(TheNewswire)
 | |||||||||
 |  |  | |||||||
October 9, 2024 TheNewswire - Vancouver, B.C. Element79 Gold Corp. (CSE: ELEM) (FSE: 7YS0) (OTC: ELMGF) ("Element79" or the "Company") is pleased to announce significant progress in its ongoing community engagement efforts with the community of Chachas, Peru, near the Company's Lucero Project. These efforts are part of the Company's broader strategy to align mining operations with sustainable community development and long-term value creation.
On October 6, 2024, Element79 representatives, including Rolando Hinostroza and Cesar Cuadros, addressed over 1,000 residents at a semi-annual General Assembly held in the annex of Huarocopalca.
This event was a key step in strengthening the relationship between the Company and local stakeholders. The Element79 team was successful in advancing dialogue, as part of the approval process of the Company's surface rights access for restarting the Lucero Mine. Included in this general dialogue is the prospect of building a processing plant, subject to final terms being agreed to.
James Tworek, Element79 Gold Corp CEO and Director stated: "We are grateful to have reached this important milestone with the community. It is a complex process building relationships, trust and mutual understanding. This vote in our favour shows that the majority of the greater Chachas community is pro-mining and pro-Element79 in concept today. We will be proceeding with final negotiations, with the end goal being our enhanced investment in operations at Lucero, cognizant that past mining operators in the region have left precedents leading to hard feelings, and since that era, there is a contingent of local miners who have been working independently of mineral right holders for over a decade. We are comparatively new to the region, with the intent to abide by the federal and state rules as we restart operations at Lucero. Element79 Gold Corp is committed to working with the local miners to help improve the conditions of the mine operations, and the techniques used at Lucero to optimize production while upholding the federal standards." Tworek continued: "Building up to this General Assembly meeting, our community team has been working earnestly for months, building and sharing with many Residents of the greater Chachas community. It is a testament to their experience and hard work to have reached this formal point of community approval of the Company's rights, presence and intentions, and we look forward to whittling down terms to final contracts and timing to get back to work at Lucero in the most efficient and effective way possible."
Advancing Community Development
Over the past several months, the Company has worked closely with the community of Chachas and its annexes—Nahuira, Tolconi, Chua, Checotaña, Huarocopalca, Layo, and Anaro—aligning both communal and corporate initiatives, including discussing contractual terms from both sides, to foster long-term development.
These efforts, along with the community decision to approve Element79 Gold Corp's surface rights access in the General Assembly, subject to final negotiations, have culminated in the establishment of a "Dialogue and Negotiation Table" between the Company and the Chachas community over the multiple facets of the Lucero Mine restart project.
This Dialogue and Negotiation Table will facilitate discussions on critical issues such as co-operative use of the infrastructure, and land-use agreements for surface mining activities. Participants will include key local organizations such as the Local Administration Boards (JAL), the Communal Board of Directors, and the Lomas Doradas Association, alongside community leaders and other advisors.
Sr. Melitón Raymundo Carhua Condori, the Communal President of Chachas, urged residents to support this opportunity for collaboration, noting the importance of reaching a Formalization Agreement for the use of surface lands and co-operation between its users. The Company aims to secure Formalization between local miners who currently operate under the REINFO program and the mineral right holders such as Element79 Gold Corp, providing a pathway for legal mining operations and mutual benefit into the future.
Next Steps for the Lucero Project
The Company is committed to finalizing the terms of surface land-use agreements as soon as possible, anticipated to be around the end of 2024. These agreements, once approved by the Communal Assembly, will ensure that the project aligns with the community's interests and promotes sustainable, long-term growth.
In support of this process, Element79 has already presented a comprehensive territorial development plan to the communities including mining existing workings, underground and surface drilling, exploration, and building a regional plant for processing ore from the mine and the tailings (tailings business outlined in the Company's news release from September 26, 2024 . This proposal focuses on mutual benefit and value, recognizing the unique needs of the region and the long-term benefits of collaboration between the Company and local stakeholders.
