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Element 79 Gold Corp. (CSE:ELEM)(OTC:ELMGF)(FSE:7YS) (" Element 79 Gold ", the " Company ") announces that, further to its November 17, 2022 release, the Company has closed the sale of two properties from its Battle Mountain Portfolio located in the gold mining district of northeastern Nevada, USA to a subsidiary of Centra Mining Ltd. (" Centra ").
Under the terms of the Asset Purchase Agreement, Centra purchased all of Element79 Gold's interests and obligations in relation to the Long Peak Project ("Long Peak ") and the Stargo Project ("Stargo ") in exchange for total consideration of CAD $1,000,000 paid by the issuance of an aggregate of 2,500,000 common shares of Centra at a deemed price of CAD $0.40 per share (the “Payment Shares ”). The transaction closed on July 13 , 2023, subject to regulatory approval.
"The sale of Long Peak and Stargo to Centra marks another milestone in Element79 Gold's journey for the strategic development of its high-grade gold assets," commented James Tworek, President and CEO of Element79 Gold. "This achievement enables us to unlock additional value from our extensive portfolio of prospective properties while advancing our core projects and driving their success to new heights."
Tworek added, "With other development assets in this exciting region, and with the prospective nature of the properties being sold, we are excited to maintain our exposure to the very promising potential of these properties and the opportunity for continued discovery through our equity participation in Centra."
The Battle Mountain Portfolio
The Battle Mountain Portfolio was originally comprised of 15 separate projects totaling over 44,478 acres across 2,203 unpatented claims in five counties: Elko County, Eureka County, Humboldt County, Lander County, and Nye County. Most of the Battle Mountain Portfolio is located within the Battle Mountain Trend, with several projects close to globally reputable gold deposits including Nevada Gold's Cortez Mine.
The Battle Mountain Portfolio is comprised primarily of early-stage projects. While drilling has been completed at some projects, such as Elder Creek (155 holes) and Clover (104 holes), many have only surface sampling and geophysical surveys completed. Of particular note are the Long Peak, Elephant, Elder Creek, North Mill Creek, Clipper, Pipeline South, West Cortez, and Walti Projects, which are interpreted to lie along the northwest trending fault that hosts the high-grade Pipeline deposit, which is included in Nevada Gold's Cortez Mine.
Figure 1 . Map of Nevada showing location of Battle Mountain Projects, and select major gold mines.
The Long Peak Project
Long Peak is comprised of 34 unpatented claims located near Copper Basin and the Copper Canyon Mine in Lander County, Nevada. Long Peak hosts significant historic prospects, warranting further exploration at Long Peak.
The Stargo Project
Stargo is comprised of 337 unpatented claims located south of the Battle Mountain Trend in Nye County, Nevada. The large claim block contains attractive host rocks, tertiary age intrusives, and appropriate aged structural preparation to represent an attractive area for exploration target development.
About Element79 Gold
Element79 Gold is a mining company focused on gold, silver and associated metals and committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects. Element79 Gold's main focus is on two core properties: developing its previously-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to bring it back into production in the near term; and its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties. Maverick Springs hosts a 43-101-compliant, pit-constrained mineral resource estimate reflecting an inferred resource of 3.71 million ounces of gold equivalent "AuEq" at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag) with an effective date of October 19, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which are non-core to its primary business focus. In British Columbia, Element79 Gold has executed a Letter of Intent and funded a drilling program to acquire a private company that holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. The Company also has an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township. The Company is analyzing the non-core Nevada projects, the Dale Property and the Snowbird Property for further merit of exploration, sale or spin-out.
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: +1.613.879.9387
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 in light of 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 closing of the sale of the Long Peak Project and the Stargo Project; obtaining regulatory approval for the sale of the Long Peak Project and the Stargo Project; 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".
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 to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the Company's other public disclosure documents, available on www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
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.
