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.
This Element79 Gold profile is part of a paid investor education campaign.*
With focused and strategic exploration plans for both its Lucero and Clover projects and the successful sale of its Maverick Springs asset, Element79 has demonstrated a commitment to increasing shareholder value and a compelling case for investors.
Element79 Gold (CSE:ELEM,OTCQB:ELMGF,FSE 7YS0) is an exploration and development mining company with several exciting opportunities for strategic growth. First, is 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 resource development and production. Additionally, Element79 owns the Clover project in Nevada, creating further opportunities for long-term resource development. Third, and the most exciting business opportunity for the company yet, is the immediate-term resource development and production of the Lucero tailings. This has been facilitated recently by Element79’s agreement, through a letter of intent, with S.M.R.L. PALAZA 16 to purchase and process approximately 1.3 million tons of tailings from previous mines within the current Lucero mine area.
A globally experienced management team with a proven track record of success in developing operational mines leads Element79 Gold toward fully executing these strategic business opportunities.
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 a head grade of19 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 the potential of generating cash flow in the near term, 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.
Element79 Gold has engaged a Peruvian technical mining service provider, Ore Discovery LLC, to work in conjunction with Element79’s operations team. The 2023 site work included 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.
Assays from the underground sampling include results of up to 98 g/t gold and 2,034 g/t silver. Moreover, assays from March 2023 yielded 21-ore grade and high yield up to 11.7 ounces per ton gold and 247 ounces per ton silver, further validating the potential for a significant high- grade future operation.
In June 2023, Element79 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 September 2024, Element79 signed a letter of intent with S.M.R.L. PALAZA 16 to purchase and process approximately 1.3 million tons of tailings currently controlled by Palaza at the Lucero Mine. This agreement marks the launch of a tailings reprocessing venture for Element79 and represents a significant economic opportunity for the company.
Element79’s secondary asset, the 100 percent owned Clover project, is located in the historic Midas mining district and comprises 169 unpatented claims over 3,063 acres in Elko County, Nevada. A well-known gold and silver producer since the early 1900s, the Midas district has yielded more than 2 million ounces of gold between 1998 and 2013.
The company also previously held the Maverick Springs project in Nevada. Acquired by Element79 in December 2021 for an adjusted cost of C$3.34 million, the project was sold to Sun Silver Resources (ASX:SS1) in May 2024 for C$4.4 million cash and 3.5 million shares of SS1 priced at 0.20 AUD.
A powerhouse management team leads Element79 Gold with a track record of experience and success. Kim Kirkland, COO and former VP global exploration, has held executive and lead operations-focused engineering roles with some of the world's largest mining companies, including Barrick Gold, Rio Tinto Group, MMG, Amec Foster Wheeler PLC and McEwen Mining. Kirkland has served as project lead with extensive South American experience, who can proficiently lead exploration programs and mining operations through milling, extraction/concentration and optimization/beneficiation.
Antonio Maragakis, former COO and director, now advisor, has held director-level positions at miners with multi-billion dollar portfolios, including Barrick Gold Corporation and Koch Industries. He has also built a leading global mining engineering consultancy, Mine Plus Group, as well as a private mining fund focused on near-term production development projects, MFD Holdings SA.
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 Gold has the right experts to fully realize its assets' potential.
The 10,813-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.
The Clover Property is located in the historic Midas mining district in Nevada, which has been producing gold and silver since the early 1900s, It 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.
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 is a CPA, CMA with over 20 years of experience in the public markets bringing a comprehensive background in finance, reporting and regulatory requirements for manufacturing, bio-technology, technology and junior exploration industries. 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. 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 TSXV and CSE-listed issuers.
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:
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 GT Resources (formerly, Palladium One Mining)
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.
Warren Levy brings more than 23 years of experience developing major and private companies in resource development across the Americas. He has achieved significant milestones and successes centered around community engagement, sustainable development of infrastructure, energy and natural resource development. Levy is the current CEO of Frontier Advisory, an advisory firm providing energy policy advocacy, sustainability, market entry, capital raising and technical support to responsible natural resource and social development around Latin America. He is also former CEO of Jaguar E&P, as well as former CEO of Pentanova Petroleum.
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:
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.
With over two decades of experience across industries such as mining, energy and corporate finance, Kevin 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 C$100 million since 2008, positions him as a valuable addition to the Element79 team.
High-grade gold project with near-term cash flow potential
(TheNewswire)
 | |||||||||
 |  |  | |||||||
Vancouver, BC TheNewswire - June 17, 2025 Element79 Gold Corp. (CSE: ELEM | FSE: 7YS0 | OTC: ELMGF) ("Element79 Gold", the "Company") is pleased to announce that it has entered into a Letter of Intent (the "LOI"), dated June 9, 2025, with a private party (the "Vendor") to acquire a 100% interest in the Gold Mountain Project (the "Project"), a strategically located gold asset in Lander County, Nevada, USA.
