters, please contact:

James C. Tworek, Chief Executive Officer

Email: jt@element79.gold

For investor relations inquiries, pleasecontact:

Investor Relations Department
Phone: +1 (403)850.8050
Email: investors@element79.gold

Cautionary Note Regarding Forward Looking 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 prospectsor opportunities that are based on forecasts of future results,estimates of amounts not yet determinable and assumptions ofmanagement made in light of management's experience and perception ofhistorical trends, current conditions and expected futuredevelopments. Forward-looking statements include, but are not limitedto, statements with respect to: the Company's business strategy;future planning processes; exploration activities; the timing andresult of exploration activities; capital projects and explorationactivities and the possible results thereof; acquisitionopportunities; and the impact of acquisitions, if any, on the Company.Assumptions may prove to be incorrect and actual results may differmaterially from those anticipated. 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 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: risksrelated 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. The Company does not intend, and does not assume anyobligation, to update these forward-looking statements, except asrequired 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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