ELMGF - Element79 Gold Reports Multiple High Grade Results from Pillune Area Lucero Project Arequipa Peru
(TheNewswire)
Vancouver, BC – TheNewswire - February 6, 2024 – Element79 Gold Corp.(CSE:ELEM) (OTC:ELMGF) (FSE:7YS0) ("Element79 Gold", the"Company") is pleased to announceadditional underground chip sample assay resultsfrom the 2023 work campaign at the Pillune Area of the Lucero mineproject in Arequipa, Peru.
HIGHLIGHTS:
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Assays from 2023 underground grab- and channel samplescompleted by SLM Resource Group from the Pillune Area of thepast-producing Lucero mine project have been received, reviewed andreporting here
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Multi-ounce Gold and Multi-ounce Silver, reinforce thesignificant potential of restarting this past-producing minetoday
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10.5 oz/t Gold and 29 oz/t Silver in sample LUC2023-33
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4.7 oz/t Gold and 29 oz/t Silver in Sample LUC2023-34
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Further lab assays from remaining 2023 work campaignsare being received shortly and will be released as soon asavailable.
“This batch of 24 assay results from the 2023underground sampling program conducted by contractor SLM ResourceGroup completed on the Pillune Area of the Lucero project revealedimpressively high-grade gold and silver mineralization, up to 10.5ounces per ton gold and >29 ounces per ton silver, in addition tosome great base metals results. This is encouraging to us as itfurther validates the potential for a significant high-grade futureoperation.” said James Tworek, CEO and Director of Element79Gold.
The assay results were collected during the 2023program consists of underground chip samples across several veins fromthe Apacheta Zone which retuned up to 11.7 oz/tgold and 247 oz/t silver (see April27 th 2024 news release),Pillune Area (the focus of this release), and Sando Alcalde
Area, where local Informal miners have workedsporadically for the last several years. The 2023 work program carriedout by SLM Resource Group revealed high-grade gold-silvermineralization confirming two orientations ofmineralized structures. These comprise a roughly E-W orientationassociated with higher precious metals and a more NW orientationassociated with higher base metals, both with economic grades (Table1.).
Table 1. Underground chip sampleassay results for the Pillune Area of the Lucero Project
| Sample |
| Au |
| Au |
| Ag |
| Ag |
| Cu |
| Pb |
| Zn |
| Vein |
| Number |
| g/tonne |
| Oz/ton |
| g/tonne |
| Oz/ton |
| % |
| % |
| % |
| Width (m) |
| LUC2023-22 |
| 1.0 |
| 0.03 |
| 30 |
| 0.9 |
| 0.02 |
| 0.05 |
| 0.30 |
| 0.10 |
| LUC2023-23 |
| 2.8 |
| 0.08 |
| 9 |
| 0.3 |
| 0.01 |
| 0.26 |
| 0.18 |
| 0.05 |
| LUC2023-24 |
| 0.2 |
| 0.01 |
| 23 |
| 0.7 |
| 0.09 |
| 0.88 |
| 0.23 |
| 0.05 |
| LUC2023-25 |
| 1.3 |
| 0.04 |
| 6 |
| 0.2 |
| 0.03 |
| 0.17 |
| 0.23 |
| 0.30 |
| LUC2023-26 |
| 8.0 |
| 0.23 |
| 205 |
| 6.0 |
| 0.02 |
| 0.12 |
| 0.18 |
| 0.10 |
| LUC2023-27 |
| 24.2 |
| 0.71 |
| 37 |
| 1.1 |
| 0.14 |
| 1.60 |
| 2.33 |
| 0.10 |
| LUC2023-28 |
| 10.8 |
| 0.32 |
| 24 |
| 0.7 |
| 0.15 |
| 0.31 |
| 0.46 |
| 0.10 |
| LUC2023-29 |
| 24.5 |
| 0.71 |
| 33 |
| 1.0 |
| 0.14 |
| 1.06 |
| 1.35 |
| 0.30 |
| LUC2023-30 |
| 36.0 |
| 1.05 |
| 48 |
| 1.4 |
| 0.18 |
| 1.41 |
| 0.54 |
| 0.30 |
| LUC2023-31 |
| 38.0 |
| 1.11 |
| 83 |
| 2.4 |
| 0.25 |
| 1.50 |
| 0.87 |
| 0.30 |
| LUC2023-32 |
| 34.9 |
| 1.02 |
| 193 |
| 5.6 |
| 0.17 |
| 1.47 |
| 1.51 |
| 0.10 |
| LUC2023-33 |
| 359.0 |
| 10.47 |
| >1000* |
| >29.2* |
| 0.08 |
| 1.31 |
| 0.07 |
| 0.10 |
| LUC2023-34 |
| 160.0 |
| 4.67 |
| >1000* |
| >29.2* |
| 0.04 |
| 0.60 |
| 0.82 |
| 0.05 |
| LUC2023-35 |
| 28.0 |
| 0.82 |
| 179 |
| 5.2 |
| 0.02 |
| 0.27 |
| 0.30 |
| 0.30 |
| LUC2023-36 |
| 8.8 |
| 0.26 |
| 304 |
| 8.9 |
| 0.09 |
| 0.57 |
| 0.73 |
| 0.10 |
| LUC2023-37 |
| 12.6 |
| 0.37 |
| 271 |
| 7.9 |
| 0.06 |
| 0.57 |
| 0.91 |
| 0.10 |
| LUC2023-38 |
| 6.2 |
| 0.18 |
| 33 |
| 0.9 |
| 0.03 |
| 1.04 |
| 1.60 |
| 0.10 |
| LUC2023-39 |
| 51.8 |
| 1.51 |
| 670 |
| 19.5 |
| 0.01 |
| 1.14 |
| 1.30 |
| 0.10 |
| LUC2023-40 |
| 75.7 |
| 2.21 |
| 246 |
| 7.2 |
| 0.10 |
| 4.21 |