About Gold Mountain
The Gold Mountain Project is comprised of 34 unpatented lode mining claims spanning approximately 284 hectares in the historically prolific Battle Mountain mining district of Lander County, Nevada. Centered on the Eocene-aged Gold Mountain stock, the project lies near the past-producing Dewitt Mine and features structurally-controlled oxidized sulfide bodies and porphyry-style mineralization. Historic exploration has been conducted by operators including Oro Nevada, Gold Ventures Inc., and Placer Dome, with significant past intercepts including 10.67 metres at 0.99 g/t Au. More recent work by the Vendor in 2023 and 2024 included detailed geologic mapping, collection of 116 rock samples, and submission of a Notice of Intent to the Bureau of Land Management (BLM), which was approved for drilling activity.
The Gold Mountain Project presents compelling upside potential with both high-grade structurally controlled Au-Ag-Pb mineralization and evidence of porphyry-style mineralization within and around the Gold Mountain intrusive. The property is accessible via well-developed infrastructure near the town of Battle Mountain and benefits from proximity to major mining operations within the region. A suggested first-move exploration plan includes detailed mapping and an RC drill program to delineate targets along historically mineralized structures and test conceptual porphyry and skarn-type systems.
There is no historical technical report, although the vendor has completed a significant amount of work towards completing a 43-101 compliant Property of Merit report. The Company aims to complete this report in 2025, post-acquisition of the Gold Mountain asset.
Transaction Summary
Under the terms of the LOI, Element79 Gold intends to acquire all rights, title, and interest in and to the Gold Mountain Project, comprising 34 unpatented mining claims, along with all related data, permits, and equipment.
As consideration for the acquisition, Element79 Gold will issue 100,000,000 common shares to the Vendor at a deemed price per share equal to the lesser of:
C$0.02, or
The volume-weighted average price (VWAP) of the Company's shares over the ten (10) trading days preceding the closing date, based on the closing price of the last trading day prior to closing, subject to compliance with the policies of, and approval of the Canadian Securities Exchange ("CSE").
The Company has confirmed through its due diligence that this transaction will not create a new Significant Shareholder or Control Person per the definitions found in National Instrument 55-104. Hold Periods for the new shareholders created through this transaction are being negotiated and will be agreed upon in the forthcoming Definitive Agreement as part of the completion of this transaction.
There are no commissions payable for arranging this transaction.
Conditions Precedent
The completion of the transaction is subject to the satisfaction of customary conditions, including but not limited to:
Completion of satisfactory due diligence by the Company;
Execution of a definitive asset purchase agreement;
Receipt of all required regulatory and corporate approvals; and
Closing is targeted to occur on or around June 30, 2025, subject to holidays and standard processing times in Nevada and Canada.
Exclusivity and Confidentiality
The Vendor has agreed to a 180-day exclusivity period during which it will not negotiate or solicit offers from third parties concerning the Gold Mountain Project. Both parties have also agreed to maintain confidentiality regarding the proposed transaction, subject to legal disclosure requirements.
Strategic Rationale
James C. Tworek, CEO and Director of Element79 Gold, commented:
"We are excited to announce this acquisition, which drives our corporate pivot back to a primary focus Nevada-focused strategy. Gold Mountain is drill ready and upon closing, we will work towards a drilling program later this year. It also consolidates our position within a well-known and highly prospective region for mineral resource development, with meaningful upside potential. We look forward to completing our due diligence and closing expeditiously."
Sale of Non-Core Elder Creek Claims
The Company has entered into a settlement agreement with a third party, NQ Holdings Inc., to fully and finally resolve a dispute related to overlapping mining claims in Lander County, Nevada. As part of the terms, the Company has agreed to transfer and abandon its interest in the EC01 to EC23 unpatented mining claims, known collectively as the "Elder Creek Claims." In consideration, Element79 received a cash payment of USD $14,000 from NQ Holdings Inc.
The Elder Creek Claims, located adjacent to the Last 7 to Last 39 claims held by NQ Holdings, were deemed to no longer hold strategic value for the Company. The transaction allows Element79 to resolve the matter amicably without further legal proceedings and to maintain its focus on higher-priority assets within its Nevada portfolio and its Lucero project in Peru.
Qualified Person
The technical information in this release has been reviewed and approved 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 mining company focused on the exploration and development of high-grade gold and silver assets. Its principal asset is the past-producing Lucero Project in Arequipa, Peru, where it aims to resume operations through both conventional mining and tailings reprocessing. In the United States, the Company holds interests in multiple projects along Nevada's Battle Mountain Trend. Additionally, Element79 Gold has completed the transfer of its Dale Property in Ontario to its wholly owned subsidiary, Synergy Metals Corp., and is progressing through the Plan of Arrangement spin-out process.
