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Element79 Gold Corp Investor Kit
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Element79 Gold Corp
Investor Insight
With focused and strategic exploration plans for both its Lucero and Clover projects and the successful sale of its Maverick Springs asset, Element79 has demonstrated a commitment to increasing shareholder value and a compelling case for investors.
Overview
Element79 Gold (CSE:ELEM,OTCQB:ELMGF,FSE 7YS0) is an exploration and development mining company with several exciting opportunities for strategic growth. First, is the potential for near-term production through its Lucero project in Peru. The Lucero mine is one of the highest-grade underground mines in Peru’s history and is on the fast track for resource development and production. Additionally, Element79 owns the Clover project in Nevada, creating further opportunities for long-term resource development. Third, and the most exciting business opportunity for the company yet, is the immediate-term resource development and production of the Lucero tailings. This has been facilitated recently by Element79’s agreement, through a letter of intent, with S.M.R.L. PALAZA 16 to purchase and process approximately 1.3 million tons of tailings from previous mines within the current Lucero mine area.
A globally experienced management team with a proven track record of success in developing operational mines leads Element79 Gold toward fully executing these strategic business opportunities.
Lucero is a past-producing, high-grade gold mine ready to reach production quickly. The mine operated between 1989 to 2005. Historic reports between 1998 and 2004 indicate that the mine produced approximately 18,800 ounces of gold and 435,000 ounces of silver per year at a head grade of19 grams per ton (g/t) gold equivalent. An NI 43-101 report prepared by a third party indicates grades up to 116.8 g/t gold equivalent. In addition to the potential of generating cash flow in the near term, the 10,805-hectare Lucero project also has high upside potential for further greenfield exploration.
Peru is considered a relatively stable mining jurisdiction, especially for smaller-scale operations. As mining is an essential aspect of the country’s GDP, Peru has developed a favorable regulatory regime for its mining industry. Element79 Gold is poised to benefit from the pro- mining jurisdiction as it moves the Lucero asset toward production.
Element79 Gold has engaged a Peruvian technical mining service provider, Ore Discovery LLC, to work in conjunction with Element79’s operations team. The 2023 site work included above-ground and underground mapping, sampling, trenching, drill site targeting on both better-known and unexplored vein systems, for exploration and de-risked resource development on the path toward ore extraction and near-term cash flow generation.
Assays from the underground sampling include results of up to 98 g/t gold and 2,034 g/t silver. Moreover, assays from March 2023 yielded 21-ore grade and high yield up to 11.7 ounces per ton gold and 247 ounces per ton silver, further validating the potential for a significant high- grade future operation.
In June 2023, Element79 further strengthened its portfolio in Peru with the acquisition of the 1,200-hectare Lucero del Sur 28, located strategically just east of the high-grade Lucero gold- silver project. Lucero del Sur 28 is a coveted area covering the Roxana vein, a vein dominated by white to hyaline quartz and altered rock clasts, with lesser amounts of limonite patinas, hematite, pyrite and jarosite.
In September 2024, Element79 signed a letter of intent with S.M.R.L. PALAZA 16 to purchase and process approximately 1.3 million tons of tailings currently controlled by Palaza at the Lucero Mine. This agreement marks the launch of a tailings reprocessing venture for Element79 and represents a significant economic opportunity for the company.
Element79’s secondary asset, the 100 percent owned Clover project, is located in the historic Midas mining district and comprises 169 unpatented claims over 3,063 acres in Elko County, Nevada. A well-known gold and silver producer since the early 1900s, the Midas district has yielded more than 2 million ounces of gold between 1998 and 2013.
The company also previously held the Maverick Springs project in Nevada. Acquired by Element79 in December 2021 for an adjusted cost of C$3.34 million, the project was sold to Sun Silver Resources (ASX:SS1) in May 2024 for C$4.4 million cash and 3.5 million shares of SS1 priced at 0.20 AUD.
A powerhouse management team leads Element79 Gold with a track record of experience and success. Kim Kirkland, COO and former VP global exploration, has held executive and lead operations-focused engineering roles with some of the world's largest mining companies, including Barrick Gold, Rio Tinto Group, MMG, Amec Foster Wheeler PLC and McEwen Mining. Kirkland has served as project lead with extensive South American experience, who can proficiently lead exploration programs and mining operations through milling, extraction/concentration and optimization/beneficiation.
Antonio Maragakis, former COO and director, now advisor, has held director-level positions at miners with multi-billion dollar portfolios, including Barrick Gold Corporation and Koch Industries. He has also built a leading global mining engineering consultancy, Mine Plus Group, as well as a private mining fund focused on near-term production development projects, MFD Holdings SA.
Shane Williams, strategic advisor, brings a history of significant value creation in early-stage and operating companies and currently heads West Red Lake Gold (TSXV:WRLG) as president and CEO. Combined, Element79 Gold has the right experts to fully realize its assets' potential.
Company Highlights
- Element79 Gold Corp is an exploration and development mining company with a high- grade gold and silver flagship project with near-term resource development and cash flow potential.
- The company’s Lucero project in Peru has historical high-grade results and provides opportunities for both near-term revenue and future greenfield exploration.
- Lucero has historically produced 18,800 ounces of gold and 435,000 ounces of silver per year at 19 grams per ton gold equivalent.
- Peru is considered a safe jurisdiction for mining operations due to a pro-mining government that recognizes the industry’s economic contributions.