Additionally, the Lomas Doradas Association, representing communal miners working under the REINFO program, has been fully integrated into the negotiation process. These miners are focused on obtaining formal contracts to legitimize their operations, which will ensure compliance with federal, state and local regulations and open opportunities for future development.
The Company is also working closely with the Peruvian Regional Directorate of Energy and Mines (DREM) in Arequipa to expedite the Formalization process for these mining operations.
Ongoing Engagement and Investor Outlook
Element79 remains fully committed to maintaining strong communication and engagement with the Chachas community throughout the negotiation process. The Company has established a permanent Sustainability Office in Chachas, staffed by a local teammate, who will manage community relations while senior personnel are off-site.
Investors should watch for upcoming developments as Element79 works to finalize land-use agreements by year-end and advance formalization efforts for local miners. The Company's successful collaboration with the community is expected to enhance the value of the Minas Lucero Project and contribute to long-term growth and sustainability.
About Element79 Gold Corp.
Element79 Gold is a mining company focused 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 in the near term.
The Company holds a portfolio of four properties along the Battle Mountain trend in Nevada, which are believed to have significant potential for near-term resource development. Element79 has retained the Clover project for resource development purposes and signed a binding agreement to sell three projects, with the closing date expected on or before November 30, 2024.
The Company also holds an option to acquire a 100% interest in the Dale Property, which includes 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario. Recently, Element79 announced the transfer of this project to its wholly owned subsidiary, Synergy Metals Corp, as it advances 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 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 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, which are based on management's forecasts and assumptions made considering experience, historical trends, current conditions, and expected future developments. Forward-looking statements include, but are not limited to, statements regarding the Company's business strategy, future planning, exploration activities, capital projects, acquisition opportunities, and their potential impact.
Assumptions may prove incorrect, and actual results may differ materially. Investors should not place undue reliance on these statements, as no guarantees can be made. Forward-looking statements are subject to risks and uncertainties, such as the effects of COVID-19, changes in project parameters, commodity price fluctuations, local government relations, environmental risks, and other factors discussed in the Company's public filings available on www.sedarplus.ca
Although the Company believes its expectations are reasonable, there can be no assurance that forward-looking statements will be correct. These statements speak only as of the date hereof. The Company assumes no obligation to update forward-looking statements, except as required by law.
Neither the Canadian Securities Exchange nor the Market Regulator (as 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
(TheNewswire)
| |||||||||
| | | |||||||
Vancouver, BC September 26, 2024 TheNewswire Element79 Gold Corp (CSE: ELEM, OTC: ELMGF, FSE: 7YS0, Hereinafter "Element79 Gold") a mining company focused on gold and silver committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects is pleased to announce the signing of a Letter of Intent (LOI) with S.M.R.L. PALAZA 16 (" Palaza "), marking a significant milestone in the Company's strategic efforts to restart the Lucero mine and concentrate its focus in the Arequipa, Peru region. This agreement represents a unique and substantial economic opportunity for both parties involved, with multiple additional social and environmental benefits for the local region and community.
Under the terms of the LOI, Element79 Gold will have the exclusive right to purchase and process approximately 1.3 million tons of tailings currently controlled by Palaza . These tailings, a byproduct of previous mining activities at the Shila and Paola Mines (now known as the Lucero Mine), present a valuable resource for reprocessing for commercial benefit, to cooperatively strengthen regional and community ties via Palaza 's long-term relationships in the region, as well as the tailings project stands to become a stronger foothold for the Company's mining operations in the region immediately surrounding the Lucero mine.
Click Image To View Full Size
Image 1: Element79's core mineral rights holdings of the Lucero past-producing mine, outlining the tailings facilities facilities (Relaveras) and former Staging Area (Desmontera)
Key Highlights of the LOI Agreement:
Strategic Acquisition: Element79 Gold will purchase the tailings from Palaza for a competitive price of USD $10 per ton, plus VAT (18%), with a base case (optional total batch purchase) of $10 per metric ton at USD 2,200 per ounce of gold, subject to increases based on the market value of gold at the time that batches are purchased. This acquisition aligns with Element79 Gold 's strategic objective to enhance its resource base. The 43-101 and PEA Studies to be completed on the tailings piles during the Due Diligence period and through 2024 will feed further institutional funding of the Company's growth.