For more information about Element79 Gold Corp., please visit: www.element79.gold
For Further Information, Please Contact :
James C. Tworek
Chief Executive Officer
E-mail: jt@element79.gold
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 statements within the meaning of applicable securities laws. The use of any of the words "anticipate," "plan," "continue," "expect," "estimate," "objective," "may," "will," "project," "should," "predict," "potential" and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements concerning the Company's exploration plans. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on these statements because the Company cannot provide assurance that they will prove correct. Forward-looking statements involve inherent risks and uncertainties, and actual results may differ materially from those anticipated. Factors that could cause actual results to differ include conditions in equity financing markets, and receipt of regulatory and shareholder approvals. These forward-looking statements are made as of the date of this press release, and, except as required by law, the Company disclaims any intent or obligation to update publicly any forward-looking statements.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
 | |||||||||
 |  |  | |||||||
Vancouver, British Columbia TheNewswire - May 22, 2025 Element79 Gold Corp. (the "Company" or "Element79") (CSE: ELEM, OTC: ELMGF, FSE: 7YS0) wishes to comment on recent developments affecting the mining sector in Peru, where the Company's flagship Lucero Project is located.
Highlights:
The Peruvian government has enacted Supreme Decree No. 009-2025-EM , transferring oversight of small-scale and artisanal mining from regional governments to the Ministry of Energy and Mines (MINEM) .
The deadline for the mandated Formalization of REINFO (Comprehensive Mining Formalization Registry) permit holders with mineral right holders has been extended until December 31, 2025 , giving operators more time to formalize.
MINEM's Directorate General of Mining Formalization will now handle all administrative, monitoring, and enforcement processes related to mining formalization.
Reform is grounded in Law No. 32213 , published in December 2024.
A new national traceability platform (SIPMMA) is being launched to improve transparency and monitoring of registered small-scale mining operations.
The reform has raised concerns among regional governments over loss of local oversight and potential impacts on decentralized governance.
Element79 Gold Corp supports centralized oversight if implemented with community engagement and regional collaboration.
The Lucero Project remains a core focus , with continued efforts to formalize local artisanal miners and advance exploration toward production.
The Company reaffirms its commitment to social investment and long-term community relationships in Chachas and surrounding areas.
Following success in Nevada asset development and sales , Element79 Gold Corp. will reignite strategic initiatives in that jurisdiction.
In May 2025, the Government of Peru enacted Supreme Decree No. 009-2025-EM, which extends the validity of the Comprehensive Mining Formalization Registry (REINFO) until December 31, 2025, and shifts responsibility for supervising small-scale and artisanal mining from regional governments to the Ministry of Energy and Mines (MINEM).
Under this reform, the Directorate General of Mining Formalization within MINEM will assume exclusive responsibility for the administrative processing, monitoring, and enforcement of formalization-related matters. The changes are grounded in Law No. 32213, published in December 2024, and are designed to enable a more centralized, technical, and transparent regulatory process.
This centralization will be further supported by the implementation of a new national traceability platform, the Sistema Interoperable de la Pequeña Minería y Minería Artesanal (SIPMMA), which aims to improve oversight and data integration across registered mining activities.
While the reform has raised concerns among regional governments regarding reduced local oversight and the implications for decentralized governance, Element79 believes the changes may ultimately contribute to improved regulatory clarity and operational efficiencies across the sector.
"We are closely monitoring this policy shift and its implementation," commented James Tworek, CEO and Director of Element79 Gold Corp. "Given Lucero's location and strategic focus within the artisanal and small-scale mining segment, we view enhanced regulatory structure and centralized oversight as potentially beneficial, provided that community engagement and regional collaboration remain part of the process."
The Company further notes that the extension of the REINFO deadline through December 2025 allows additional time for regional operators and stakeholders to advance their formalization efforts, which may support ongoing engagement strategies with artisanal miners operating within and around the Lucero Project.
Element79 Gold Corp believes in the long-term potential of the Lucero Project, continues to maintain the project's mineral leases, and is proud of the community-based investments, social development efforts, and relationships it has built since acquiring Lucero at the end of June 2022. The Company will continue its efforts in forging contracts with the local community for both the formalization of local artisanal miners as well as the Company's own exploration and development of Lucero into a producing mine.
Corporate Strategy Refocus
In addition to ongoing efforts and campaigns to work in Chachas, the Company's management and board identifies that following notable successes in developing and monetizing assets in Nevada, it will be carrying out a renewed strategic focus in the region. This strategic shift will include dealing and development of its current portfolio of Nevada projects, growth of the management team with regionally-specific exploration experience, as well as is reviewing additional M&A opportunities in the region.
For more information about the Company and its projects, please visit: www.element79.gold
ON BEHALF OF THE BOARD OF DIRECTORS
James C. Tworek
Chief Executive Officer, Director
Investor Relations Contact:
T: +1.403.850.8050
About Element79 Gold Corp.
Element79 Gold Corp. is a mining company focused on the exploration and development of high-grade gold and silver projects in the Americas. The Company's flagship asset, the Lucero Project, is a past-producing high-grade gold-silver mine located in Arequipa, Peru. The Company is actively advancing Lucero toward renewed production and tailings reprocessing while supporting formalization initiatives with local operators.