- Element79 Gold also owns the Clover project, a notable exploration asset in the Midas Mining District, Battle Mountain, Nevada, USA.
- A powerhouse management team leads the company toward fully developing its asset portfolio.
Key Projects
Lucero Gold Project
The 10,813-hectare project in southern Peru presents near-term cash flow potential as it moves toward production. Lucero operated as a high-grade gold mine between 1989 and 2005 and remains partially unexplored. As a result, the asset is in a unique position to start generating revenue while also providing future growth opportunities with additional exploration.
Project Highlights
- Encouraging Historic Results: Reports from 1998 to 2004 indicate production averaging roughly 18,800 ounces of gold and 435,000 ounces of silver per year, with grades of 14.0 g/t gold and 373 g/t silver. Additionally, the asset contains recoveries at the ore processing facility averaging 94.5 percent for gold and 85.5 percent for silver for near-term cash flow.
- Unique Geology: Lucero hosts 74 recognized epithermal veins, 14 of which have been partially exploited. The project is a low-sulphidation epithermal gold-silver deposit hosted within tertiary volcanics in the Central Andes Cordillera of southern Peru. The project also hosts unexplored high-sulphidation style mineralization, which has returned surface samples up to 33.6 g/t gold.
- Promising Resource Estimate: A third-party NI 43-101 report indicates grades up to
- 116.8 g/t gold equivalent, or 78.7 g/t gold and 2,856 g/t silver. Element79 Gold is moving towards production to capitalize on these resources.
- Strategic Partnership: Element79 signed a letter of intent with Palaza for the exclusive purchase and processing of about 1.3 million tons of tailings at Lucero, representing a significant economic opportunity.
Clover Gold Property
The Clover Property is located in the historic Midas mining district in Nevada, which has been producing gold and silver since the early 1900s, It is 16 kilometers west of Hecla Mining Company’s Midas Mine, the largest known gold-silver epithermal deposit along the Northern Nevada Rift. Mineralization at the property is classified as low-sulphidation, vein-hosted, epithermal gold mineralization similar to that found at the Midas deposit as it is found within a similar geologic setting. Gold and silver mineralization at the Midas Mine is hosted in several northwest-striking veins. Between 1998 and 2013, the main veins produced over 2 million ounces of gold.
A $6.7-million program is planned for the Clover Property focused on data compilation, construction of geologic and resource models, and a 10,000-meter drilling program followed by a mineral resource estimate and NI 43-101 compliant preliminary economic assessment.
Project Highlights
- Consists of 169 unpatented claims encompassing 3,063 acres.
- Located in the historic Midas Mining District, which has been producing gold and silver since the early 1900s, along the northeast trending Getchell Trend that bridges the northwestern ends of the Carlin and Battle Mountain Trends and contains Nevada Gold’s active Turquoise Ridge Mine, the third largest gold mine in the US with 537,000 ounces of gold production reported in 2020.
- Drilling by previous operators intersected mineralized and veined breccias and shear zones with significant intercepts including 9.7 meters grading 25.3 g/t gold, 7.6 meters of
- 7.9 g/t gold and 3 meters of 10 g/t gold.
- Work to date by Element79 found that the property has ubiquitous expressions of precious metals and pathfinder elements in rock chip, soil geochemistry and drill hole intercepts consistent with the Midas, Hollister and other classical epithermal systems.
Management Team
James C. Tworek - Chief Executive Officer and Director
James Tworek has held director, senior management, analytical and operations roles in both public and private companies. A quick study and entrepreneurial to the bone, his 25-year career started in banking in 1998 and has since garnered a wealth of experience across diverse industries between commercial banking, mining, project finance, mezzanine debt, oil and gas, clean water/envirotech and hemp/legal cannabis industries. He has investing experience in real estate, private equity, private mining, startup generation, tech and agricultural ventures. A team leader driven by results, Tworek has built his career on successfully executing development and corporate growth targets, exceeding sales objectives, and being mindful of ensuring open communication, honesty and integrity with investors and stakeholders.
Tammy Gillis - Chief Financial Officer
Tammy Gillis is a CPA, CMA with over 20 years of experience in the public markets bringing a comprehensive background in finance, reporting and regulatory requirements for manufacturing, bio-technology, technology and junior exploration industries. Gillis has been part of teams that have completed several financings, grant applications and acquisition transactions. Ms. Gillis started her career working at a corporate and securities law firm. Gillis previously served as corporate accountant for an international manufacturing company that had revenue in excess of
$120 million and as chief financial officer for a technology company with patented cathode materials used in lithium-ion batteries that successfully built a pilot plant with the assistance of over $4 million in government grants. Ms. Gillis has served as an officer for several TSXV and CSE-listed issuers.
Kim Kirkland - Chief Operating Officer, QP
Kim Kirkland’s track record spans senior executive and lead engineering roles at some of the world's largest mining companies. Key highlights of Kirkland's work history include:
- Barrick Gold Corporation - Involved during the early growth and innovation years at the Goldstrike Complex, including the development and maintenance of the open-pit mineral reserve model for the Betze-Post Mine
- Rio Tinto Group - La Granja Copper Project in northern Peru, held a senior management position at the Benga Mine
- MMG Ltd. - regional manager at the Las Bambas Copper Mine in Peru
- Amec Foster Wheeler Plc - Marcobre SAC's Mina Justa Mine Project
- McEwen Mining - Responsible for the restructuring of the El Gallo Silver Project (later renamed to Fenix) in Sinaloa, Mexico, as the director of project development.
