Element79 Gold Eyes Quick Production, Cash Flow with Lucero Property in Peru

“We've come in here to actually put a mine on," said Element79 Gold Chief Operating Officer Antonios Maragakis.

Element79 Gold Corp's (CSE:ELEM,OTC:ELMGF,FWB:7YS) Lucero gold project in Peru has all the right ingredients for near-term production and quick cash flow: a jurisdiction that offers simple and quick permitting for small-scale production and a past-producing asset with huge potential for a high-grade resource.

“Peru has one of the most interesting regimes globally, which allows you to go into small-scale production relatively easy … without a big burden on the permitting side,” explained Antonios Maragakis, chief operating officer at Element79 Gold.

The company’s Lucero property in the Shila range of Southern Peru operated as a mine from 1989 to 2005, producing 150 tonnes per day and almost 50,000 ounces of gold per year, according to Maragakis. The area hosted several historic high-grade gold-silver mines throughout the years.

“It's a very rich asset. It's about 19 grams of gold equivalent per tonne,” the chief executive said. “We have indications that there might be a porphyry there as well. So it's a very compelling story in terms of (getting it) into production pretty quickly. It's already being mined artisanally, and we can help ramp that up.”

Element79 Gold Corp plans to bring the Lucero mine into production in the short term, and will also conduct further exploration on the property to expand the resource.

Maragakis touted the company’s management team as “a little bit unique compared to other junior miners.”

“The team we've assembled are actually operators," he said. "We're not so much explorationists, and we're not so much just (doing) junior exploring, developing (and being) hopeful. We've come in here to actually put a mine on."

Watch the full interview with Element79 Gold chief operating officer Antonios Maragakis above.

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