The Company also holds several exploration projects along Nevada's Battle Mountain trend, a region renowned for prolific gold production, and these assets are under contract for sale in the first half of 2025. Additionally, Element79 has transferred its Dale Property in Ontario to its subsidiary, Synergy Metals Corp., as part of a Plan of Arrangement spin-out process.
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 timing and completion of the arrangement and the timing and completion of the amalgamation. 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".
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
 | |||||||||
 |  |  | |||||||
Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS0) ("Element79", or the "Company") is pleased to announce that it has been approved to have its common shares uplisted from the OTC "Pink" market to the OTCQB Venture Market ("OTCQB"). The successful uplisting is effective May 14, 2025 and the company's common shares will continue to trade under the ticker symbol "ELEM" in Canada, "ELMGF" in the USA and "7YS0" in Frankfurt
Element79 Gold Corp believes the uplisting will boost visibility to a broader universe of investors and provide improved liquidity for its stock as the company advances its flagship Lucero project in Peru and completes the Plan of Arrangement spinout of its Dale property via its subsidiary, Synergy Metals Corp. The OTCQB is the premier marketplace for developing companies, including those in the medical technology sector.
James Tworek, Element79 Gold Corp's Chief Executive Officer and Director commented, "Uplisting to the OTCQB Venture Market is an important milestone for our company and reflects our commitment to improving corporate transparency, increasing share trading liquidity, and expanding the universe of potential investors."
The OTCQB is a trading platform operated by the OTC Markets Group Inc. that is designed for developing and entrepreneurial-stage companies, and is considered by the SEC to be an "established public market". Companies listed on the OTCQB are current in their SEC financial reporting and complete an annual verification and management certification process. Additional information about the OTC Markets Group Inc. and the OTCQB can be found at www.otcmarkets.com .
About Element79 Gold Corp.
Element79 Gold Corp. is a mining company focused on exploring and developing its past-producing, high-grade gold and silver project, Lucero, located in Chachas, Arequipa, Peru. The Company is committed to advancing responsible mining practices and maintaining strong relationships with local communities to support sustainable development.
The Company also holds several exploration projects along Nevada's Battle Mountain trend, a region renowned for prolific gold production, and these assets are under contract for sale in the first half of 2025. Additionally, Element79 has transferred its Dale Property in Ontario to its subsidiary, Synergy Metals Corp., as part of a 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
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 timing and completion of the arrangement and the timing and completion of the amalgamation. 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".
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) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
 | |||||||||
 |  |  | |||||||
V ANCOUVER, BC T heNewswire May 7, 2025 Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) ("Element79", or the "Company") provides the following updates on multiple corporate initiatives underway:
Update on Sale of Nevada Assets to 1472886 BC Ltd.
As first outlined in the Company's news release on September 9, 2024, and updated on October 10, 2024, the Company has made multiple attempts to push this transaction towards completion, with the counterparty being unable to meet terms required to complete a successful closing. As the original timelines of the LOI have expired, the Company holds that the contract with 1472886 BC Ltd. is null and void and has restarted conversations with alternate parties that have expressed interest in the purchase of the Stargo, Elder Creek and North Mill Creek projects.
Update on Financing: Crescita Capital Note Draw
In the month of April 2025, Crescita issued CAD $100,000 of capital to the Company, for use in advancing community efforts for the Lucero project, investor relations activities and general corporate purposes. Similar to the first draw from the new 2025 Crescita Draw Down Facility as announced on February 28, 2025, the convertible note drawn will carry a simple interest rate of 15% per annum until repaid or converted into shares of the Company.
The general use of funds for any financing efforts that the company engages in in the immediate term, including the strategic sale of corporate assets, will be sequentially to pay mineral leases for its projects in Peru and Nevada; complete its OTCQB uplisting; general corporate operating expenses and address key accounts payable.
Update on Chachas community progress, strategic review of Lucero
Representatives of Element79 Gold Corp and its community relations team, GAE Peru, attended a series of meetings in both Chachas, Arequipa and Lima between the April 21 st and May 3rd, yielding the following report on continued progress towards forging long-term surface rights access and therefore access to its past-producing Lucero mine for exploration and mineral exploitation activities. A summary of GAE's report for April 2024 is provided below.
Ongoing Challenges with Informal Mining (REINFO)
The report highlights the presence of 102 active informal miners registered under the REINFO framework are operating in the general Chachas region, with an estimated 350 more operating around Chachas without formal status. Many of these actors are reported to have been extracting ore illegally for around, if not over, a decade. While the federal REINFO was established as a route to Formalization, it has often been used in practice to legitimize illegal mining operations. The main local artisanal mining association, Asociación Lomas Doradas, comprising 65 such miners, has shown limited interest in engaging with Element79 Gold Corp, although a small group within their Tonalita concession may pursue Formalization.
In addition to the above, there is a separate contingent of REINFO miners willing to enter into an exploitation agreement with Element79 Gold Corp. Discussions are ongoing, with a key meeting roughly scheduled during the first half of May 2025. The situation remains complex, as community members and REINFOs have taken measures such as blocking access routes with guarded checkpoints and reportedly seek to establish their own mineral processing plant on communal land.