Neil Pettigrew - QP, Director
Neil Pettigrew is a professional geologist in good standing, registered in Ontario, with over 20 years of experience in the mineral exploration industry. He received his Honors B.Sc. from the University of New Brunswick and his M.Sc. from the University of Ottawa. Pettigrew has been employed as a senior precambrian geoscientist with the Ontario Geological Survey and has worked for several junior and major companies in gold and Cu-Ni-PGE exploration. He has held officer and director positions at several TSX and TSXV-listed junior companies and currently sits as vice-president of exploration and director of GT Resources (formerly, Palladium One Mining)
Zara Kanji - Director
Zara Kanji is a founder of Zara Kanji & Associates (established in 2004). Kanji is experienced in financial reporting compliance for junior listed resource companies, personal and corporate taxation, general accounting, financial reporting and value-added operational consulting services for individuals, and private and public companies. Prior to starting her accounting practice, Kanji served as a controller for a marketing company, as an accountant in public practice for a CA firm, a CGA firm and as an analyst for a pension fund. In addition to providing accounting and financial compliance services to private and public entities, Kanji has served as director and officer for several listed issuers.
Warren Levy - Director
Warren Levy brings more than 23 years of experience developing major and private companies in resource development across the Americas. He has achieved significant milestones and successes centered around community engagement, sustainable development of infrastructure, energy and natural resource development. Levy is the current CEO of Frontier Advisory, an advisory firm providing energy policy advocacy, sustainability, market entry, capital raising and technical support to responsible natural resource and social development around Latin America. He is also former CEO of Jaguar E&P, as well as former CEO of Pentanova Petroleum.
Antonios (Tony) Maragakis - Strategic Advisor
Antonios Maragakis completed his PhD at the University of Delft, MSc at the University of Bath, his B.Sc and B.A. at the University of Nevada, and executive training at the London Business School. He brings with him more than 15 years of experience leading some of the largest mining megaprojects in the last decade. Maragakis holds a distinguished resume, including management and director-level positions overseeing multibillion-dollar project portfolios internationally at organizations, such as:
- Barrick Gold (NYSE Listed), where he led project controls in North America across a portfolio of more than 70 projects worth over $2.3 billion.
- Skeena Resources (TSX Listed), where he worked closely with executive leadership to develop the Eskay Creek Project and corporate processes and management systems.
- Freeport-McMoRan (NYSE Listed), where he helped develop the $3-billion Indonesian Copper Smelter Project which includes a two-million-ton/annum smelter and precious metal recovery plant.
- Eldorado Gold (TSX, NYSE Listed), where he was project director for the over $1-billion Skouries Project, as well as led the operational turnaround of the Kassandra Mines.
- Koch Industries (the largest privately held company in the US), at its subsidiary, Koch Ag. & Energy Solutions, where he helped execute the Enid Expansion Megaproject, at the time the largest capital project ever undertaken by the entire Koch Industries conglomerate.
- Mochica Resources and Calipuy Resources (private Peruvian gold mines) where he oversaw the development of various project portfolios.
Shane Williams - Strategic Advisor
Shane Williams carries a history of significant value creation in both early-stage and operating companies, which includes senior executive and management roles overseeing and delivering world-class, multibillion-dollar projects at highly prominent companies, including: chief operation officer at Skeena Resources (NYSE Listed), Eskay Creek Project; former senior vice-president at Eldorado Gold (NYSE Listed), $2-billion global project portfolio; former general manager of expansion projects at Rio Tinto (NYSE Listed), $2.5-billion CAPEX; and former vice-president of projects at Kaunis Iron AB, $800-million flagship Kaunisvarra Iron Ore Project.
Kevin Arias - Strategic Advisor
With over two decades of experience across industries such as mining, energy and corporate finance, Kevin Arias brings a wealth of knowledge and expertise to the company. His strong background in business development, investor relations, securities and corporate communications, combined with a proven track record in raising over C$100 million since 2008, positions him as a valuable addition to the Element79 team.
Element79 Corporate Financing Update
VANCOUVER, BC The N ewswire November 25, 2024 Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) ("Element79", or the "Company ") Pursuant to the Company's previous announcements for its private placement, the Company has determined that it will not be pursuing further funding under the non-brokered private placement (the "Private Placement"). On November 15, 2024 the Company announced that it had raised for aggregate gross proceeds of $500,024 and issued 5,000,240 units (each, a "Unit") at a price of $0.10 per Unit.
About Element79 Gold Corp.
Element79 Gold is a mining company with a focus on exploring and developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production at the mine and through reprocessing its tailings, in the near term.
The Company holds a portfolio of four properties along the Battle Mountain trend in Nevada, and the projects are believed to have significant potential for near-term resource development. The Company has retained the Clover project for resource development purposes and signed a binding agreement to sell three projects with a closing date on or before November 30, 2024.
The Company also holds an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, and has recently announced that it has transferred this project to its wholly owned subsidiary, Synergy Metals Corp, and is advancing through the Plan of Arrangement spin-out process.