Construction of Processing Plant: Palaza has authorized Element79 Gold to construct a processing plant on its property. This facility will not only process the acquired tailings but also become a foothold to accommodate other mineral ore inputs, from Lucero's production and regional Artisanal Small-scale Miners (ASMs), with an eye to maximize operational efficiency and output.
Initial Deposit and Due Diligence: Element79 Gold will make an initial non-refundable deposit of USD $25,000, followed by a comprehensive due diligence period of 75 days. This thorough evaluation will ensure the viability and profitability of the reprocessing project. Upon completion of Due Diligence, an additional USD $50,000 deposit will be required to proceed, in conjunction with the completion of the Definitive Agreement. All deposits paid will be credited as prepayments for tailings.
Royalties and Economic Impact: In addition to the purchase price, for all tailings processed, Element79 Gold will pay Palaza a 1% royalty based on the London Metals Exchange (LME) spot price of gold, reflecting the dynamic and lucrative nature of this venture. This agreement is poised to generate significant economic benefits for both Element79 Gold and Palaza, as well as contribute positively to the local economy in Chachas, and other neighbouring communities in Arequipa.
New Technologies Being Tested to Implement: Element79 Gold has been reviewing a number of ways to increase the safety and minimize the environmental impact of the proposed tailings processing plant, and through its due diligence period, will be testing milling and processing with and without chemicals, milled ore beneficiation, efficiencies, and soil impermeability to prevent soil leaching.
Community and Environmental Considerations: The project will be executed with full compliance with local regulations and in close collaboration with Chachas Community and other surface landholders. Element79 Gold is committed to ensuring that all activities meet stringent environmental and community standards.
PROJECT DATA AND ECONOMIC PROJECTIONS
Total Tailings Volume: Approximately 1.3 million tons of tailings available for reprocessing, located on the same ingress/egress road to the Lucero mine.
Processing Plant Capacity: The new plant will have the capability to handle up to 350 tons per day (tpd) of mineral.
Economic Impact: The agreement is expected to generate substantial revenue streams for both parties, with significant contributions to the local economy through job creation and community investments.
Potential Revenue Generation from Tailings:
NOTE: *all estimates subject to change via data collected via the Due Diligence period, to be reaffirmed via third-party Pre-Economic Analysis report*
Estimated Recovery: Based on 2011 and 2012 Plenge Lab tests, AuEq found in the tailings at that time was approximately 1.5g/t. Gold solubility/recovery from the tailings is projected at 85% and silver at 75%. Palaza's estimates are that there is approximately 50,000oz of gold equivalent recoverable through the life of the project.
Projected Revenue: Potential estimated gross AuEq of $100 million (assuming $2,000 gold price) with 80% recoverable resources ($80 million), minus $16 million input (tailings) cost and scalable $6-20 million plant cost, resulting in $44-58 million gross over a 15-year project life ($2.9-5.3 million annual gross).
SOCIAL AND ENVIRONMENTAL BENEFITS:
Social: This venture has been a long-standing issue for the local population by completing the final remediation of the with the four piles of dry-stacked tailings that have been left inert and covered by "bio-membranes" and limestone rock for approximately 19 years without remediation. In reprocessing these tailings, they will be put in their final resting place along with additional tailings created by production from Lucero and other regional ASMs.
Environmental: Cleans up a benign environmental issue that has been outstanding for the past 20 years.
Economic: Creates a revenue-positive project that serves as a catalyst for building a production plant on-site and becoming a regional hub for local ASMs. A common thread of conversation with the Chachas community and the Lomas Doradas artisanal mining association has been the desire to have a plant more regionally proximate to the community, as they are currently shipping mined ores approximately 600km away to have it processed today. Helping to eliminate logistical costs, risks and time are all beneficial factors to local miners.
