Element79 Gold Corp Provides Updates on Advancing Multiple Corporate Initiatives

Element79 Gold Corp Provides Updates on Advancing Multiple Corporate Initiatives

(TheNewswire)

Element79 Gold Corp.

VANCOUVER, BC - TheNewswire March 11 2024 Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) ("Element 79 Gold", the "Company") is pleased to share the following summary and update on of corporate activities underway through the first half of 2024.

During PDAC 2024 in Toronto last week, our CEO and Director James Tworek completed a series of interviews one of which summarized many of the Company's updates and trajectory points included here:

Pathway to revenue generation

In January 2024, Element 79 signed an LOI with Compañía de Minas Buenaventura (NASDAQ: BVN) for a 200tpd commercial offtake agreement, slated to begin mid-2024. This strategic partnership aims to reinforce the commercial potential of generating non-dilutive cash flow to fund corporate operations and exploration initiatives across the Company's portfolio of projects. The Company's focus over Q1/24 is to integrate historical data (mapping, channel sampling) into models, allowing for underground and surface drilling programs in Q2/24 that will feed a minimum 200tpd mine plan. Subsequent quarters will witness ore extraction and continued drilling for resources, estimate mine development, along with completion of a preliminary economic assessment( PEA), laying the foundation for the construction of on site process facilities to improve mid-term economics and unlock resource size.

"Our objective remains to generate cash flow through bulk sampling and artisanal production ramp-up enhancements by Q2-Q3 of this year," said James Tworek, CEO of Element 79 Gold. "We have our sights set on the validation of a Gold (Au) and Gold Equivalent (AuEq) resource at Lucero, with resource drilling set to commence in the same timeframe. Our revenue-generating strategy underscores the Company's commitment to non-dilutive cash flow, supporting operations, exploration, and mine optimization efforts."

Lucero Property (Arequipa, Peru)

In the Apacheta, Pillune, and Sando Alcade regions, the Company mapped 19, with 10 additional adits remaining for underground mapping. As disclosed in the February 6, 2024 news release notable assays from 2023 include 21 economic-grade samples, with high-yield values measuring up to 11.7 oz/t Au and 247 oz/t Ag.  8,830m of underground workings have been accessed and mapped which far exceeds the 2500 km of workings that E79 previously believed to be on the property. This is a pleasant surprise to the Company, and it is a significant development that will facilitate future infill sampling, drilling and mine planning.

More recently, on February 13, 2024 , the Company released data on assays from underground chip samples across several veins from the Apacheta Zone (LUC2023-33 and LUC2023-34) returned promising results of 10.5 oz/t Au and 29 oz/t Ag. Further results from channel sampling efforts are being received and processed internally in the coming weeks.   Follow-up infill of channel samples are planned for Q2 of 2024

While the Company holds a 350-ton per day permit for ore extraction, its commitment to ongoing community engagement focuses on sustainable mining practices, driving to both formalize the local miners' permits along with the Company's mineral rights, as well as extending the current exploration permit into a 10 to 15-year exploration and mineral exploitation permit with mutually beneficial outcomes.

Clover and West Whistler Properties (Nevada, US)

Summer 2024 exploration efforts on the Clover and West Whistler properties aim to refine drill targeting concepts and structural analyses, particularly for identifying deeper targets within favorable lithologies.

Update on Sale of Maverick Springs

As previously updated on January 17, 2024, efforts concerning the sale of Maverick Springs are advancing smoothly, with the closing checklist nearing completion.  Current guidance indicates the closing of the sale of Maverick Springs in May 2024, with a concrete closing date to be established in the coming weeks.

Update on Plan of Arrangement for Synergy Metals Corp

The Company is actively engaged in updating Letters of Intent (LOIs) with counterparties pertaining to the sale of Synergy Metals Corp. upon completion of the Plan of Arrangement.  Legal and consulting teams continue to work through the many professional reports and documents required to complete the process.  In the coming weeks the Company plans to disclose timing of a combined Annual General Meeting (AGM) and Special Shareholder Meeting, a major required milestone in the Plan of Arrangement process.

Update on Investor Relations/Marketing Initiatives

In adherence to CSE Policy 7.3, we provide updates on our current and ongoing Investor Relations and Marketing initiatives.

Name and Address

Telephone and Email Address

Purpose Nature of Activity

Tenure

Payment Terms

Eligible for Shares or Commission

MinePlus Group

+1.775.461.5009

Info@mineplusgroup.com

Social Media Management

Monthly

USD $500 Cash

Yes

Guerilla Capital

Info@guerillacapital.io

+1.416.832.1874

Social media and lead generation

Monthly

CAD $10,000

Yes

TAStocks

Info@tastocks.io

+1.647.460.9988

1-year contract: Social media and lead generation

Annual

CAD $3,600

Yes

TDM Financial

dminton@tdmfinacial.com

+1.406.270.1284

1-month test contract; test marketing efficacy, videos, US-based marketing initiatives

Monthly

USD

$5,000 for trial period

No

EuroSwiss Group

ng@eusroswiss.group

1-year contract, Jan 2024-Jan 2025; German investor introduction, conference  presentations

Annual

CAD 150,000

Yes

GoldInvest GMBH

b.junker@goldinvest.de

1-year contract Sept 2023-Sept 2024; German news release translation, lead generation, organic article creation, interviews

Annual

EUR  32,000, 8,000 in stock, 24,000 in cash

Yes

Element79 Gold Corp warrants the above list of advertising, marketing, and investor relations (IR) colleagues provided is accurate and up to date as of the time of this News Release being published.  The Company is continually reviewing new IR teammates and marketing outlets to engage with to share its growing story.   To remain compliant with the CSE's Policies, it will continue to update investors with changes to the above list as they occur in the future, and it will maintain a version of this list on its website.