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@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
E-mail: investors@element79.gold
Cautionary Note Regarding Forward Looking Statements
This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made considering management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or 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 similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Element79 Announces Closing of First Tranche of Non-Brokered Private Placement
VANCOUVER, BC - The N ewswire - November 15, 2024 Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) ("Element79", or the "Company ") announces it has closed the first tranche of its previously announced non-brokered private placement (the "Private Placement") for aggregate gross proceeds of $500,024. Pursuant to the Private Placement, the Company has issued 5,000,240 units (each, a "Unit") at a price of $0.10 per Unit. Each Unit will consist of one (1) common share (each, a "Share") and one (1) common Share purchase warrant (each, a "Warrant"). Each Warrant is exercisable into one (1) Share at an exercise price of $0.15 until November 14, 2026. The Company will not be subjecting the warrants to an acceleration clause.
The remainder of the Private Placement may close in one or more additional tranches. The Company intends to use a portion of the proceeds raised from the Private Placement Element79 will use the net proceeds from the Offering with a targeted 70% to be invested into its mining projects in Peru and Nevada, 15% for corporate operations/audit and 15% to Investor Relations/Marketing . The securities issued under the Private Placement will be subject to a statutory hold period in accordance with applicable securities laws of four months and one day from the date of issue, expiring March 15, 2025. No finder's fees will be paid in connection with the Private Placement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.
About Element79 Gold Corp.
Element79 Gold is a mining company with a focus on exploring and developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production at the mine and through reprocessing its tailings, in the near term.
The Company holds a portfolio of four properties along the Battle Mountain trend in Nevada, and the projects are believed to have significant potential for near-term resource development. The Company has retained the Clover project for resource development purposes and signed a binding agreement to sell three projects with a closing date on or before November 30, 2024.
The Company also holds an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, and has recently announced that it has transferred this project to its wholly owned subsidiary, Synergy Metals Corp, and is advancing through the Plan of Arrangement spin-out process.
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@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
E-mail: investors@element79.gold
Cautionary Note Regarding Forward Looking Statements
This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made considering management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or 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 similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Element79 Gold Pushes Forward with Community and Regulatory Support for Lucero Project in Arequipa, Peru
(TheNewswire)
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Enhancing regional cooperation and advancing exploration milestones for long-term sustainability in Peruvian mining.
VANCOUVER, BC TheNewswire November 13, 2024 Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS0) ("Element79," or the "Company") is pleased to provide progress updates regarding the Lucero Project in Arequipa, Peru, following recent engagement with both state regulatory authorities and community representatives.
Field Activities and DREM Arequipa Collaboration
On November 2, 2024, Element79 initiated field activities in coordination with the Regional Directorate of Energy and Mines (DREM) in Arequipa, working directly with Engineer Iván Prado , Regional manager for Energy and Mines for the state. The Company has been actively supporting the social, technical, and environmental foundations of the Minas Lucero Project through DREM's institutional channels. As part of this effort, Element79's team has related and received confirmation through these meetings that the time is of the essence and that the collective effort of all interested parties is to complete key contracts before the end of 2024.
The Company has collaborated with DREM in preparing documentation to address the required REINFOs (Mining Rights System) compliance, including files under IGAFOM (Environmental Management Instrument for the Formalization of Mining). The most recent meeting with DREM on November 12 provided updates on state plans to extend formalization support and facilitate essential land agreements between Element79 and the local community.
To this effect, the next milestone meeting is set for November 16 in Chachas, with DREM representatives and key mining stakeholders to discuss contract terms for long-term co-working, artisanal production from the mine, exploration and tailings reprocessing; all of these initiatives reinforce the Company's position as the holder of the mineral rights to the Lucero mine and strengthen relationships between the Company and the greater Chachas community.
National REINFO Developments and Industry Implications
In light of much-debated and possible upcoming changes to national REINFO regulations, the Company recognizes both potential opportunities and challenges in relation to Element79's operations and timelines. The likelihood of the changes toward requiring formalization in the immediate term were a major factor a 75%+ majority of the Chachas community voting in favour of Element79 being granted a long-term surface rights permit at the October 6 community General Assembly, as reported by the Company on October 9 . Should extensions on requiring formalization of REINFO holders be granted, this may delay Element79's plans. While holding the opinion that Peru is a mining-friendly jurisdiction, Element79 remains vigilant regarding regulatory risks, as the Company aims for an integrated value chain that includes exploration, exploitation, and processing to ensure the technical feasibility of the Minas Lucero Project.
Project Progress and Next Steps
Element79 remains committed to supporting formalization and fostering community relationships as the three phases of Minas Lucero Project advance: exploration of the 67 unexploited veins and the high-sulphidation target; production from existing open veins (artisanal and by the company); and tailings reprocessing.
In the coming weeks, as Element79 continues its strategic engagements with DREM, JAL, and Chachas community stakeholders, discussions are aimed at concluding contracts in the immediate future while maintaining a cooperative approach with local authorities to support the Company's exploration, mining and tailings reprocessing efforts, formalization efforts and foster constructive community relations.
About Element79 Gold Corp.
Element79 Gold is a mining company with a focus on exploring and developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production at the mine and through reprocessing its tailings, in the near term.
The Company holds a portfolio of four properties along the Battle Mountain trend in Nevada, and the projects are believed to have significant potential for near-term resource development. The Company has retained the Clover project for resource development purposes and signed a binding agreement to sell three projects with a closing date on or before November 30, 2024.
The Company also holds an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, and has recently announced that it has transferred this project to its wholly owned subsidiary, Synergy Metals Corp, and is advancing through the Plan of Arrangement spin-out process.