NEXT STEPS:
Due Diligence: Upon paying the deposit, the Company will have 75 days to complete due diligence, which data will feed a 43-101 Mineral Resource Estimate report and Preliminary Economic Assessment (PEA). A Go/No Go decision will follow these reports, with a USD $50,000 payment due upon the completion of the Definitive Agreement. All deposits paid will be credited as prepayments for tailings.
The Company will pull augur samples from all four piles and, provided that lab tests meet required internal decision-making standards, the Company will have a 43-101 compliant Mineral Resource Estimate of the tailings generated as well as a third-party PEA completed, which will encompass the project economics, work flow through the life of the project and the final resting place for up to 2.5M tons of tailings generated from processing the tailings and other throughput.
The Company anticipates that these reports will form the foundation of what it will require to obtain institutional funding for the development of the mill/tailings processing facility as well as restart commercial production at the Lucero mine.
Permitting, Community Consultation: Securing permits for working with the tailings and building a plant will be process undertaken with the Chachas community and state authorities through Fall 2024/Winter 2025, aiming for a 90-day plant construction start in estimated end of Q1 to start of Q2 2025 after the rainy season ends.
"We are thrilled to enter into this strategic partnership with Palaza, which underscores our ongoing commitment to strengthening our presence and operational capacity with innovative and sustainable mining practices," said James Tworek, CEO and Director of Element79 Gold Corp. "The Palaza team have worked in the region for decades, have solid local relationships and have valuable experience of having explored and worked at the Shila mine in the past. The end point of this agreement not only enhances Element79's accessible resource base but also positions us for long-term growth and profitability, while helping remediate the tailings piles to stable closure as well as provide a solution to many of the local logistical obstacles to increasing production from the Lucero mine and other mines in the region. We are confident that the reprocessing of these tailings w ill yield significant economic benefits for both Parties and the Communities involved as well as strengthen our presence in the Peruvian mining sector."
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 S.M.R.L. PALAZA 16
S.M.R.L. PALAZA 16 is a Peruvian mining company with extensive experience in the management of Andean mining projects, including reprocessing of mining tailings. Located in the Arequipa region, PALAZA is dedicated to leveraging its decades of experience in the region and resources for sustainable and profitable operations.
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 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 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; 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.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.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
| |||||||||
| | | |||||||
Vancouver, BC TheNewswire - September 24, 2024 Element79 Gold Corp. (CSE:ELEM)(OTC:ELMGF)(FSE:7YS0) ("Element79" or "the Company") s pleased to announce the results form the Annual General and Special Meeting (AGSM) held on September 23, 2024. The company is also announcing the resignation of George Tumur from the Company's board of directors.
AGM Results
The Company held its AGM on September 23, 2024. A total of 17,353,815 common shares were voted at the AGM, representing 20.38% of outstanding common shares of the Company. Shareholders voted in favour of all items of business before the AGM, including the election of all director nominees, and the appointment of the auditor.
Board of Director Changes
At the AGM, George Tumur did not stand for re-election to the company's board of directors. At this time Element79 has not replaced Mr. Tumur and will look for a suitable replacement in the future. The company would like to thank Mr. Tumur for his time, contributions and support.
About Element79 Gold Corp.
Element79 Gold is a precious metals 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 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.
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
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
(TheNewswire)
| |||||||||
| | | |||||||
Vancouver, BC TheNewswire - September 18, 2024 Element79 Gold Corp. (CSE:ELEM)(OTC:ELMGF)(FSE:7YS0) ("Element79" or "the Company") is pleased to announce the appointment of Mr. Kevin Arias to the Company's Advisory Board.
With over two decades of experience across industries such as mining, energy, and corporate finance, Mr. 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 CAD $100 million since 2008, positions him as a valuable addition to the Element79 team.