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Element79 Gold Corp
Overview
Element79 Gold Corp (CSE:ELEM, OTCQB:ELMGF, FSE 7YS0) is an exploration and development mining company with 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 production. Additionally, Element79 Gold Corp's two exploration projects in Nevada, Clover and West Whistler, create further opportunities for future resource development. A globally-experienced management team with a proven track record of success in developing operational mines leads Element79 Gold Corp toward fully realizing the potential of its assets.
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 19 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 generating near-term cash flow, 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 Corp is poised to benefit from the pro-mining jurisdiction as it moves the Lucero asset toward production.
Ground work at the Lucero property is currently underway, where Element79 Gold Corp has engaged Ore Discovery LLC, a technical mining service provider, to work in conjunction with Element79’s operations team. The work includes 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.
Latest underground mapping and channel sampling efforts on the Lucero property have revealed additional insights, documenting an expansive network spanning 8.9 kilometers of workings, with 85 percent now meticulously mapped and sampled. A total of 19 adits have been mapped, with 10 additional adits remaining for underground mapping. Intersected mineralization conforms to the intermediate sulfidation epithermal style, characterized by gold-silver veins with associated lead and zinc sulphides.
In June 2023, Element79 Gold Corp 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 North America, the company holds a portfolio of mining properties in Nevada, one of which is the Maverick Springs gold and silver project. With an inferred 3.71 million ounces of gold equivalent, the project is located in one of the world’s richest gold mining districts and is located only 30 kilometers away from the Kinross (NYSE:KGC) Bald Mountain Mine. It is currently under an option agreement to sell wherein the company stands to generate CAD $4.4 million cash and AUD $800,000 in shares of Green Power Minerals (soon to be known as Sun Silver Limited by July 2024.
A powerhouse management team leads Element79 Gold Corp with a track record of experience and success. Antonio Maragakis, Former COO and now Director, has held director-level positions at miners with multi-billion dollar portfolios, including Barrick Gold Corporation and Koch Industries. In addition, Kim Kirkland, Chief Operating Officer, has led engineering roles in some of the world’s largest mining companies, such as Rio Tinto Group and Barrick Gold Corporation.
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 Corp 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 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 Corp's Maverick Springs gold and silver project in Nevada creates additional near term revenue generation potential as it is under contract for sale in May-June 2024.
- A powerhouse management team leads the company toward fully developing its asset portfolio.
Key Projects
Lucero Gold Project
The 10,805-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.
Maverick Springs Gold Project
The Nevada-based Maverick Springs gold project covers 4,800 acres on top of a gold belt with deposits approximately five miles wide and 40 miles long. The project’s gold belt district has produced more gold than any other mining district in the United States.
Project Highlights:
- Prolific Resource Estimate: A 2021 constrained mineral resource statement estimates that the asset contains 124.4 million tonnes at 68.9 g/t gold equivalent, which indicates 278 million ounces of gold equivalent. This estimate demonstrates the high upside potential of the project.
- Existing Infrastructure: The Maverick Springs gold project is accessible year-round via a gravel road and contains a network of drill roads throughout its claims. The asset also has nearby electrical power that minimizes initial development costs.
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 and 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.
West Whistler
The West Whistler Property is located in the Eureka Mining District, which hosts mid-Cretaceous, igneous-related, polymetallic carbonate replacement deposits that have subsequently been overprinted by Carlin-type gold-silver mineralization. The property is located along the southeastern end of the Battle Mountain Trend near several gold deposits including the Cortez Mine, the third largest gold mine in North America with 2021 gold production of 828,000 ounces.
Since its acquisition, Element79 has completed high-level data review and conceptual plans for target identification. The company has a $ 700,000 program planned for the West Whistler Property focused on field operations, surface sampling and structural analysis in order to develop drill targets
Project Highlights
- Consists of 103 unpatented claims encompassing 2,057 acres in the Eureka Mining District.
- Located within the Battle Mountain Trend in close proximity to several gold deposits including the Cortez Mine, the third largest gold mine in North America with 2021 gold production of 828,000 ounces.
- Targeting a deposit similar to that found at the Rain Deposit located 113 kilometers to the north where the Saddle Zone deposit hosts 1.15 million tons grading 0.57 oz/t gold for 782,000 ounces of gold.
