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Element79 Gold (CSE:ELEM, OTC PINK:ELMGF) is exploring and developing high-grade gold projects with near-term cash flow potential 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. Element79's Maverick Springs project in Nevada also creates a further opportunity for future revenue. A highly experienced management team with a proven track record of success leads the company toward fully realizing the potential of its assets.
Lucero is a past-producing high-grade gold mine that 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 19.0 g/t gold equivalent. A recent NI 43-101 report prepared by a third party indicates grades up to 116.8 g/t gold equivalent. The Lucero project also has high upside potential for further greenfield exploration in addition to producing near-term cash flow.
The Lucero Gold project has a 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.
Company Highlights
- Element79 Gold is an exploration and development mining company with high-grade gold projects with near-term cash flow potential.
- The company’s Lucero project in Peru has historically 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 19.0 g/t 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’s Maverick Springs gold project in Nevada creates additional blue-sky potential as exploration continues.
- A powerhouse management team leads the company toward fully developing its asset portfolio.
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Overview
Element79 Gold (CSE:ELEM,OTC:ELMGF) 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, the company’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 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 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 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 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 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 has the right experts to fully realize its assets' potential.Company Highlights
- Element79 Gold 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’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 Continues Fostering Local Community Engagement
Advancing Engagement, Exploration and Exploitation Agreements
VANCOUVER, BC T heNewswire JUNE 4, 2024 Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS0) ("Element79" the "Company ") provides further updates on its community relations initiatives and ongoing exploration and exploitation agreements progress with local communities.
Element79 continues to foster strong relationships with the communities it operates in and around, balancing sustainable development of both its projects as well as helping the surrounding populations. Recent meetings have reaffirmed the overall support for the Company's desire to develop and ramp up to production at Lucero, beginning with the current pending long-term agreements for surface rights access.
As outlined in the Company's news release from April 25 th , and in online conferences or interviews since the last reporting, the Chachas community had a new mayor come into effect in the first quarter of 2024, with the transition from the old administration requiring a ratification of the Community's Charter prior to any further agreements could be legally bound. The maximum timeline that the Community has allotted for its Charter to be ratified is July 28, 2024. The seven towns that make up the greater Chachas community are actively engaged in discussions and processes around the Charter, recognizing this is critical for advancing other initiatives within the community itself, as well as providing for regional mining business to restart.
Two agreements are currently under review by the Chachas Community and Lomas Doradas mining association: The first includes the Company obtaining approval of 10-15 years of surface rights access for exploration and exploitation, while in turn, a second cooperation agreement from the Company to Lomas Doradas is being considered to provide the local mining association small scale mining rights at Lucero for a similar term.
The Company confirms that its discussions with Lomas Doradas to formalize cooperation agreements are advancing positively. On average, 120 artisanal miners from the Lomas Doradas community work in mineral extraction at Lucero throughout the year. The cooperation agreements will ensure a unified and coordinated approach to mineral extraction and the associated ore mined by Lomas Doradas will be sold to Element79, to then resell.
Element79 Gold Corp continues to maintain a presence in the community for social outreach and communication, with its team touring between the remote towns that make up Chachas, helping and gaining a greater understanding of the unique perspectives, concerns and opportunities for cooperation in each location. During May, the team recently had the privilege to be invited to participate in a Vicuña Shearing ceremony, further highlighting the growing relationship with local communities. This sustainable practice celebrates the collection of vicuña wool, one of the world's most valuable fibers.
The Company continues to prioritize sustainable development initiatives, including ongoing social awareness efforts to inform the community about the positive impacts anticipated from the project and the work that will be carried out, along with responsible practices that will be implemented.
Element79 remains dedicated to advancing its shareholder's interest through value creation, sustainable development and community empowerment where it operates. Further updates on these important contracts and other social developments will be provided in due course.
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 devel oping 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 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
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", "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.
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Element79 Gold Corp Reports Exceptionally High-Grade Results from Lucero
Additional High-Grade Values Continue to Support the Project's Robust Potential
VANCOUVER, BC T he N ewswire May 14, 2024 Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) ("Element79" the "Company ") reports additional assay results from underground sampling at its flagship Lucero property, Peru, including samples up to 98 gt gold and 2,034 gt silver (sample 2508).