Mr. Arias currently serves as Managing Director at Maple Grove Capital Inc., where he has honed his skills in navigating the complex landscapes of upstream energy, mining, and metals sectors. His prior roles include Vice President of Corporate Relations for Red Eagle Mining, Black Eagle Mining, and Slater Mining, as well as positions with Dundee Securities Corporation and Scotia McLeod, further showcasing his versatility and leadership within the industry.
James Tworek, CEO of Element79, commented, "We are thrilled to welcome Kevin to as an Advisor to our Board. His extensive experience in corporate finance and investor relations will be instrumental as we continue to grow and achieve new milestones for the Company."
Mr. Arias has studied Finance and Marketing at Simon Fraser University, Vancouver, BC. He will begin his advisory role immediately, providing strategic guidance in corporate finance as Element79 moves forward with to fund its exploration and development projects.
Closing of Private Placement
Having already successfully oversubscribed its former capital raising goal on July 12, 2024 for $288,815, the Company is formally closing the private placement.
About Element79 Gold Corp.
Element79 Gold is a precious metals 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 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.
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 is 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
(TheNewswire)
| |||||||||
| | | |||||||
September 10, 2024 TheNewswire - Vancouver, BC Element79 Gold Corp* (the "Company" or "Element79 Gold") is pleased to provide an update for its Clover project ("Clover") in Elko County, Nevada, and its portfolio of exploration and development projects in Nevada, USA.
Through deliberation, forecasting and strategic planning, the Company has chosen to focus its efforts on two projects at this time:
the high-grade, past-producing Lucero mine in Arequipa, Peru, with exploration and development efforts centered around bringing production online in 2025;
retaining only Clover, in the Battle Mountain region in Nevada, our most-advanced-stage exploration project in Nevada.
Element79 Gold's COO, Kim Kirkland, commented: "We have spent a significant amount of time and effort visiting and reviewing historical information available on Clover. We are convinced of the project's resource development potential and are eager to embark on our 2024-2025 work programs, which we believe will unlock significant value for our shareholders. The historical development of significant resources and the number of functioning mines in the Battle Mountain region are major drivers for us to see Clover as a key development asset. I'm pleased to be advancing this exciting project in this world-class mining region."
Overview:
ELEM has visited Clover to review project viability; Clover is located at the northwest extension of the Carlin trend in an area known as the Northern Nevada Rift Zone. Clover is centrally located in the rift zone that also hosts the adjacent epithermal deposits such as Midas and also the Hollister ine.
Past owners had drilled 104 mostly shallow holes, including significant hits of: 32' at 25 g/t Au with a peak intersection of 2.5' at 274 g/t Au; 25' at 7.85 g/t Au; and 10' at 20.4 g/t Au.
ELEM is discussing engagement with third party professionals for compiling historical project drill data and sequential phases of recommended work to lead into a 43-101 Property of Merit report.
Review of environmental, drilling and water permits underway with Nevada BLM
New drill targets have been identified for an inaugural drilling program at Clover
The Company's Board of Directors has resolved to not renew its interests in West Whistler, but will retain the historical data thereof.
About the Clover Project
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 congruent with the Northern Nevada Rift Zone, 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. The Clover property displays prolific silicified breccias, silica flooding, alteration and a similar geochemical signature to the adjacent Midas mine. Thinly banded silica sinter is also seen on the property typical of the surface expression of an epithermal hot springs deposit. ELEM believes that the shallow holes on the property encountered leakage of exciting grades that lie deeper, but that the real interest to the Company would be to encounter the deeper boiling zones which could host bonanza type grades in the system feeders.
Clover Project Review and Planning
The Company's team has visited Clover twice in the last year, with the intent of corroborating past data (searching for historical drill collars, prospecting , new sampling, trenching and drill sites) and reviewing the status of former operators' reclamation work. Combined with desktop reviews of the historical drill results, mapping and other efforts, Clover shines with strong regional context and further resource development potential.
Former owners of the project drilled the expansive surface expression of the system for shallow oxide mineralization with several high-grade intercepts that may indicate leakage from a deeper deposit. The Company has f ormulated development of conceptual targets and drilling programs to expand upon and ideally develop a resource through exploring the deeper structural feeder zones and focusing on boiling horizons which typically host bonanza type grades in feeders.