Strengthening Community Relations
Since September 2024, GAE Peru has actively engaged with residents across six annexes of Chachas through meetings and two large-scale general assemblies. For its consistent presence and attendance at community meetings, Element79 Gold is increasingly recognized in the region, maintaining open lines of communication via its local Social Management Office. Support from the current communal leadership, particularly President Melitón, has been instrumental in fostering constructive dialogue. A critical extraneous assembly to discuss long-term agreements is scheduled for July 2025.
Focus on Value Creation and Negotiation
The Company remains committed to a comprehensive value-generation plan that includes exploration, exploitation, and operation of a mineral processing facility. Local communities have expressed high expectations for future economic benefits, particularly in the form of irrigation and agricultural development support, as outlined by the Chachas Irrigation Commission and local farmers from Chachas and Nahuira.
Path Forward Through Dialogue
During the most recent communal assembly in April and subsequent smaller assembly and group meetings, stakeholders within the Chachas region have continued dialogue with Element79 Gold Corp, bypassing the uncooperative leadership of the Lomas Doradas Association. A formal dialogue session with the communal board (JJDD) and local administrative leaders (JAL) is scheduled for May 15, 2025.
Government Oversight and Legal Pathways
The GREM (Regional Mining Office) of Arequipa has acknowledged the limited timeframe for formalizing current REINFO miners in Chachas. Beginning in June 2025, GAE Peru, on behalf of Element79 Gold Corp, will request GREM's oversight to enforce legal regulations under the new Small-Scale and Artisanal Mining Law (MAPE), enabling coordinated action against ongoing illegal mining.
Commitment to Responsible Development
Element79 Gold reaffirms its commitment to responsible mining and community development, emphasizing the importance of dialogue and mutual respect as it advances the Lucero Project toward future production.
James Tworek, Element79 Gold Corp CEO and Director stated: "The potential of Lucero remains a key motivation and driving force behind the Company's decision making, and we remain cautiously optimistic that the upcoming June 30 deadline for Formalization between REINFOs and mineral right holders will continue to bring us closer to the goal of forging long term contracts with the local miners and greater Chachas community. While we progress in community relations month by month, we're living the reality that relationship building and trust creation are exercises in communication, persistence, patience and mutual understanding.
In the interim, recent team due diligence trips to review additional assets in Peru and Nevada, along with strategy sessions with advisors and key investors in the Company have opened our eyes to a number of possible alternate growth strategies. We look forward to reporting on these initiatives in the coming months."
For further details on this announcement and the Company's projects, please visit www.element79.gold
About Element79 Gold Corp.
Element79 Gold Corp. is a mining company focused on exploring and developing its past-producing, high-grade gold and silver project, Lucero, located in Chachas, Arequipa, Peru. The Company is committed to advancing responsible mining practices and maintaining strong relationships with local communities to support sustainable development.
The Company also holds several exploration projects along Nevada's Battle Mountain trend, a region renowned for prolific gold production, and these assets are under contract for sale in the first half of 2025. Additionally, Element79 has transferred its Dale Property in Ontario to its subsidiary, Synergy Metals Corp., as part of a 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
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 timing and completion of the arrangement and the timing and completion of the amalgamation. 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".
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) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
VANCOUVER, BC TheNewswire - May 1, 2025 Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) ("Element79", or the "Company") announces that, in connection with its previously announced proposed arrangement transaction with Synergy Metals Corp. (" Synergy ") pursuant to an arrangement agreement dated January 10, 2025 (the " Arrangement Agreement "), it has entered an amending agreement dated April 30, 2025, to extend the proposed deadline for completion of the transactions contemplated by the Arrangement Agreement to August 31, 2025.
The Company also announces that, in connection with the previously announced amalgamation anticipated to follow such arrangement pursuant to a merger agreement dated January 10, 2025 (the " Merger Agreement "), between Synergy, Synergy's wholly owned subsidiary, 1515041 B.C. Ltd. (" Synergy SubCo " ) , and 1425957 B.C. Ltd. (" 142 "), it has entered an amending agreement dated April 30, 2025, to extend outside date for completion of the transactions contemplated by the Merger Agreement to August 31, 2025.
The Company remains committed to both the proposed arrangement and the subsequent proposed amalgamation of Synergy SubCo and 142 in connection with the acquisition by Synergy of all of the issued and outstanding shares of 142, as further described in its press release dated January 13, 2025.
For further details on this announcement and the Company's projects, 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 timing and completion of the arrangement and the timing and completion of the amalgamation. 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".
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) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Abcourt Mines Inc. (" Abcourt " or the " Corporation ") (TSX Venture: ABI) (OTCQB: ABMBF) is pleased to announce that it intends to complete a non-brokered private placement of a secured convertible debenture of the Corporation (the " Debenture ") for gross proceeds of $3,000,000 (the " Debenture Offering ").