Key Highlights:
Significant Mineral Endowment : A total of 455 samples underground channel samples have been collected from this latest phase, representing nearly 600 kg (620kg) of mineralization and 650 kg of wall rock, underwent comprehensive analysis by our partners at Ore Discovery and unveiled significant exploration potential. Notably, results in 115 samples returned substantial values in gold (Au) (ranging from 1.0 g/t to 98.1 g/t), silver (Ag) (ranging from 0.7 g/t to 3,026 g/t), lead (Pb) (as high as 2.0%) and zinc (Zn) (up to 3.5%), highlighting the robust potential of Lucero's mineral endowment.
High-Grade Mineralization : Among these, 17 samples exhibited gold values surpassing 10 g/t, with 8 samples exceeding 20 g/t, and 51 samples boasting silver values exceeding 100 g/t Ag. Of particular significance are 15 high-grade samples with values ranging from 12.65g/t to an impressive 98.1g/t of Au, and remarkable silver values of 62.1 g/t to 3,026 g/t and up 3.24% Zn. These findings reaffirm the potential for exceptional high-grade mineralization.
Geochemistry total Statistics : Total of 455 samples, 58% has grades over 0.1 g/t Au; 26% has grades over 1 g/t Au; and 9% has grades over 5 g/t Au. Notably most of grades below 0.1 g/t Au correspond to wall rock (foot or hanging wall).
Table 1. Channel Sample gold grade statistics
Grade From g/t | Grade To g/t | Count | % |
0.1 | 191 | 42 | |
0.1 | 0.5 | 103 | 23 |
0.5 | 1 | 46 | 10 |
1 | 5 | 76 | 17 |
5 | 10 | 22 | 5 |
10 | 20 | 9 | 2 |
20 | 100 | 8 | 2 |
Table 2. Samples returning >5.0 g/t gold from underground channel sampling.
Sampel | Type | Origin | WGS84 Z18S Easting | WGS84 Z18S Northing | length (m) | Au g/t | Ag g/t | Cu % | Pb % | Zn % |
2215 | C | UG | 803,281 | 8,296,986 | 0.70 | 17.6 | 415 | 0.01 | 0.06 | 0.06 |
2221 | C | UG | 803,272 | 8,297,031 | 0.30 | 6.3 | 276 | 0.13 | 0.21 | 0.49 |
2242 | C | UG | 803,118 | 8,297,214 | 0.30 | 40.3 | 444 | 0.07 | 0.81 | 1.88 |
2250 | C | UG | 803,071 | 8,297,228 | 0.30 | 35.2 | 545 | 0.03 | 0.31 | 0.38 |
2272 | C | UG | 803,150 | 8,297,286 | 0.36 | 5.8 | 158 | 0.01 | 0.02 | 0.03 |
2281 | C | UG | 803,162 | 8,297,338 | 0.35 | 7.1 | 546 | 0.04 | 0.11 | 0.06 |
2283 | C | UG | 803,151 | 8,297,341 | 0.32 | 6.6 | 433 | 0.03 | 0.08 | 0.06 |
2288 | C | UG | 803,112 | 8,297,333 | 0.30 | 19.8 | 3026 | 0.08 | 1.01 | 1.88 |
2290 | C | UG | 803,085 | 8,297,352 | 0.35 | 6.3 | 800 | 0.04 | 0.31 | 0.27 |
2291 | C | UG | 803,085 | 8,297,352 | 0.53 | 12.6 | 1333 | 0.03 | 0.14 | 0.07 |
2305 | C | UG | 803,130 | 8,297,269 | 0.30 | 8.2 | 416 | 0.03 | 0.03 | 0.15 |
2344 | C | UG | 803,478 | 8,296,734 | 0.67 | 6.9 | 253 | 0.03 | 0.04 | 0.11 |
2346 | C | UG | 803,478 | 8,296,734 | 0.83 | 6.5 | 315 | 0.01 | 0.10 | 0.07 |
2375 | C | UG | 803,467 | 8,296,406 | 0.85 | 18.6 | 161 | 0.20 | 0.18 | 0.18 |
2388 | C | UG | 803,654 | 8,296,885 | 0.33 | 7.3 | 78 | 0.01 | 0.50 | 0.94 |
2409 | C | UG | 803,458 | 8,296,776 | 0.30 | 5.3 | 15 | 0.04 | 0.40 | 0.38 |
2414 | C | UG | 803,476 | 8,296,734 | 0.50 | 8.4 | 9 | 0.02 | 0.03 | 0.12 |
2422 | C | UG | 803,442 | 8,296,786 | 0.42 | 6.4 | 98 | 0.13 | 0.66 | 0.77 |