- In this model, the gold is deposited above or near the Devils Gate-Webb Formation contact adjacent to northwest and northeast trending gold-bearing fault zones. At the West Whistler Property a 2-kilometer by 0.65-kilometer window of Devonian Devil’s Gate Limestone and Webb Formation is exposed in the southern portion of the claim block.
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
Ms. Gillis is a CPA, CMA with over 20 years of experience in the public markets bringing comprehensive background in finance, reporting and regulatory requirements for manufacturing, bio-technology, technology and junior exploration industries. Ms. 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. Ms. 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 TSX-V and CSE-listed issuers.
Antonios (Tony) Maragakis - Director
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.
Kim Kirkland - Chief Operating Officer
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 - 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 Palladium One Mining Inc.
George Tumur - Director
GeorgeTumur brings a wealth of experience and a profound understanding of mining, investment funding and government relations. As former ambassador to Singapore, Tumur's remarkable career has been characterized by visionary leadership, strategic acumen and an exceptional ability to navigate complex challenges.
Tumur has held several executive-level positions at minerals exploration and mining organizations, including Hunnu Coal (ASX:HUN), Energy Resources (later, MMC, HKEX: 0975) and other public and private entities. Most notably, in these roles, Tumur has had a transformative impact on leadership, unlocking significant coal resources, estimated at 1 billion tons of measured and indicated coal across three projects at Hunnu Coal, and elevating the company's valuation nine-fold in just 18 months following IPO; as well as commencing a significant production of a private project within six months from a head start, introducing an international contract mining experience into local mining industry, leading to a successful IPO.
Prior to his recent role as a senior advisor at Gateway Partners, a private equity investment fund in Singapore, Tumur was appointed as ambassador of Mongolia to Singapore, Philippines and Brunei Darussalam, and applied his diplomatic skills to strengthen bilateral and multilateral relations, boasting trade and tourism between host countries and Mongolia.
Tumur's academic background includes a master of science in mining and earth systems engineering from the Colorado School of Mines and a bachelor of science in metallurgy and materials engineering from the same institution.
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.
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.
Element79 Gold Corp Appoints Warren Levy to Board of Directors
VANCOUVER, BC T he N ewswire August 28, 2024 Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) ("Element79" the "Company ") today announced the addition of Mr. Warren Levy to the Board of Directors. Mr. Levy was appointed to the Company's Advisory Board in March.
Mr. Levy's career is marked by exceptional sustainability leadership, including several senior roles where he has left an indelible mark, notably in the energy and resources sector. Mr. Levy has guided multiple companies with foreign operations both as an advisor and board member, leveraging his expertise in sustainability, operational efficiency and capital raising while fostering positive relationships with local communities.
Throughout his career, Mr. Levy has demonstrated the ability to cultivate high-performance teams across diverse cultural landscapes. His strategic guidance has propelled the expansion of numerous companies in sectors spanning petroleum, mining, and high-tech industries in Latin America and Asia. Author of multiple publications on Latin American energy policy, Mr. Levy has contributed to the discourse on energy and natural resource development in the region, offering insightful perspectives on energy policy and the pivotal role of sustainable development in poverty reduction. Mr. Levy has run regional oilfield and mining service companies with significant operations in Peru, and most recently was the CEO of Jaguar Exploration and Production, the largest private natural gas operator in Mexico, leading it from startup through to becoming the recognized leader in sustainable natural gas production. He managed the company through to the successful sale to a major Mexican conglomerate.
The Company further announces Mr. Antonios Maragakis' resignation from his position as a director but is pleased to advise that he has accepted a position on the Company's Advisory Board.
James Tworek, CEO, noted "We could not be more pleased to have Mr. Levy on as a member of the Board of Directors as his worldwide experience and operational know-how will offer critical insights as we define the Company's strategic path, promoting sustainable growth and leading the way with innovative practices." He further stated "We are extremely pleased that Antonios has agreed to stay on as an advisor as his expertise and insights are invaluable, we thank him for all his past contributions and look forward to his continued support."