2024 Work Plans for the Clover Project
Balancing the company's resource development and mine restart efforts at its past-producing gold and silver Lucero mine in Peru, Clover stands out as having a strong potential for resource development.
Key highlights of the 2024-2025 work program include:
Updated mapping and sampling, geochemistry
Structural analysis, Drill site targeting.
43-101 Property of Merit report commissioned for fall 2024
Permitting amendments – environmental, drilling
1. Mapping, Sampling, Geochemistry - The Company plans to conduct sampling and metallurgical testing to optimize recovery rates for gold, silver and other metals of strategic interest.
2. Resource Definition: A primary focus in 2024-2025 will be upgrading the Lucero Project's resource classification to Inferred status. This will involve drilling and resource modeling to better define the initial scale and grade of the deposit.
3. New 43-101 to be commissioned: Given the breadth of historical data on this project, it is an industry best practice to document historical work and results through a comprehensive, formal third-party report. This process will set the stage for resource development by identifying required next steps, including project work, recommended drilling programs, corroborate strategies, and regional contextual data. The Company has been reviewing this data with a trusted global-level service provider and is reaching engagement terms for the fall/winter 2024 completion of this. Further updates will be provided via news release in due course.
4. Permitting and Regulatory Compliance: Throughout 2024, Element79 Gold will continue to work closely with local authorities to advance all necessary permits and ensure full compliance with mining and environmental regulations.
West Whistler
As the Company defines its renewed focus, in a meeting held on August 31, 2024, the Board of Directors of Element79 Gold Corp. resolved to surrender its interests in the West Whistler project in Battle Mountain, a shared vision that aligns with the Company's evolving business strategy.
James Tworek, CEO and Director of Element79 Gold Corp stated "As a lean startup mining company, we are evolving quickly as the global mining business landscape and global economic forecasts evolve. As a Board and management team we stand firm in our belief that our business model of developing revenue streams from the sale of our portfolio of projects and bringing precious metal production online in the near term is key for the Company's survival and the benefit of our shareholders. This focus stands to be enhanced through trimming the portfolio of non-core, lesser-developed projects. Retaining Clover allows an alternate channel for corporate growth, with an advanced-stage exploration project in the prolific Battle Mountain Trend with great historical workings and what we believe to be solid indicative drilling results, where we will explore and drill further with the intent to develop resource values in the near term."
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.
For further information, please visit the Element79 Gold website at www.element79gold.com or contact our Investor Relations team at investors@element79.gold.
About Element79 Gold Corp.
Element79 Gold's is a precious metals mining company with a focus is 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 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.
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
Barrick (NYSE:GOLD)(TSX:ABX) will release its Q3 2024 results on Thursday, November 7, 2024. President and CEO Mark Bristow will host a live presentation of the results that day in London, UK, at 11:00 EST 16:00 UTC, with an interactive webinar linked to a conference call. Participants will be able to ask questions.
The company will release its preliminary production, sales and cost information for Q3 2024 on October 16, 2024.
Q3 RESULTS ANNOUNCEMENT
The webinar will remain on the website for later viewing and the conference call will be available for replay by telephone at 1 855 669 9658 (US and Canada toll-free) and +1 412-317-0088 (international toll), replay access code 8607451.
The Q3 2024 presentation materials will be available on Barrick's website at www.barrick.com.
Enquiries:
Claudia Pitre
Investor Relations and Corporate Access
+1 416 307 5105
Email: cpitre@barrick.com
Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
News Provided by GlobeNewswire via QuoteMedia
Highlights:
These high-grade gold assays continue the trend found in our original rock chip discoveries at Titan1 by emerging from quartz-iron veining and are therefore not analogous to conglomerate mineralisation. This veining structure will vary throughout Titan but the structure continues to demonstrate its potential. We are looking forward to further gold exploration at Titan and over the greater Carlow tenement.”