2430 | C | UG | 803,373 | 8,296,859 | 0.60 | 9.2 | 117 | 0.01 | 0.16 | 0.16 |
2432 | C | UG | 803,364 | 8,296,868 | 0.30 | 44.9 | 79 | 0.25 | 1.55 | 3.24 |
2474 | C | UG | 802,644 | 8,295,266 | 0.35 | 8.0 | 255 | 0.01 | 0.03 | 0.08 |
2475 | C | UG | 802,670 | 8,295,257 | 0.77 | 37.8 | 309 | 0.01 | 0.03 | 0.08 |
2478 | C | UG | 802,680 | 8,295,258 | 0.30 | 7.5 | 394 | 0.01 | 0.15 | 0.04 |
2493 | C | UG | 802,678 | 8,295,271 | 0.30 | 5.7 | 415 | 0.02 | 0.07 | 0.11 |
2508 | C | UG | 803,524 | 8,296,755 | 0.67 | 98.1 | 2034 | 0.24 | 0.78 | 0.85 |
2522 | C | UG | 803,472 | 8,296,786 | 0.37 | 9.4 | 573 | 0.04 | 0.09 | 0.12 |
2540 | C | UG | 803,110 | 8,297,320 | 0.30 | 10.2 | 497 | 0.03 | 0.24 | 0.06 |
2543 | C | UG | 803,094 | 8,297,334 | 0.30 | 9.9 | 750 | 0.03 | 0.20 | 0.23 |
2564 | C | UG | 803,047 | 8,297,327 | 0.35 | 45.8 | 2473 | 0.08 | 0.47 | 1.09 |
2576 | C | UG | 803,232 | 8,297,187 | 0.67 | 16.6 | 599 | 0.02 | 0.41 | 0.64 |
2580 | C | UG | 803,189 | 8,297,234 | 0.45 | 5.9 | 375 | 0.03 | 0.17 | 0.25 |
2591 | C | UG | 803,346 | 8,296,917 | 0.40 | 54.3 | 1203 | 0.56 | 2.03 | 1.55 |
2623 | C | UG | 803,484 | 8,297,035 | 0.45 | 9.7 | 39 | 0.00 | 0.39 | 0.92 |
2638 | C | UG | 803,348 | 8,296,904 | 0.35 | 5.2 | 11 | 0.02 | 0.03 | 0.07 |
2641 | C | UG | 803,391 | 8,296,867 | 0.32 | 18.8 | 211 | 0.15 | 0.88 | 1.68 |
2646 | C | UG | 803,417 | 8,296,781 | 0.37 | 10.4 | 132 | 0.04 | 0.37 | 0.94 |
2649 | C | UG | 803,520 | 8,296,831 | 0.72 | 7.2 | 1 | 0.00 | 0.01 | 0.02 |
2665 | C | UG | 803,625 | 8,296,851 | 0.30 | 18.9 | 199 | 0.05 | 0.19 | 0.30 |
2733 | C | UG | 803,604 | 8,296,902 | 0.30 | 29.2 | 1095 | 0.01 | 0.47 | 1.15 |
Click Image To View Full Size
Figure 1. Winter 2024 sample locations (this new release, red stars) and fall 2023 Sample locations (yellow stars) which were previously released ( see news release April 23, 2023 ) mapped workings (crosses), with selected samples highlighted (black 2024 and grey 2023).
Click Image To View Full Size
Figure 2. Lithology map with veins and samples over 1g/t Au within the project; Apacheta and Pillune areas.
Next Steps:
With this latest exceptional assay data, Element79 is poised for strategic advancement. These results transcend routine exploration work, they are pivotal markers demonstrating the Lucero project's tangible promise and potential, serving as the bedrock for our forthcoming drill plans and resource estimation.
"As we delve deeper into both contemporary and historical data, we witness the unfolding story of Lucero's vast potential," said James Tworek, CEO and Director of Element79. "Harnessing the comprehensive dataset will allow Element79 to set new standards in its exploration methodology."
Qualified Person
The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold 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 devel oping 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 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@element79gold.com
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", "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.
