Element79 Gold Corp Announces Completion of Debt Settlement and Closing of First Tranche of Private Placement

Element79 Gold Corp Announces Completion of Debt Settlement and Closing of First Tranche of Private Placement

(TheNewswire)

Element79 Gold Corp.

Vancouver, British Columbia TheNewswire - March 14, 2024 - Element79 Gold Corp (the "Company") (CSE:ELEM) (OTC:ELMGF) (FSE:7YS0) a mining company focused on the exploration for and production of gold and silver, is pleased to unveil updates on strategic initiatives aimed at bolstering the Company's financial position and enhancing shareholder value.

Completion of Share for Debt Settlements and Debt Conversion

Pursuant to its previous press releases (November 17 and December 19, 2023) the Company is pleased to announce that it has, through the approved shares for debt settlements, cleared a total of $3.76 million in in corporate debt allowing for a balance sheet that allows for growth. The Debt settlement and issuance of 3.76 million shares was approved by shareholders at a Special meeting held December 19, 2023.

Also pursuant to the Special Meeting shareholders approved of the assignment of debt from Crescita Capital LLC to Tellus LLC, a reputable third party, that allowed them to convert a $2 million promissory note into Element79 Gold Corp shares at the same $0.10 conversion price.

James C. Tworek, CEO of Element79 Gold Corp, states: "The Company's Board and Management team have expressed a strong commitment to improving the balance sheet which we feel the completion of these Debt settlements has allowed us to do that. The welcomed addition of Tellus LLC as a strategic shareholder signifies a shared vision to transform Element79 Gold Corp into a producing mining company.  Further work securing immediate-term financing for the advancement of project development is finding significant traction with strategic investors. reinforcing the company's ability to execute its 2024 goals."

Closing of First Tranche of Private Placement

The Company further notes that pursuant to its press release of March 11, 2024, it has received and closed on an aggregate of $250,000 and issued 1,086,956 Units of its Non-Brokered Private Placement (the "Placement"). The Placement consists of Units of the Company (each a "Unit") at a purchase price of $0.23 per Unit.  Each Unit will be comprised of one common share of the Company (a "Common Share") and one common share purchase warrant (each a "Warrant"). Each Warrant will be exercisable for one Common Share at a price of $0.35 per Common Share for two (2) years from the date of issuance.

The warrants are subject to an acceleration clause whereby should the shares of the Company trade at or above $0.40 per share on the North American stock exchange on which it is then listed for ten consecutive trading days (after the date that is four months and one day from the closing of the Offering) the warrants may be accelerated. A finder's fee of 7% cash and 7% in Broker's Warrants (priced at $0.35, $0.40 accelerator clause, 2-year expiry in line with the Unit Warrants) will be paid to intermediaries for the closing of the first tranche.

Element79 will continue to seek further funding - and wishes to increase the amount of the Placement from $400,000 to up to $600,000

Re-Pricing of Historical Warrants

The Company also announces that it intends to reprice an aggregate 1,290,000 warrants of the Company previously issued on March 6, 2020 for 1 million warrants and September 8, 2023 for 290,000 warrants. These warrants were originally issued with an exercise price of $0.10 and $0.05 but were subject to a 10 to 1 consolidation making them now $0.50 and $1.00 respectively. The Company is proposing to reprice the warrants to $0.35 each.  All other terms of these Historical Warrants remain unchanged other than as set out in the original warrants.

The Company will file a Form 13 with the CSE if and once the amendment is completed.

About Element79 Gold Corp

Element79 Gold Corp is a gold and silver mining company committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects.  Element79 Gold's core focus is on developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production in 2024.

The Company also holds a portfolio of 5 properties along the Battle Mountain trend in Nevada, with the Clover and West Whistler projects believed to have significant potential for near-term resource development. Three properties in the Battle Mountain Portfolio are under contract for sale to Valdo Minerals Ltd., with an anticipated closing date in the first half of 2024.  The Company has also signed an Option Agreement to sell the Maverick Springs project, an advanced-stage exploratory property with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) (see 43-101 technical report titled: Amended Technical Report on the Maverick Springs Project, Nevada, USA, by Allan Armitage, PhD., P.Geo, and Rohan Millar, B.Sc. P.Geo., dated October 7, 2022, available on SEDAR) and anticipates completing this sale on or before July 21, 2024.