| 3.16 |
| 0.05 |
| LUC2023-41 |
| 28.5 |
| 0.83 |
| 75 |
| 2.2 |
| 0.10 |
| 2.06 |
| 2.21 |
| 0.05 |
| LUC2023-42 |
| 25.6 |
| 0.75 |
| 268 |
| 7.8 |
| 0.01 |
| 0.08 |
| 0.10 |
| 0.05 |
| LUC2023-43 |
| 22.8 |
| 0.67 |
| 56 |
| 1.6 |
| 0.05 |
| 1.70 |
| 2.21 |
| 0.10 |
| LUC2023-44 |
| 54.9 |
| 1.60 |
| >1000* |
| >29.2* |
| 0.02 |
| 0.65 |
| 0.92 |
| 0.10 |
| LUC2023-45 |
| 47.5 |
| 1.38 |
| >1000* |
| >29.2* |
| 0.06 |
| 0.38 |
| 0.54 |
| 0.10 |
*Upper detection limit of silver analysis was 1,000g/tonne
"The latest assay results confirm the high-gradenature of the Lucero project, consistent with visible mineralizationobserved during our team’s site visits and by prior operators,"said James Tworek, CEO of Element79 Gold. "We have the benefit ofa running start as the Lucero project has been in production in thepast, local artisanal miners are actively working in the region today,and barring annual rainy season conditions, many underground workingsremain accessible. These new results provide high-grade results fromSLM’s 2023 campaign on the Pillune Area of Lucero and continue toencourage our belief that the project hosts significant commerciallyexploitable veins as it has seen little modern exploration. We awaitone more batch of assays from the SLM campaign, as well as the resultsof the mapping and more thorough channel sampling campaign carried outby the Ore Discovery team, which ended on December 31 st . We look forward to sharingadditional results shortly, as lab results are received."
Tworek added, "These positive results, along withhistorical data are being modeled and analyzed to produce undergroundand surface drill targets for our upcoming drill program. We lookforward to updating our investors on additional results from the 2023work campaigns as we receive and analyze them. "
Figure 1. Lucero Project showing major historic miningareas, including Pillune Area
Figure 2. Satellite image showingthe Pillune Area of the Lucero Project, mine workings and veins thatwere sampled during the 2023 work program.
Figure 3. Photographs of selectunderground chip sample locations: A LUC2023-33 (10.5 oz/t gold, >29 oz/tsilver), B LUC2023-34 (4.7oz/t gold, >29 oz/t silver), C LUC2023-40, 41 & 42 (2.2 oz/t gold / 7 oz/t silver, 0.8oz/t gold / 2 oz/t silver & 0.8 oz/t gold / 8 oz/t silverrespectively), D LUC2023-45 (1.4 oz/t gold, >29 oz/t silver.
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 of14.0 g/t gold and 373 g/t silver, with recoveries at the oreprocessing facility averaging 94.5% for gold and 85.5% forsilver.
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. Overlimit lead and zinc were analysed by ore gradetechniques 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. In January 2024 theCompany entered into a non-binding LOI with Compañía de MinasBuenaventura regarding the potential offtake of minerals produced fromthe Lucero project.
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 3.71Moz AuEq (1.37Moz Au and 175Moz Ag) andanticipates completing this sale 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 LookingStatements
This press contains "forward?looking information" and"forward-looking statements" under applicable securitieslaws (collectively, "forward?looking statements"). Thesestatements relate to future events or the Company's futureperformance, business prospects or opportunities that are based onforecasts of future results, estimates of amounts not yet determinableand assumptions of management made in light of management's experienceand perception of historical trends, current conditions and expectedfuture developments. Forward-looking statements include, but are notlimited to, statements with respect to: the Company's businessstrategy; future planning processes; exploration activities; thetiming and result of exploration activities; capital projects andexploration activities 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: 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 theCompany has attempted to identify important factors that could causeactual 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 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 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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