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High Grade Gold Assays Returned Within Menzies’ Lady Shenton System
HIGHLIGHTS
- Initial assays have been received for the Pericles and Stirling deposits RC drilling program, within the 287koz Au Lady Shenton System at the Menzies Gold Project
- The Pericles and Stirling deposits are adjacent to the historic Lady Shenton open pit, and target material within the Lady Shenton System open pit mine plan of 1.9Mt @ 1.6g/t Au for 100koz Au inside a A$2,750/oz optimised pit shell, as outlined in Brightstar’s 2023 Scoping Study1
- The Menzies drilling program is part of the +30,000m drilling program2, targeting resource upgrades & extensions across Brightstar’s 1.45Moz Au portfolio in the Eastern Goldfields
- Drilling intercepts returned at the Pericles and Lady Shenton deposits include:
- LSRC24049
- 5m at 15.62 g/t Au from 104m, including 1m at 45.76g/t Au from 104m, and
- 2m at 10.96 g/t Au from 115m
- LSRC24051
- 2m at 22.32 g/t Au from 95m, including 1m at 42.28g/t Au from 95m
- LSRC24053
- 7m at 4.94g/t Au from 115m, including 1m @ 27.82g/t Au, and
- 5m at 7.92g/t Au from 128m, including 1m at 28.48g/t Au from 128m
- LSRC24068
- 10m at 3.16g/t Au from 1m
- LSRC24066:
- 4m at 5.85 g/t Au from 13m
- LSRC24062:
- 4m at 4.51 g/t Au from 22m
- LSRC24049
- Shallow intercepts returned from drilling at the Stirling deposit include:
- STRC24017:
- 2m at 9.62 g/t Au from 4m, including 1m @ 16.50 g/t Au from 44m
- STRC24014:
- 3m at 2.73 g/t Au from 38m
- STRC24009:
- 6m at 1.88g/t Au from 16m and 1m at 4.10g/t Au from 29m
- STRC24010:
- 4m at 2.58 g/t Au from 63m, including 1m at 6.24g/t Au from 65m
- STRC24017:
These results are from the first phase of the RC drilling program at Menzies Gold Project (MGP), with the RC rig currently drilling at the Lord Byron deposit (part of the Jasper Hills project area) and the diamond rig presently at the Second Fortune Gold mine. Post completion of drilling within the Laverton Hub, the RC rig will return to Menzies to complete the outstanding holes and conduct exploration RC drilling in the area. The drilling at the MGP is focused largely on infill and extensional drilling at the Pericles, Stirling and Lady Shenton deposits (collectively, the Lady Shenton System) ahead of feasibility study workstreams in preparation for mining activities in CY2025.
Brightstar’s Managing Director, Alex Rovira, commented“These results from the Lady Shenton System highlight the immense potential that Menzies holds. With numerous high-grade hits in all three deposits at Pericles, Lady Shenton and Stirling indicating mineralisation is still open at depth, we look forward to completing the program once high priority drilling is completed at the Laverton Hub.
We’ve taken opportunity to bring on a third rig, with two RC rigs presently at Jasper Hills drilling out the Fish and Lord Byron deposits, whilst the diamond rig is maintaining good progress and accuracy with the ‘diamond tails’ being drilled at depth at the Second Fortune Mine. These programs will generate valuable information for our feasibility studies and ongoing mine plans, which will be utilised for geotechnical, metallurgical and mine planning purposes at our Menzies & Laverton Hubs”
Figure 1 – Lady Shenton location within broader Menzies Gold Project
Figure 2 - Lady Shenton system drilling program underway. Cross sections A-A’, B-B’ and C-C’ within insets are displayed in Figures 3, 4 and 5
TECHNICAL DISCUSSION
A total of 52 RC drill holes have been completed with assays returned at Menzies. These holes include 26 drill holes completed at the Pericles deposit (Figures 2, 3, 4 & 7), eight drill holes were completed at the Lady Shenton open pit ramp (Figure 2) and 18 holes completed at the Stirling deposit (Figures 2, 5 & 6).
Assay results and hole details for the drilling outlined above are detailed in Tables 1 - 4.
A further 36 RC holes are planned for future drilling in the coming weeks at Pericles (Figure 2) once the RC program at the Jasper Hills project concludes.
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This article includes content from Brightstar 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.
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