Element79 also announces that unfortunately the OTCQB uplisting on announced earlier this week has been postponed. The listing is tentatively scheduled to be effective in the first week of September. We apologize for any confusion on the dates.
About Element79 Gold Corp.
Element79 Gold's focus is on exploring developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production in the near term.
The Company holds a portfolio of five properties along the Battle Mountain trend in Nevada, and the projects are believed to have significant potential for near-term resource development. The Company is currently reviewing the Battle Mountain portfolio for exploration and development or sale.
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
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking information in this press release are based on certain assumptions and expected future events.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward- looking information, except as required by applicable law.
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 Provides Update on Nevada Portfolio
(TheNewswire)
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Vancouver, BC TheNewswire - August 22, 2024 - Element79 Gold Corp. (CSE:ELEM, FSE 7YS0, OTC:ELMGF) is pleased to announce several updates related to its Nevada Portfolio:
Highlights of Element79's Nevada portoflio since acquisition in 2021:
A portfolio of 16 projects was acquired as an "all or nothing" package from Waterton Global Resource Management in December 2021. The Company has subsequently reviewed, updated and expanded historical data sets, and ultimately divested of many projects with an eye to generate shareholder value.
Two projects sold to Centra in 2023 – Stargo and Long Peak. Long Peak 43-101 expected to be complete during late summer 2024.
The Company made the strategic decision to not renew the claims on eight projects due to being very early stage and outside of the Company's parameters to work on; data rooms for these projects were retained.
The Maverick Springs project was purchased with a 1,8M oz AuEq Historical Reosurce, which the Company reviewed, reworked and increased the Mineral Resource Estimate to 3,71Moz AuEq. Maverick Springs was sold to Sun Silver on May 8, 2024, with cash received being used to pay off debts and accounts payable; the Company retained 3,500,000 shares of Sun Silver Limited (ASX:SS1) at 0.20 AUD as an investment in the development of the Maverick SPrings asset. The Company will hold and divest of these shares strategically over time.
Valdo portfolio – Original option expired. In discussions with multiple counterparties for sale of the same projects, anticipated closing in 2024.
Clover, West Whistler – portfolio under review, currently in discussions with third parties to sell
Valdo Package Reset for Sale
The Company confirms the expiry of the previously-announced Letter of Intent ("LOI") with Valdo Minerals Ltd. for the purchase of the North Mill Creek, Elder Creek, and Elephant Projects, including all land claims and historical databases relative to the projects therein. The original LOI was established on November 17, 2022 with an original closing date of July 15, 2023. As the parties communicated through the process and were working towards a closing, a 60-day extension was granted, which has expired.
The Company is in discussions with two parties regarding these same projects with the intent to close the sale of them within 2024. Element79 Gold Corp. remains committed to the successful completion of the divestiture of these projects and believes that it will come to commercially beneficial terms for their sale in the near term.
The North Mill Creek Project
The North Mill Creek Project (" North Mill Creek ") is comprised of 6 unpatented claims located at the margins of the Goat Window in Lander County, Nevada. The Goat Window is an exposure of lower plate rocks beneath the Roberts Mountains Thrust which are the preferred carbonate host of Carlin-type gold deposits. Previous drilling completed at North Mill Creek yielded encouraging results warranting follow-up exploration.
The Elder Creek Project
The Elder Creek Project (" Elder Creek ") is comprised of 23 unpatented claims which cover the historic Elder Creek open-pit mine in Lander County, Nevada. Elder Creek is hosted in upper plate rocks where the mine area is believed to represent leakage from the deeper lower plate of the Roberts Mountains Thrust, suggesting that deeper targets could host significant mineralization within faulted and anticline folded sedimentary beds.
The Elephant Project
The Elephant Project (" Elephant ") is comprised of 197 claims located at the foot of the mine dumps at Nevada Gold Mines' Phoenix operation. Elephant hosts a covered pediment target with various depths of cover based on the displacement of fault blocks. Limited past drilling has confirmed the presence and mineralization of the Elephant target model.