Titan Prospect
The Titan prospect is located towards the northern part of the Carlow tenement E47/1797, in the West Pilbara region of Western Australia. Titan has had minimal exploration work conducted previously other than broad spaced soil sampling and a constrained moving loop transient electromagnetic survey (MLTEM).
Figure 1. Artemis West Pilbara tenements with current known prospects named
The Company has followed up the preliminary ground reconnaissance undertaken in August 2024 with a second phase of sampling. This second phase has confirmed the previously reported over-limit assay results and also identified further potential mineralised areas through the discovery of additional high grade, previously untested quartz/iron-oxide veins. In total, 97 samples were collected and sent to the laboratory for processing. The majority of samples were collected from in-situ veining with some sub-crop and three float samples.
Click here for the full ASX Release
This article includes content from Artemis Resources, 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.
HIGHLIGHTS
Figure 1: Geophysical interpretation has identified five high priority targets.
This survey complements the previous magnetic and IP/resistivity surveys completed over the Chacon grid, some 5km to the north-west. Both surveys highlight the strong structural controls, the intense alteration, and the coincident geophysical signatures.
Previously the Chacon Grid had been mapped and sampled over a strike length of two kilometres, but recent reconnaissance has indicated the structure may extend for a strike length of up to six kilometres. It is expected that further mapping, geochemistry, geophysics and drilling along strike and between both the Chacon Grid and the La Javiela vein systems will highlight a mineralised structural corridor up to 10km in length.
Click here for the full ASX Release
This article includes content from Piche Resources, 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.
Highlights:
Completion of the Acquisition remains subject to formal documentation being executed and shareholder approval by Tartana’s shareholders for the purposes of ASX Listing Rule 10.1, 10.11, and 7.1 (further detailed below), amongst other conditions precedent. There can be no assurances that the transaction will complete until such time that all conditions precedent have been met. A summary of the terms of the non-binding agreement is set out at Annexure A.
Acquisition Rationale
QSM’s EPMs and ML are located Far North Queensland and are complementary to Tartana’s existing exploration portfolio with two copper projects with high grade copper surface mineralisation as well as several EPMs covering critical mineral prospects. The critical mineral EPMs are in proximity to Tartana’s own Herberton (Emuford) EPM Application (EPMA 27220) and are part of move by Tartana to increase its exposure to tin, tungsten and silver and other critical metals.
With Tartana’s Copper Sulphate production continuing to produce healthy cash flows, the Company has also been focused on investigating the development of primary copper mineralisation at the Tartana open pit as well as increasing its exploration portfolio to incorporate additional and complementary projects targeting copper and critical metals. While the former has involved drilling a metallurgical hole (D15) and completing metallurgical test work (flotation recoveries and ore sorting), the opportunity to acquire QSM addresses the latter.
About QSM
QSM has, over the course of recent years aggregated ten EPMs and one ML covering 771 km2 in Far North Queensland (See Figure 2). QSM has acquired the tenements through a series of transactions with tenure holders with a focus on discovery of hardrock critical and strategic metal projects, particularly tin, tungsten and copper.
In some cases the vendors of these tenements have held them for a significant period of time with a focus on alluvial mining over hard-rock exploration. QSM was able to secure attractive terms to acquire these tenements by leaving the alluvial rights in the hands of the vendors or Queensland Alluvial Resources Pty Ltd (further detailed below).
QSM has 7 project areas which are listed in Figure 1. Each project area contains prospects recorded by the Queensland Department of Resources and these are listed under each project/EPM. The dominant metal associated with each project is colour coded with many relating to the minor metals; tin, tungsten and antimony.
While there are many prospects in several of the permits, QSM has completed site visits and discussed the various prospects with ‘old time miners’ to establish which particular projects offer potential scale and potential unmined mineralisation. These projects are in bold in Figure 1.
Figure 1. QSM tenure and various prospects. QSM has prioritised the projects which are identified in bold.
Figure 2. Tartana and QSM EPMs.
A detailed project review has been provided at Annexure B.
Click here for the full ASX Release
This article includes content from Tartana Minerals 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.