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 has 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 our official website at 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: +1.613.879.9387

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 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 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.

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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(TheNewswire)

Element79 Gold Corp.

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(TheNewswire)

Element79 Gold Corp.

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(TheNewswire)

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Pactolus

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Freegold Ventures Limited (TSX: FVL) (OCTQX: FGOVF) ("Freegold" or the "Company") is pleased to report results from the final two holes of the 2023 drill program. The 2023 drill results will be incorporated into an updated mineral resource estimate ("MRE"), which is anticipated to be released later this quarter.

Freegold Ventures Limited (CNW Group/Freegold Ventures Limited)

The drilling conducted in 2023 successfully demonstrated the potential for immediate expansion towards the west, with potentially higher grades. It is important to note that the Golden Summit already has a significant gold resource. However, the potential for higher grades at shallower depths to the immediate west is substantial and could significantly alter the overall project economics. Therefore, we are confident that targeting shallower, higher-grade mineralization before undertaking economic studies will unlock even greater value in this project. Drilling is expected to commence shortly.

Hole GS2337 was drilled at an azimuth of 315 o to cross the Tolovana Vein swarm extensions to the southwest. The hole successfully intersected various zones of higher-grade mineralization.

HOLE
NUMBER

AZIMUTH

Dip

DEPTH

(M)

FROM

(M)

TO

(M)

INTERVAL
(M)

AU

G/T

GS2336

360

-55

831.3

15.9

31.1

15.2

0.52





166.1

218.5

52.4

0.59





257.7

677.3

419.6

0.86

including




308.2

327.7

19.5

4.26

including




308.2

311.2

3

25.3

including




483.1

504.7

21.6

1.09

including




521.8

558.4

36.6

2.86

including




521.8

524.9

3.1

28.8

including




655.9

677.3

21.4

0.75





708.7

726

17.3

0.86





758.2

772.4

14.2

1.43

GS2337

315

-50

784.3

260

704

444

0.85

including




341

354.7

13.7

1.21

including




367.8

443

75.2

1.31

including




367.8

369

1.2

20.2

including




506

517

11

2.27

including




552.1

575

22.9

0.94

including




668

704

36

2.01

including




668

671

3

13.45

The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization

The Tolovana vein swam lies within the three clear and immediate extensional geochemical trends identified: two south-southwest flanking trends and a clear east-west trend. The 2024 drill program will focus on exploring these identified trends.

2023 Drilling Demonstrated:

  • The potential to further expand the resource along strike to the west within a 1.5-kilometre-long gold-in-soil geochemical anomaly with the potential to increase the overall resource grade at shallower depths;
  • Defined boundaries of the existing resource and;
  • Demonstrated the potential for the Saddle Zone to host additional gold and silver mineralization.

Metallurgical work remains ongoing, and further metallurgical test work will be completed during the 2024 program to enhance the Golden Summit Project's overall economics.

A plan map showing the locations of the reported holes and the Section for GS2337 can be found here:

https://freegoldventures.com/site/assets/files/6287/gs2337-section.pdf

https://freegoldventures.com/site/assets/files/6287/gs-plan-04172024.pdf

A sample quality control/quality assurance program has been in place throughout the program. Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Laboratories. Core samples were prepared in ALS's facility using the PREP-31BY package. Each core sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay analyzes all samples with an AAS finish, method code Au-AA23 (30g sample size) and over 10 g/t are automatically assayed using a FA Grav method, Au-GRAV21. Additional Au screening is performed using ALS's Au- SCR24 method; select samples are dry-screened to 100 microns. A duplicate 50g fire assay is conducted on the little fraction, and an assay is conducted on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Analytical and assay procedures are conducted in ALS's North Vancouver and Reno facilities.

A QA/QC program included laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards.

The Qualified Person for this release is Alvin Jackson , P.Geo. – Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.

About Freegold Ventures Limited

Freegold is a TSX-listed company focused on exploration in Alaska . It holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.

Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2023 , filed under Freegold's profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold's business, results of operations, and financial condition.

SOURCE Freegold Ventures Limited

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(TheNewswire)

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