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 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 Element 79 Gold Corp., please visit www.element79.gold .

For corporate matters, please contact:

James C. Tworek, Chief Executive Officer, Director

Email: jt@element79.gold

For investor relations inquiries, please contact:

Investor Relations Department
Phone: +1 (403)850.8050
Email: 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 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.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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Robert Eckford, CEO of Rua Gold, stated: "Recognizing the strategic rationale to create a district scale exploration opportunity covering some of the highest-grade gold and antimony assets in the world, Siren's shareholders overwhelmingly voted in favor of this transformational transaction. The combined Company benefits from having both the local Reefton teams working together and Brian Rodan, Chairman of Siren joining the Rua Gold board. We have a proven Board and Management team, in a favorable jurisdiction, looking to generate superior returns for both Siren and Rua Gold shareholders. Seeing the competing offer from Federation Mining made on October 14, 2024 only confirms our thesis on the high grade potential of this district and we are excited to deliver results."

Closing of the Transaction is expected to occur in November 2024, subject to satisfaction of customary closing conditions for a transaction of this nature and the receipt of final approval from the TSX Venture Exchange ("TSXV").

Actively Advancing a District-Scale Discovery in a Tier 1 Jurisdiction:

  • Represents the next chapter in Rua Gold's development towards our goal to be a major gold producer in New Zealand.

  • Newly consolidated project represents one of the least explored, high-grade gold districts in the world.

  • Permits, access, and consents in place for aggressive drilling following a district-wide reassessment of targets and potential on the combined land package.

  • The Transaction will increase regional tenement holdings from ~34k ha to ~120k ha and cover all known past production camps outside of Blackwater and the Globe Progress mine.

  • Potential for lower overall project capital expenditures through the development of a potential central processing hub.

  • The Transaction creates a bigger player in New Zealand, allowing greater opportunity to work alongside a pro-mining Government in helping them draft their Minerals Strategy for New Zealand.

  • Backed by team of mining professionals with +150 years of combined experience.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/10755/228012_6c99946d74ab494d_006.jpg

Figure 1: Tenement map of the Reefton Goldfield.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/228012_6c99946d74ab494d_006full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/10755/228012_6c99946d74ab494d_007.jpg

Figure 2: Cross Section of historic underground mines in the Reefton Goldfield.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/228012_6c99946d74ab494d_007full.jpg

Transaction Highlights

Under the terms of the Amended Agreement, Siren shall receive total consideration of A$22 million (C$20.4 million):

  • A$2 million (C$1.8 million) in cash, of which A$1 million has been paid and the remaining A$1 million will be paid at the close of the Transaction;

  • A$2 million (C$1.8 million) in cash in exchange for 10,000,000 common shares of Siren, to be exchanged at the close of the Transaction; and

  • 83,927,383 fully paid shares of Rua Gold representing A$18 million (C$16.6 million1), to be issued at the close of the Transaction with agreed contractual resale restrictions.

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Advisors and Legal Counsel

Cormark Securities Inc. is acting as financial advisor to the Company and its Board of Directors. McMillan LLP is acting as Canadian legal counsel to the Company. Red Cloud Securities Inc. is acting as financial advisor to Siren and its Board of Directors. Steinepreis Paganin is acting as Australian legal counsel to Siren.

About Rua Gold

Rua Gold is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of RUA's two highly prospective high-grade gold projects.

The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand's South Island. Rua Gold will have approximately 120,000 hectares of tenements, following the completion of its previously announced acquisition of Reefton Resources Pty Limited2, in a district that historically produced over 2 million ounces of gold grading between 9 and 50 grams per tonne.

The Company's Glamorgan Project solidifies Rua Gold's position as a leading high-grade gold explorer on New Zealand's North Island. This highly prospective project is located within the North Islands' Hauraki district, a region that has produced an impressive 15 million ounces of gold and 60 million ounces of silver. Glamorgan is within 3 kms of OceanaGold Corporation's biggest gold mining project, WKP.

For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca.

Rua Gold Contact

Robert Eckford
Chief Executive Officer
Email: reckford@RUAGOLD.com
Website: www.RUAGOLD.com

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and specifically include statements regarding: the Company's strategies, expectations, planned operations or future actions; closing of the Transaction; effects and benefits of the Transaction; and receipt of final approval for the Transaction from the TSXV. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.

Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavourable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's CSE Form 2A - Listing Statement filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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