ELMGF - Element79 Presents 2023 Work Plan for Dale Property Emphasizing Strategic Direction
(TheNewswire)
VANCOUVER, BC - TheNewswire - July 2 7 , 2023 – Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS)(" Element 79Gold ", the " Company ") a mining company focused on gold and silvertoday confirms that it has reviewed and approved itscomprehensive 2023 work plan for the Dale Gold Property, situatedin the Porcupine Mining Division, Dale Township, Ontario, Canada. The Work plan will start immediately in July 2023.
"Today's announcement is driven by the strong commitment tocontinued progress while emphasizing our strategic direction, enablinga smooth spin out of Synergy Metals Corp, as recently announced,"said James Tworek, President and CEO of Element79. "Thesuccessful execution of the Dale Property work plan will reinforce ourability to showcase the property's great potential, which in thefuture, through continued work by Synergy Metals Corp, could boastsuccesses similar to what our regional neighbours GFG Resources see intheir recent exploration successes and IAMgold’s upcoming Coté Mineopening. We look forward to receiving and sharing the results of thiscampaign later this summer."
The 2023 Dale Property ExplorationProgram
The proposed prospecting, stripping, and sampling program outlines acomprehensive ground campaign targeting additional goldmineralization. All activities will be meticulously documented andanalyzed, in preparation for a revised 43-101 technical report to befiled at a future date.
Innovative Exploration with SHERPCENTAUR
Element79 will employ a "SHERP CENTAUR," one of the mostadvanced amphibious vehicles on the market, providing the explorationteam with unprecedented mobility, giving them access to previouslyinaccessible areas on the property with rugged or wet terrain andgenerating significant costs savings compared to using a helicopterfor access.
High-Potential ProspectingLocations
Element79 Gold and historic operator Placer Dome Canada Limited havepreviously identified numerous highly anomalous zones of quartzveining and/or shearing a on the Dale Property through conventionalprospecting from of areas easily accessible via Horwood Lake by boat.The current work plan aims to extend these discoveries inland toverify their continuity.
Additionally, the Dale Property has shown potential for other stylesof mineralization such as Volcanogenic Massive Sulphide (VMS) in thevolcanics rocks surrounding the Dale granodiorite stock. Notably, thecurrent program will target massive pyrite dykelet in the north partof the property which as returned anomalous silver. Overall, the DaleProperty boasts numerous gold, silver, and other anomalous occurrencesthat present an exciting opportunity for Element79 Gold and spin outof Synergy Metals Corp.
Experienced Team ofProspectors
The prospecting team will be led by two experienced prospectors whobring extensive wilderness, mineral exploration and SHERP CENTAURoperation skills, ensuring a successful and efficient campaign.
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 Goldis a mining company focused on gold and silver committed to maximizingshareholder value through responsible mining practices and sustainabledevelopment of its projects. Element79 Gold's main focus is on twocore properties: developing its previously-producing, high-grade goldand silver mine, the Lucero project located in Arequipa, Peru, withthe intent to bring it back into production in the near term; and itsflagship Maverick Springs Project located in the famous gold miningdistrict of northeastern Nevada, USA, between the Elko and White PineCounties. Maverick Springs hosts a 43-101-compliant, pit-constrainedmineral resource estimate reflecting an inferred resource of 3.71million ounces of gold equivalent "AuEq" at a grade of 0.92g/t AuEq (0.34 g/t Au and 43.4 g/t Ag) with an effective date ofOctober 19, 2022. The acquisition of the Maverick Springs Project alsoincluded a portfolio of 15 properties along the Battle Mountain trendin Nevada, which are non-core to its primary business focus. InBritish Columbia, Element79 Gold has executed a Letter of Intent andfunded a drilling program to acquire a private company that holds theoption to 100% interest of the Snowbird High-Grade Gold Project, whichconsists of 10 mineral claims located in Central British Columbia,approximately 20km west of Fort St. James. The Company also has anoption to acquire a 100% interest in the Dale Property, 90 unpatentedmining claims located approximately 100 km southwest of Timmins,Ontario, and has recently announced that it has transferred thisproject to its wholly-owned subsidiary, Synergy Metals Corp, and isadvancing through the Plan of Arrangement spin-out process through therest of 2023. The Company continues to negotiate the sale of itsnon-core Battle Mountain projects and the Snowbird Property.
For more information about the Company, please visit www.element79.gold
Contact Information
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer E-mail: jt@element79gold.com
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.613.879.9387
E-mail: investors@element79.gold
Cautionary Note Regarding ForwardLooking Statements
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-looking statements.Forward-looking statements are subject to known and unknown risks,uncertainties and other factors that may cause actual results tomaterially 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.sedar.com. Although the Company has attempted toidentify important factors that could cause actual results to differmaterially from those contained in forward-looking statements, theremay be other factors that cause results not to be as anticipated,estimated or intended. The Company believes that the expectationsreflected in these forward?looking statements are reasonable, but noassurance can be given that these expectations will prove to becorrect and such forward?looking statements included herein shouldnot be unduly relied upon. These statements speak only as of the datehereof. The Company does not intend, and does not assume anyobligation, to update these forward-looking statements, except asrequired by applicable laws.
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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