For more information about the Company, please visit [www.element79.gold](http://www.element79.gold)
**Contact Information**
For corporate matters, please contact:
**James C. Tworek, Chief Executive Officer**
E-mail: jt@element79.gold
For investor relations inquiries, please contact:
**Investor Relations Department**
Phone: +1.403.850.8050
E-mail: investors@element79.gold
---
**Cautionary Note Regarding Forward-Looking Statements**
This press release contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made considering management's experience and perception of historical trends, current conditions, and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions, or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or 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 similar expressions) are not statements of historical fact and may be "forward‐looking statements."
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Element79 Gold Corp to Update Investors on the Emerging Growth Conference on October 31, 2024
(TheNewswire)
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Element79 Gold Corp invites individual and institutional investors as well as advisors and analysts, to attend its real-time, interactive presentation on the Emerging Growth Conference.
Element79 Gold Corp (CSE:ELEM, OTC:ELMGF, FSE:7YS0), Element79 Gold Corp (the "Company") is pleased to announce that it will be giving an update on the Emerging Growth Conference on October 30, 2024.
The next Emerging Growth Conference is presenting on October 30, 2024. This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with the Company's Ceo and Director, James Tworek, in real time.
To first view the Company's previous most recent corporate presentation, visit: https://www.element79.gold/_files/ugd/0feb69_1be1d43fae35466dbf69be18dd518121.pdf
James Tworek, CEO and Director of Element79 Gold Corp will present an update and may subsequently open the floor for questions. Please submit your questions in advance to Questions@EmergingGrowth.com or ask your questions during the event and Mr. Tworek will do his best to get through as many of them as possible.
Element79 Gold Corp will be presenting at 3:40 PM Eastern time for approximately 10-12 minutes.
Please register here to ensure you are able to attend the conference and receive any updates that are released.
https://goto.webcasts.com/starthere.jsp?ei=1677197&tp_key=0c18189f2b&sti=elmgf
If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on EmergingGrowth.com and on the Emerging Growth YouTube Channel,
http://www.YouTube.com/EmergingGrowthConference . We will release a link to that after the event.
About the Emerging Growth Conference
The Emerging Growth conference is an effective way for public companies to present and communicate their new products, services and other major announcements to the investment community from the convenience of their office, in a time efficient manner.
The Conference focus and coverage includes companies in a wide range of growth sectors, with strong management teams, innovative products & services, focused strategy, execution, and the overall potential for long term growth. Its audience includes potentially tens of thousands of Individual and Institutional investors, as well as Investment advisors and analysts.
All sessions will be conducted through video webcasts and will take place in the Eastern time zone.
About Element79 Gold Corp.
Element79 Gold is a mining company with a focus on exploring and developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production at the mine and through reprocessing its tailings, in the near term.
The Company holds a portfolio of four properties along the Battle Mountain trend in Nevada, and the projects are believed to have significant potential for near-term resource development. The Company has retained the Clover project for resource development purposes and signed a binding agreement to sell three projects with a closing date on or before November 30, 2024.
The Company also holds an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, and has recently announced that it has transferred this project to its wholly owned subsidiary, Synergy Metals Corp, and is advancing through the Plan of Arrangement spin-out process.
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@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
E-mail: investors@element79.gold
Cautionary Note Regarding Forward Looking Statements
This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made considering management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or 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 similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2024 TheNewswire - All rights reserved.
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Viomi Technology Co., Ltd. (NASDAQ: VIOT)
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BioVaxys Technology Corp. (OTCQB: BVAXF) (CSE: BIOV)
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Diakonos Oncology, Inc.
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Element79 Gold Corp. (CSE: ELEM) (OTC PINK: ELMGF)
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Stillwater Critical Minerals (OTCQB: PGEZF) (TSXV: PGE)
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NurExone Biologic Inc. (OTCQB: NRXBF) (TSXV: NRX)
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Evanesce
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LeddarTech Holdings, Inc. (NASDAQ: LDTC)
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NCS Multistage Holdings, Inc. (NASDAQ: NCSM)
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Heliostar Announces First Results from 2024 Drilling Program at La Colorada Mine
Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") is pleased to announce the first results from a 12,500 metre drilling program at the La Colorada Mine in Sonora, Mexico. La Colorada is currently producing gold from residual leaching having ceased mining in late 2023. Heliostar is reviewing the potential to restart mining in 2025 and is completing a drill program intended to expand the mineral reserve ahead of this decision.
HIGHLIGHTS:
- 5.0m grading 18.0 g/t gold
- 37.0m grading 1.24 g/t gold
- 11.8m grading 1.71 g/t gold
- 14.5m grading 1.69 g/t gold
- 10.1m grading 0.85 g/t gold
- Five drill rigs operating at site completing a 12,500m drill program
- Program designed to expand oxide mineral reserves at the El Creston pit
- Results show shallow mineralization is open and can positively impact mining economics
- Production decision at El Creston expected by mid-2025
Heliostar CEO, Charles Funk, commented, "La Colorada has long been a successful mine that helped build El Dorado Gold in 1990s and Argonaut Gold in the 2010s. It has operated profitably over its history and has reserves to support growth. Mining ceased in 2023 when stripping to expand the pit was not completed. This pre-strip is now a capital project and the opportunity to restart is a priority for Heliostar in 2025. Our team recognized that there are significant opportunities to expand shallow mineralization and today's results demonstrate the potential to convert a portion of the previously assumed waste into ore. This can result in lower capital costs and higher cash flow at the beginning of the restart. We value speed as a guiding business principle at Heliostar and have hit the ground running to deliver these results at the mine. I believe La Colorada will help build a third mining company over the next decade!"