Remaining Nevada Portfolio Under Review
With the sale of Maverick Springs bringing attention to the Company, it has been fielding calls with counterparties inquiring about the remaining projects in the Element79 Gold Corp portfolio, Clover and West Whistler. These projects have been visited and are under review by the Element79 Gold team, being weighed for further development and dealing.
Clover
Clover is in Elko County in township 38 range 44 and in township 37 range 44. The property
comprises 162 claims over 3,063 acres. Clover is positioned over felsic volcanics and tuffaceous sedimentary rocks. Two sets of conjugate faults strike across or adjacent to the property, with each of these fault systems projects to a major Au producer. Past project owners had drilled 104 holes and have completed remediation work; past drill results include: JK-4C were 32' at 25 g/t Au with a peak intersection of 2.5' at 274 g/t Au; CL-13 intersected 25' at 7.85 g/t Au; USCV012 intersected 10' at 20.4 g/t Au.
West Whistler
19km West of Eureka, Nevada, West Whistler is a moderate group of 103 claims over 2,057 acres in Eureka County. Regionally proximate to the former Barrick, current-day i80 Gold Ruby Hill Mine. Historic work includes mapping, soil sampling, VLF survey and 6 drill holes.
"Element79 Gold has been on a constant mission to continue unlocking additional value from the vast portfolio of projects that had been amassed over the past few years, with the intent to create value for our shareholders. The current market trend of rising gold and silver prices, as well as the business- and mining-friendly state of Nevada are key points that have driven past sales as well as current (potential) transactional counterparties to reach out on the remaining Battle Mountain projects in our portfolio." stated James Tworek, CEO and Director of Element79 Gold. "We, with industry teammates and transactional counterparties, have always believed the Battle Mountain Portfolio contains several notable future targets which warrant extensive exploration and prospecting to further validate historic high-grade samples and drilling results. We have seen success in other sales from the portfolio, and we continue to pursue this strategy of unlocking value for our shareholders, and to increase focus on exploring and developing our core high-grade, past-producing Lucero project."
Qualified Person
The technical information in this release has been reviewed and verified by Kim Kirkland, Fellow of AusIMM #309585, Chief Operating Officer of Element79 Gold Corp, and a "qualified person" as defined by National Instrument 43-101.
About Element79 Gold Corp
Element79 Gold is a mining company focused on gold and silver committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects.
Element79 Gold's focus is on exploring developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production in the near term.
The Company holds a portfolio of five properties along the Battle Mountain trend in Nevada, and the projects are believed to have significant potential for near-term resource development. The Company is currently reviewing the Battle Mountain portfolio for exploration and development or sale.
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 its new website: www.element79.gold
Contact Information For corporate matters, please contact:
James C. Tworek, Chief Executive Officer and Director
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", 4 of 4 "intend", "could", "might", "should", "believe" and similar expressions) 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 to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labor relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the Company's other public disclosure documents, available on www.sedarplus.ca . Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. 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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Element79 Gold Corp Provides Update on Chachas Community Charter and Revenue Generation, M&A Activities
(TheNewswire)
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Vancouver, BC June 25, 2024 Element79 Gold Corp (CSE: ELEM, OTC: ELMGF, FSE: 7YS0), Hereinafter ("Element 79 Gold", the "Company") a mining company focused on gold and silver committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects, is excited to provide the following updates about the social and business engagement in Chachas as well as highlight additional revenue-generating business underway.
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Element79 Gold Corp Announces Closing of Oversubscribed First Tranche of Private Placement
(TheNewswire)
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Vancouver, British Columbia TheNewswire - July 12, 2024 - Further to the Corporation's previous Financing announcement released on July 3, 2024, Element79 Gold Corp (the "Company") (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS0) is pleased to announce the successful completion of its first tranche of its placement for $288,815 of funding through its Non-Brokered Private placement. This tranche of closing will see the Company issue a total of 1,255,717 Units for this tranche.