Debenture Offering
The Debenture will bear interest at the SOFR (Secured Overnight Financing Rate) plus 10%, per annum, and will mature four years following the date of issuance (the " Maturity Date "). The principal amount of the Debenture (the " Principal Amount ") will be convertible into common shares of the Corporation (each a " Share ") at a conversion price of $0.05 per Share during the first year, and at a conversion price of $0.10 per Share during the following years (the " Conversion Price ") any time prior to the close of business on the Maturity Date, at the option of the holder. All interest accrued on the Debenture will be payable in cash. The Corporation may prepay the Debenture at any time prior to the maturity date, without penalty.
It is expected that the Debenture will be purchased by François Mestrallet, director of the Corporation. As a result, the Debenture Offering will constitute a "related party transaction" within the meaning of Multilateral Instrument 61– 101 - Protection of Minority Security Holders in Special Transactions (" MI 61–101 ").
The Corporation intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Debenture Offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the Debenture, exceeds 25% of the Corporation's market capitalization (as determined in accordance with MI 61-101). The Corporation did not file a material change report in respect of this transaction at least 21 days before the anticipated closing of the Debenture Offering, as details of such transaction was unknown at such time.
The Debenture Offering is expected to be completed on or around June 19, 2025 (the " Closing Date ").
Financing Facility
Concurrently with the closing of the Debenture Offering, the Corporation intends to close its previously announced secured financing facility (" Financing Facility ") with Nebari Natural Resources Credit Fund II, LP (the " Lender ") in an amount of US$8 million (" Principal Amount ") bearing interest at the SOFR (Secured Overnight Financing Rate) plus 12%, with a term of 36 months.
Under the terms of the Financing Facility, the Corporation will have the option, at any time after 365 days from the Closing Date, to prepay the Lender in full or in part, the outstanding Principal Amount subject to a minimum prepayment amount of $1,000,000. If, at such prepayment date, the Lender has not achieved an absolute return of at least 25% on the total Principal Amount prepaid as of the date of prepayment, the prepayment shall include a cash make-whole payment in such amount as to provide Lender with a 25% absolute return (the " Make Whole Amount ") on the Principal Amount prepaid.
Subject to the final approval of the TSX Venture Exchange (the " TSXV "), on the Closing Date, the Corporation will issue to the Lender 87,040,000 warrants (the " Warrants "). Each Warrant will be exercisable for one common share of the Corporation (a " Warrant Share ") at an exercise price of $0.0625 per Warrant Share, for a 36-month period.
The Warrants and any Warrant Shares issuable upon exercise thereof will be subject to a statutory hold period in Canada of 4 months and one day from the date of issuance of the Warrants. The Warrants and Warrant Shares will also be "restricted" securities under applicable U.S. securities laws.
At the Lender's election, funds raised from the exercise of Warrants may be used for prepayment of outstanding Principal Amount without application of the Make Whole Amount.
Equity Financing
The Corporation is pleased to announce that it also intends to close a tranche of non-brokered equity financing for gross proceeds of $1,000,000 on the Closing Date, consisting of the sale of units of the Corporation (the " Units ") at a price of $0.05 per Unit (the " Private Placement ").
Each Unit will consist of one common share of the Corporation (a " Common Share ") and one common share purchase warrant (a " Unit Warrant "). Each Unit Warrant will entitle the holder to purchase one Common Share at a price of $0.08 for a period of 36 months following the Closing Date.
In the event that, during the period ranging between 12 months and 36 months following the Closing Date, the volume-weighted average trading price of the common shares exceeds $0.12 per common share for any period of 20 consecutive trading days, the Corporation may, at its option, following such 20-day period, accelerate the expiry date of the Unit Warrants by delivery of notice to the registered holders (an " Acceleration Notice ") thereof and issuing a press release (a " Warrant Acceleration Press Release "), and, in such case, the expiry date of the Unit Warrants shall be deemed to be 5:00 p.m. (Montreal time) on the 30 th day following the later of (i) the date on which the Acceleration Notice is sent to Unit Warrant holders, and (ii) the date of issuance of the Warrant Acceleration Press Release.
The Corporation intends to use the net proceeds from the Debenture Offering, Financing Facility and Private Placement to restart the Sleeping Giant mine and mill as well as for the repayment of outstanding account payables, working capital and general corporate purposes.
The Debenture Offering, Financing Facility and Private Placement remain subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSXV.
All securities issued in connection with the Debenture Offering, the Financing Facility and the Private Placement will be subject to a restricted period ending on the date that is four months plus one day following the date of their issuance.
The securities offered have not been, nor will they be, registered under the U.S. Securities Act, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.
ABOUT Abcourt Mines Inc.
Abcourt Mines Inc. is a Canadian exploration company with properties strategically located in northwestern Québec, Canada. Abcourt owns the Sleeping Giant mine and mill, as well as the Flordin property, where it focuses its development activities.