Drill Results Summary
Mineralization at La Colorada's Creston Pit is predominantly hosted in three veins: the North, Intermediate and South Veins (Figure 1). These veins trend northeast-southwest to east-west, dip northward and are surrounded by halos of smaller mineralized vein zones. The Creston Pit has historically mined all three of these veins. Drilling prior to Heliostar's acquisition of the mine had successfully focussed on these veins beneath the pit and had expanded the mineral reserve.
Reviewing the expansion potential revealed two opportunities for reserve growth; near surface extensions of known veins where little or no drilling had been completed and upgrading and expanding mineralization beneath the pit. Both opportunities were defined using historical drilling, blasthole data, mining shapes, and the geological model.
High density blast hole data strongly emphasizes the potential for continuation of veins at shallow depth. It defines elevated gold grades continuing to the edge of the pit walls where they remain open for expansion.
Figure 1: Plan view of the Creston Pit showing historic drilling, blast hole samples and new Heliostar drillholes
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/231392_cd32a07ff498da60_003full.jpg
Twenty-four holes are reported in this release for a total of 3257.1 metres, principally targeting shallow zones to the east and west of the Creston Pit. The results show narrow to wide, low to high grade oxide gold intercepts. They consistently return intercepts above the average above the mining cutoff of the pit while it was in operation and suggest that areas of waste could be converted to ore in an updated reserve model.
Next Steps
An updated technical report will be completed in January 2025 using the existing resource model at La Colorada. This report will not include the drill results presented in this press release. Results from the current drill program will be incorporated into a resource model and will support a reserve update that will be published with a feasibility study in mid-2025.
Should the drilling define a significant enough volume of gold mineralization, the results have the potential to reduce the capital requirements and improve the economics of the feasibility study. This study will be the basis of a construction decision for the restart of mining from the Creston Pit at La Colorada in mid-2025.
Drilling continues at the mine with three areas of focus. Additional shallow drilling, to follow up these results, is designed to bring production ounces forward in the mine plan. A program of infill and expansion drilling deeper in the pit will attempt to grow the overall gold reserves. A small allocation of drill metres will also test new areas of potential gold mineralization.
The Company anticipates additional drilling results from the current program will be released early next year.
Drilling Results Table
Table 1: Significant Drill Intersections
| Hole ID | From | To | Interval | Au | Ag | % True Width | Comment |
| 24-LCDD-218 | 24.85 | 35.0 | 10.15 | 0.85 | 9.8 | 100 | Intermediate Vein |
| 24-LCDD-219 | 77.9 | 87.75 | 9.85 | 0.25 | 19.7 | 90 | South Vein |
| 24-LCDD-220 | 47.0 | 53.0 | 6.0 | 0.37 | 7.2 | 100 | North Vein |
| 24-LCDD-221 | No significant intervals | ||||||
| 24-LCDD-222 | 9.9 | 21.75 | 11.85 | 1.71 | 21.6 | 100 | North Vein |
| including | 15.55 | 16.8 | 1.25 | 13.1 | 20.5 | 100 | North Vein |
| 24-LCDD-223 | 74.4 | 76.4 | 2.0 | 0.55 | 38.8 | 100 | South Vein |
| 24-LCDD-224 | 0.0 | 22.15 | 22.15 | 0.40 | 8.8 | 85 | Intermediate Vein |
| 24-LCDD-225 | 22.2 | 23.15 | 0.95 | 4.43 | 0.5 | 100 | North Vein |
| and | 35.75 | 45.5 | 9.75 | 0.16 | 8.1 | 100 | North Vein |
| and | 93.0 | 101.35 | 8.35 | 0.22 | 53.9 | 95 | Intermediate Vein |
| 24-LCDD-226 | 18.05 | 35.9 | 17.85 | 0.34 | 69.0 | 90 | South Vein |
| 24-LCDD-227 | 1.1 | 14.8 | 13.7 | 0.25 | 37.5 | 90 | South Vein |
| 24-LCDD-228 | 27.15 | 39.1 | 11.95 | 0.18 | 35.7 | 90 | South Vein |
| and | 46.7 | 51.15 | 4.45 | 0.29 | 43.8 | 90 | South Vein |
| 24-LCDD-229 | 15.45 | 19.55 | 4.1 | 2.27 | 4.0 | 100 | North Vein |