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Acquisition of Penny South Gold Project, WA
HIGHLIGHTS
- Binding Tenement Sale Agreement to acquire 100% of the Penny South Gold Project (E57/1045) to bolster West Australian Gold exploration portfolio
- Penny South Gold Project located in world class gold district and ~550m south of one of Australia’s highest grade producing gold mines1, the Penny West/North Gold Mine (“Penny”), owned and operated by Ramelius Resources Limited (ASX:RMS) (“Ramelius”):
- The Penny West mine produced 154,000t at 18g/t Au (89,000 Au) in the early 1990’s2.
- The initial Penny North deposit of 569,000t at 16.8g/t (306,000oz) was discovered by Spectrum Metals Limited and subsequently subject to a takeover by Ramelius for >$200M during 20203, with the deposit now being mined and extended.
- The Penny West Shear, which hosts the Penny deposits, continues south into the Penny South Project (E57/1045) with ~2.5km of strike contained in E57/1045.
- Average historical drill hole depth across E57/1045 is ~42m, with only 18 holes deeper than 100m and 7 holes deeper than 200m4 5, with no diamond drilling.
- Historic drilling within E57/1045 has encountered various significantly anomalous intersections of gold mineralisation5.
- Review of all available data to generate high priority drill targets underway.
Commenting on the acquisition Managing Director Peter Woods said:
“We are extremely pleased to have reached an agreement for the acquisition of the Penny South Project. The addition of this exciting gold exploration asset next door to one of the highest-grade gold mines in production in Western Australia, and in a district seeing current M&A activity, greatly enhances our existing portfolio. Given the minimal deeper drilling and lack of diamond drilling, it is the Company’s view there may be substantial value to be unlocked at depth and we are eager to execute a path forward to test the theory as the momentum for gold continues.”
Penny South Gold Project, WA
The Penny South Gold Project (E57/1045) (Map 1) lies only 550m south of Ramelius’ operating Penny West/North gold mine project (Map 2), which is estimated to contain 440,000t of ore at 22g/t Au (320,000oz Au) (“Penny”)6. NKL’s Penny South Gold Project captures a ~2.5km strike extension of the Penny West Shear immediately south of Ramelius’ Penny deposits, southern Youanmi Greenstone Belt (Map 3).
Map 1: Location of the Penny South Project (E57/1045).
Click here for the full ASX Release
This article includes content from NickelX Limited, 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.
Nimbus Zinc Silver Project Update
HIGHLIGHTS
- The current global Mineral Resource estimate for Nimbus stands at:
- 12.1Mt grading 52g/t Ag for 20.24Moz of silver and 0.9% Zn for 106kt zinc 1
- A high-grade subset exists within this global resource immediately below the historical pits and has a Mineral Resource estimate of:
- 260kt grading 774g/t Ag for 6.4Moz silver and 12.8% Zn for 33kt zinc 1
- Concept study has confirmed the optimal economic development pathway through mining of the higher-grade lodes and generation of a silver / zinc concentrate with more drilling required to increase overall tonnage and mine life 2
- Silver currently trading at A$42/oz and zinc at A$4,000/t
- A Programme of Work (POW) has been approved by DEMIRS and drilling expected to be undertaken in the first half of 2025 to drill test the exploration target 3
- Exploration Target defined below Nimbus to be tested.
Commenting on the Nimbus silver-zinc project, Horizon Managing Director and CEO Mr Grant Haywood said:
“We see the potential to grow the higher-grade core within the Nimbus resource at depth down plunge and along strike. Whilst we are firmly focussed on delivering on gold production at Boorara and Phillips Find, the Company will continue working to develop a longer-term production profile at Nimbus. We look forward to undertaking drilling in 2025 with the aim of increasing the resource prior to re-instigating a feasibility study for the project”.
Cautionary Statement – Exploration Target
The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and there is no certainty that further exploration work will result in the determination of mineral resources. See the basis of exploration target on pages 6 and 15-17, also Tables on pages 21-24, Competent Persons Statement on Pages 18.
Figure 1: Kalgoorlie project area locations and surrounding infrastructure
The Nimbus Project is sits 2km east of the Company’s cornerstone Boorara project and 6.5km north- northwest of Golden Ridge. Both Boorara and Golden Ridge are historic gold mining centres, with Boorara recommencing production activities.1 The Nimbus mine site on granted mining leases M26/490 and M26/598 and easily accessed from the Kalgoorlie-Bulong Road via an unsealed haul road. The tenements are located within the Hampton Hill Pastoral Station (Figure 2).