For more information about Abcourt Mines Inc., please visit our website at www.abcourt.ca and view our filings under Abcourt's profile on www.sedarplus.ca .
| Pascal Hamelin | Dany Cenac Robert, Investor Relations |
| President and CEO | Reseau ProMarket Inc. |
| T : (819) 768-2857 | T : (514) 722-2276, poste 456 |
| Email: phamelin@abcourt.com | Email : dany.cenac-robert@reseaupromarket.com |
FORWARD-LOOKING STATEMENTS
Certain information contained in this news release may constitute "forward-looking information" within the meaning of Canadian securities legislation. Generally, forward-looking information can be identified by using forward-looking terminology, such as "plans", "aims", "expects", "projects", "intends", "anticipates", "estimates", "could", "should", "likely", or variations of such words and phrases or statements specifying that certain acts, events or results "may", "should", "will" or "be achieved" or other similar expressions. Forward-looking statements, including the expectation of the Corporation with respect to the closing of the Debenture Offering, the Financing Facility and the Private Placement, the amount and expected use of proceeds raised under the Debenture Offering, the Financing Facility and the Private Placement, are based on Abcourt's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause Abcourt's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements or information. Forward-looking statements are subject to business, economic and uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risk factors set forth in Abcourt's public filings, which are available on SEDAR+ at www.sedarplus.ca. There can be no assurance that these statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Although Abcourt believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on such statements. Except as required by applicable securities laws, Abcourt disclaims any intention or obligation to update or revise any such forward-looking statements or information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
News Provided by GlobeNewswire via QuoteMedia
Maritime Resources Corp. (TSXV: MAE) ("Maritime" or the "Company") is pleased to provide an update for the Hammerdown Gold Project, located in the Baie Verte mining district of Newfoundland and Labrador ("Hammerdown"), near the towns of King's Point and Springdale.
Highlights:
Additional grade control drilling south of the historic mine workings confirms the presence of a new orientation in mineralized trends with substantial gold grades and widths starting at surface
24.5 grams per tonne ("gpt") gold ("Au") over 13.9 metres ("m"), including 42.2 gpt Au over 8.0 m in drill hole HDGC-25-272
34.4 gpt Au over 2.5 m, 5.2 gpt Au over 2.9 m and 1.3 gpt Au over 7.0 m in drill hole HDGC-25-274
7.2 gpt Au over 13.5 m, including 12.7 gpt Au over 3.8 m in drill hole HDGC-25-276
1.7 gpt Au over 36.0 m, including 1.9 gpt Au over 15.4 m in drill hole HDGC-25-273
1.7 gpt Au over 23.0 m, including 25.1 gpt Au over 1.0 m in drill hole HDGC-25-271
53.9 gpt Au over 3.5 m in channel sample HDFN-CH-25-03 and 31.2 gpt Au over 3.2 m in channel sample HDFN-CH-25-02
"Following the successful grade control program completed earlier this year, additional drilling has targeted a new orientation in gold trends south of the historic underground mine workings. This north-south zone begins at surface and lies within the planned open pit footprint with results demonstrating high grade gold mineralization across significant widths and remains open at depth. This presents an attractive opportunity for early development and cash flow by now having all permitting completed for the Hammerdown Gold Project and our Pine Cove mill now fully operational. It also highlights the potential for additional mineral resources in the immediate area of the deposit," comments Garett Macdonald, President and Chief Executive Officer.
Discussion of Results
As part of the 2025 definition drilling program that refined the Hammerdown geological model, a high-grade ore shoot was identified with a structural orientation distinct from the rest of the deposit. This ore shoot was intersected in grade control drill holes HDGC-25-122 and HDGC-25-038 which intersected 12.0 gpt Au over 28.0 m and 43.6 gpt Au over 6.3 m respectively (Maritime Press Release Dated January 27, 2025). Historical mining immediately north of the area had indicated that the east-west trending Hammerdown vein system may be translated into a north-south direction due to shearing along the Wisteria/Rumbullion shear zone.
Channel sampling and six short diamond drill holes (totalling 292 m) were completed to test the orientation of the mineralized veins in the footwall within the proposed first year of open pit mining. Results from channel sampling included 31.2 gpt Au over 3.2 m in HDFN-CH-25-02 and 53.9 gpt Au over 3.5 m in HDFN-CH-25-03. Following up on these channel samples several drill holes were completed to test the depth extents of the mineralization including HDGC-25-272 that returned 24.5 gpt Au over 13.9 m, including 42.2 gpt Au over 8.0 m. A 10 m step-back drill hole, HDGC-25-273, returned 1.7 gpt Au over 36.0 m, including 1.94 gpt Au over 15.4 m and drill hole HDGC-25-271 that was drilled 10 m south of HDGC-25-272 returned 1.7 gpt Au over 23.0 m, including 25.1 gpt Au over 1.0 m. Additionally, drill hole HDGC-25-276 was drilled 10 m north of HDGC-25-272 intersecting the zone with 7.2 gpt Au over 13.5 m, including 12.7 gpt Au over 3.8 m.