| and | 82.2 | 89.15 | 6.95 | 0.38 | 3.4 | 85 | Intermediate Vein |
| 24-LCDD-230 | 73.8 | 79.9 | 6.1 | 0.79 | 3.3 | 90 | South Vein |
| 24-LCDD-231 | 0.0 | 13.0 | 13.0 | 2.22 | 5.1 | 90 | Intermediate Vein |
| including | 0.0 | 3.0 | 3.0 | 8.79 | 4.8 | 90 | Intermediate Vein |
| and | 36.5 | 41.5 | 5.0 | 18.5 | 20.3 | 90 | Intermediate Vein |
| 36.5 | 41.5 | 5.0 | 6.62 | 20.3 | 90 | Top-cut to 23 g/t gold | |
| and | 67.4 | 73.5 | 6.1 | 0.34 | 3.5 | 100 | South Vein |
| and | 96.2 | 133.15 | 36.95 | 1.24 | 5.4 | 85 | South Vein |
| 24-LCDD-232 | 65.0 | 82.5 | 17.5 | 0.39 | 4.9 | 95 | North Vein |
| 24-LCDD-233 | 168.3 | 171.55 | 3.25 | 0.26 | 123 | 90 | North Vein |
| 24-LCDD-234 | 79.5 | 89.3 | 9.8 | 0.36 | 4.8 | 95 | North Vein |
| 24-LCDD-235 | 82.55 | 86.1 | 3.55 | 0.25 | 8.9 | 95 | North Vein |
| and | 169.5 | 184.0 | 14.5 | 1.69 | 5.2 | 100 | North Vein |
| including | 174.35 | 175.6 | 1.25 | 16.6 | 13.6 | 100 | North Vein |
| 24-LCDD-236 | 43.0 | 53.4 | 10.4 | 0.26 | 25.7 | 90 | South Vein |
| 24-LCDD-237 | 45.9 | 58.25 | 12.35 | 0.20 | 26.4 | 100 | South Vein |
| 24-LCDD-238 | Assays pending | ||||||
| 24-LCDD-239 | No significant intervals | ||||||
| 24-LCDD-240 | Assays pending | ||||||
| 24-LCDD-241 | 81.25 | 86.0 | 4.75 | 0.49 | 158 | 100 | South Vein |
Figure 2: Longitudinal section view of the western end of the Creston Pit highlighting the lack of previous drilling beyond the pit boundary. Section shows historic drilling, blast hole samples and new Heliostar drillhole results.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/231392_cd32a07ff498da60_004full.jpg
Drilling Coordinates Table
Table 2: Drill Hole Details
| Hole ID | Northing | Easting | Elevation | Azimuth | Inclination | Length |
| 24-LCDD-218 | 3185843 | 543104 | 442.1 | 180 | -40 | 118.20 |
| 24-LCDD-219 | 3185579 | 542101 | 455.8 | 155 | -47 | 156.45 |
| 24-LCDD-220 | 3185874 | 543079 | 445.9 | 180 | -40 | 150.75 |
| 24-LCDD-221 | 3185629 | 542111 | 450.9 | 175 | -50 | 175.50 |
| 24-LCDD-222 | 3185837 | 543080 | 440.9 | 180 | -40 | 100.00 |
| 24-LCDD-223 | 3185603 | 542104 | 453.3 | 167 | -48 | 147.20 |
| 24-LCDD-224 | 3185798 | 543080 | 437.8 | 180 | -40 | 97.40 |
| 24-LCDD-225 | 3185881 | 543105 | 442.3 | 180 | -40 | 136.45 |
| 24-LCDD-226 | 3185537 | 542126 | 441.3 | 160 | -55 | 66.70 |
| 24-LCDD-227 | 3185581 | 542191 | 382.0 | 180 | -55 | 77.30 |
| 24-LCDD-228 | 3185603 | 542195 | 380.4 | 191 | -57 | 107.20 |
| 24-LCDD-229 | 3185871 | 543129 | 443.4 | 180 | -45 | 128.70 |
| 24-LCDD-230 | 3185835 | 543128 | 441.0 | 180 | -45 | 88.45 |
| 24-LCDD-231 | 3185732 | 542533 | 190.9 | 139 | -45 | 142.70 |
| 24-LCDD-232 | 3185892 | 543053 | 444.3 | 180 | -40 | 140.85 |
| 24-LCDD-233 | 3185887 | 542390 | 346.9 | 180 | -49 | 175.25 |
| 24-LCDD-234 | 3185899 | 543025 | 441.6 | 180 | -49 | 191.50 |
| 24-LCDD-235 | 3185974 | 542975 | 475.0 | 180 | -42 | 267.40 |
| 24-LCDD-236 | 3185625 | 542212 | 378.8 | 180 | -50 | 78.80 |
| 24-LCDD-237 | 3185563 | 542091 | 457.5 | 180 | -45 | 78.70 |
| 24-LCDD-238 | 3186027 | 542850 | 479.7 | 180 | -51 | 419.85 |
| 24-LCDD-239 | 3185594 | 542089 | 454.8 | 180 | -45 | 89.35 |
| 24-LCDD-240 | 3185472 | 542671 | 405.9 | 355 | -40 | 200.35 |
| 24-LCDD-241 | 3185607 | 542101 | 453.2 | 146 | -40 | 122.40 |
Quality Assurance / Quality Control
Core samples were shipped to ALS Limited in Hermosillo, Sonora, Mexico for sample preparation and for analysis at the ALS laboratory in North Vancouver. The Hermosillo and North Vancouver ALS facilities are ISO/IEC 17025 certified. Gold was assayed by 30-gram fire assay with atomic absorption spectroscopy finish and overlimits were analysed by 30-gram fire assay with gravimetric finish.
Control samples comprising certified reference and blank samples were systematically inserted into the sample stream and analyzed as part of the Company's quality assurance / quality control protocol.
Statement of Qualified Person
Stewart Harris, P.Geo., a Qualified Person, as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr Harris is employed as Exploration Manager of the Company.
About Heliostar Metals Ltd.