The Nimbus Project was mined by Polymetals in two stages. Phase 1 (Jan 2004 – April 2005) concentrated on mining extremely weathered oxide material in the Discovery and East Pits. Phase 2 (Nov 2005 – May 2006) concentrated on mining remnant oxide and supergene material from the Discovery Pit. Ore treatment was undertaken at an onsite mill utilising a Merrill-Crowe circuit.
The Nimbus Silver-Zinc Project was placed on care and maintenance in 2007 after producing 3.6 Moz of silver from 318 kt of ore processed at a grade of 353 g/t Ag.
Click here for the full ASX Release
This article includes content from Horizon Minerals, 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.
Newmont's Lori Douglas Honored as a 2024 Paradigm for Parity Woman on the Rise
Paradigm for Parity honors impactful female leaders on Women's Equality Day
Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) today announces Lori Douglas , Newmont's Head of Productivity for North America, has been honored as one of Paradigm for Parity's Women on the Rise for 2024. This recognition, in acknowledgement of Women's Equality Day, highlights Lori's exceptional leadership, commitment to advancing women in the workplace and continued efforts to promote diversity and inclusion.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240827356045/en/
Newmont's Lori Douglas Honored as a 2024 Paradigm for Parity Woman on the Rise (Photo: Business Wire)
"Lori is a leader who has consistently worked to advance and inspire colleagues around the business," said Jennifer Cmil, Newmont's Chief People Officer. "Through her thoughtful leadership initiatives at the Cripple Creek and Victor mine, she has championed IDE practices while also helping to drive important cultural shifts to improve employee experience in the workplace. This recognition is a powerful testament to her commitment to cultivating an innovative and equitable workplace, particularly in a historically male-dominated industry."
The "Women on the Rise" award celebrates women who are not only rising stars in their companies but are also striving to be catalysts for change. Recipients of the award embody leadership qualities such as courage, innovation, authenticity, creativity, and a dedication to fostering environments where diversity and inclusion thrives, and where women can excel.
"The issue of gender parity feels more urgent than ever before, and these honorees have gone above and beyond to catalyze change and continue moving our mission forward," said Nadine Bullock-Pottinga, Paradigm for Parity CEO. "We look forward to seeing the contributions that these powerful women make in their workplaces and beyond."
In addition to her role as Head of Productivity for North America, where she oversees productivity improvements across seven sites, Lori has demonstrated an unwavering commitment to driving change. As the executive sponsor of the Cripple Creek & Victor mine's Women and Allies Business Resource Group, she has spearheaded efforts to break down barriers for women, ensuring that opportunities in mining are accessible and equitable for all. Her leadership has been instrumental in fostering a workplace where diverse voices are not only heard but also can contribute to the organization.
Paradigm for Parity is dedicated to addressing systemic barriers to close the gaps in gender and racial parity and transforming corporate culture to ensure all individuals can thrive. As a proud founding member of the coalition in 2016, Newmont joined as a reflection of its commitment to closing the gender gap and creating a supportive and inclusive work environment for all.
To learn more about the fight for gender parity and the 2024 Women on the Rise nominees, please visit Paradigm for Parity .
About Paradigm for Parity
As a nonprofit founded by a group of women executives in 2015, the Paradigm for Parity® coalition supports its 150+ member companies around the world in achieving gender parity including racial equity in their corporate leadership within 15 years of joining the coalition. The organization develops and promotes actionable strategies that transform corporate culture, so that women of all races, cultures and backgrounds have equal power and opportunity.
About Newmont
Newmont is the world's leading gold company and producer of copper, zinc, lead, and silver. The company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the company has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to www.newmont.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20240827356045/en/
Media Contact:
Jennifer Pakradooni
globalcommunications@newmont.com
Investor Contact:
Neil Backhouse
investor.relations@newmont.com
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