Heliostar is a gold producer with production from operating mines in Mexico. This includes the La Colorada Mine in Sonora and San Agustin Mine in Durango. The Company also has a strong portfolio of development projects in Mexico and the USA. These include the Ana Paula project in Guerrero, the Cerro del Gallo project in Guanajuato, the San Antonio project in Baja Sur and the Unga project in Alaska, USA.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Charles Funk
President and Chief Executive Officer
Heliostar Metals Limited
Email: charles.funk@heliostarmetals.com
Phone: +1 844-753-0045
Rob Grey
Investor Relations Manager
Heliostar Metals Limited
Email: rob.grey@heliostarmetals.com
Phone: +1 844-753-0045
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things, the Company's plans, prospects and business strategies; the potential update and expansion of mineral reserves; the Company's integration of acquisitions and any anticipated benefits thereof; the completion of a Feasibility Study on the La Colorada Mine in 2025; the potential re-start of mining operations at the Creston Pit;; the release of an updated technical report on the La Colorada Mine; exploration and development plans, including drilling; and expectations for other economic, business, and/or competitive factors.
Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political, and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company's mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding exploration and mining activities; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in the Company's public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
Barrick Confirms Arrest of Four Malian Employees, Reaffirms Commitment to Resolution of Disputes
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today confirmed that four employees of its Loulo-Gounkoto mining complex had been charged and detained pending trial. While Barrick refutes these charges, it said it would continue to engage with the Malian government to find an amicable dispute settlement that would ensure the long-term sustainability of the complex.
President and chief executive Mark Bristow said that since September 30, the company had been actively seeking to finalize a Memorandum of Agreement that would guide Barrick's partnership with the government in future, including the state's share of the economic benefits generated by the complex and the legal framework under which this would be managed.
"Our attempts to find a mutually acceptable resolution have so far been unsuccessful, but we remain committed to engage with the government in order to resolve all the claims levied against the company and its employees and secure the early release of our unjustly imprisoned colleagues," he said.
Barrick enquiries
Investor and media relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "continue", "intended", "committed", "engage", "negotiate", "pursue" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: the status of negotiations with the Government of Mali in respect of ongoing disputes regarding the Loulo-Gounkoto Complex and Barrick's commitment to reach a mutually acceptable solution; the potential to increase the Government of Mali's share in the economic benefits of Loulo-Gounkoto; and Loulo-Gounkoto's partnership with the Government of Mali.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Mali and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with new diseases, epidemics and pandemics; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas emission levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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High-Grade Gold Intercepts Continue at Northern Zone
Highlights:
- Further significant shallow gold intercepts for the remaining aircore (AC) drillholes at Northern Zone, located 25km east of Kalgoorlie, include:
- 8m at 4.86 g/t Au from 34m (NZAC090)
- inc. 4m at 5.09 g/t Au from 34m
- inc. 1m at 18.22 g/t Au from 36m
- inc. 1m at 17.96 g/t Au from 40m
- 6m at 3.13 g/t Au from 30m (NZAC097)
- inc. 2m at 7.39 g/t Au from 33m
- inc. 1m at 10.41 g/t Au from 34m
- 5m at 3.74 g/t Au from 31m (NZAC100)
- 1m at 5.72 g/t Au from 33m (NZAC092)
- 3m at 1.75 g/t Au from 33m (NZAC099)
- 8m at 4.86 g/t Au from 34m (NZAC090)
- Continuation of the high-grade oxide zone within the 600m wide porphyry system has been expanded (see Figure 1)
- Results of these drill holes continue to confirm and enlarge the shallow gold mineralisation associated with the Northern Zone porphyry
- The dynamic Leapfrog gold model for Northern Zone will be updated with these latest results in the coming weeks, which will inform and guide future drill campaigns
- A mineralisation report is expected at the end of the month, with a Mining Lease application to be submitted thereafter
- Possible ore processing scenarios have been demonstrated by the recent success of Black Cat Syndicate Ltd1, at their Myhree open pit, located only 7km to the north of Northern Zone
David Lenigas, Chairman of Riversgold, said: “The Northern Zone Gold Project continues to bash out great gold intercepts and grow the footprint, and demonstrates excellent grades at relatively shallow depths over good widths within the overall 600m wide porphyry. We are particularly encouraged by the recent success of Black Cat’s Myhree open pit operations1 only 7km up the road from Northern Zone and we are assessing if similar operations can be achieved with Northern Zone after we convert the tenement to a Mining Lease – which is work in progress post the imminent completion of the mineralisation report.”
Figure 1: Recent drill collar plan with gold grade contours from all aircore drilling results to date.
Following on from our successful aircore programs completed in May, July and September 2024, Riversgold engaged drilling contractor, Australian Aircore Drilling (Mick Shorter), to undertake a fourth aircore program for a further 26 holes in early November 2024. A further 1,545m of AC drilling (refer Appendix 1 for all drill data information and significant intercepts, Table 1, 2 and 3) was completed at Northern Zone in the most recent drilling campaign bringing the total number of metres drilled this year to 8,971m of AC drilling and 1,363m of reverse circulation drilling.
The AC holes were drilled using a blade to drilling refusal. The cuttings were logged by RGL geologists, and both the detailed logging and assays continue to show that a significant gold mineralisation event has taken place within the project area.
These excellent results (14 of 16 holes intersecting gold mineralisation) continue to successfully target the mineralised porphyry over an increasing footprint within the tenement. The expansion of the high-grade zone in the northwestern extensional area and the extension of anomalous gold mineralisation in eastern and north- eastern areas continues to validate the broader geological model. Gold mineralisation remains open in multiple directions and will require further modelling and drill testing. We will continue to further our understanding of the Project before proceeding with a maiden Mineral Resource Estimate (MRE).
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This article includes content from Riversgold Ltd, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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