Maritime completed trenching which revealed a change in the orientation of high-grade gold zones, providing new insights into local structural controls and the deformation of the mineralized system in the Wisteria area of the deposit. The mineralized veins mapped in trenching is represented by base metal rich quartz/sulphide veins and mineralized felsic intrusions along with low grade disseminated mineralization in the host rock that strikes north south rather than the general east-west trend defined in the remainder of the deposit.
The broader mineralized intersections reflect the disseminated nature of the mineralization in the sericite altered felsic/mafic host and felsic intrusions which also had not been adequately tested by the north south drilling in the area. Maritime noted the consistent high-grade nature of the vein intersection while drilling from both directions, although structurally disrupted and having been drilled from two directions the vein intersection consistently carried exceptionally high gold grades while the encompassing shear zone and quartz feldspar porphyries often carried broad intervals disseminated gold mineralization.
Figure 1. Outcrop in newly trenched area with high-grade vein orientated north-south
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4548/255920_1be1848c34204ac9_001full.jpg
Figure 2. Hammerdown Site Plan Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4548/255920_1be1848c34204ac9_002full.jpg
Figure 3. Cross Section 548907 N
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4548/255920_1be1848c34204ac9_003full.jpg
Table 1. Assay results for new drilling and channel sampling
| Hole | From | To | Length | Au gpt | Comments |
| HDFN-CH-25-01 | 1.50 | 2.00 | 0.50 | 3.33 | Channel Sample |
| HDFN-CH-25-02 | 6.50 | 10.00 | 3.50 | 31.18 | Channel Sample |
| HDFN-CH-25-03 | 2.30 | 5.50 | 3.20 | 7.76 | Channel Sample |
| And | 9.00 | 12.50 | 3.50 | 53.94 | Channel Sample |
| HDFN-CH-25-04 | 4.50 | 7.00 | 2.50 | 5.15 | Channel Sample |
| And | 11.50 | 12.50 | 1.00 | 8.09 | Channel Sample |
| HDFN-CH-25-05 | 0.00 | 0.50 | 0.50 | 95.76 | Channel Sample |
| HDFN-CH-25-06 | 0.00 | 0.20 | 0.20 | 168.59 | Channel Sample |
| HDGC-25-271 | 7.00 | 31.00 | 24.00 | 1.65 | |
| Including | 7.50 | 8.48 | 0.98 | 25.09 | |
| HDGC-25-272 | 11.07 | 25.00 | 13.93 | 24.54 | |
| Including | 17.00 | 25.00 | 8.00 | 42.23 | |
| HDGC-25-273 | 25.66 | 61.62 | 35.96 | 1.67 | |
| Including | 39.14 | 54.58 | 15.44 | 1.94 | |
| HDGC-25-274 | 14.35 | 17.21 | 2.86 | 5.18 | |
| And | 24.29 | 26.83 | 2.54 | 34.40 | |
| Including | 26.54 | 26.83 | 0.29 | 256.20 | |
| And | 44.95 | 52.00 | 7.05 | 1.31 | |
| HDGC-25-275 | 30.50 | 33.00 | 2.50 | 1.23 | |
| And | 37.00 | 40.00 | 3.00 | 1.09 | |
| HDGC-25-276 | 22.50 | 36.00 | 13.50 | 7.18 | |
| Including | 29.70 | 33.45 | 3.75 | 12.71 | |
| Lengths reported relative to core access are estimated to be approximately 70% true thickness | |||||
Table 2. Drill hole details for new trench and drilling
| Hole ID | Type | Easting | Northing | Elevation | Total Length | Azimuth | Dip |
| HDFN-CH-25-01 | Channel Sample | 554846.5 | 5489069.5 | 189.7 | 2.0 | 273.0 | 7 |
| HDFN-CH-25-02 | Channel Sample | 554845.8 | 5489068.5 | 190.0 | 11.0 | 271.0 | 2 |
| HDFN-CH-25-03 | Channel Sample | 554845.1 | 5489077.0 | 188.7 | 17.0 | 261.0 | 4 |
| HDFN-CH-25-04 | Channel Sample | 554845.1 | 5489082.7 | 188.6 | 12.5 | 250.0 | 5 |
| HDFN-CH-25-05 | Channel Sample | 554832.8 | 5489078.1 | 189.7 | 1.0 | 197.0 | 6 |
| HDFN-CH-25-06 | Channel Sample | 554832.2 | 5489078.2 | 189.7 | 1.0 | 170.0 | 2 |
| HDGC-25-271 | Drill hole | 554851.7 | 5489060.7 | 191.3 | 31.0 | 270.0 | -45 |
| HDGC-25-272 | Drill hole | 554856.8 | 5489070.0 | 191.5 | 46.0 | 270.0 | -45 |
| HDGC-25-273 | Drill hole | 554867.5 | 5489070.3 | 191.3 | 64.0 | 270.0 | -45 |
| HDGC-25-274 | Drill hole | 554862.5 | 5489060.2 | 191.7 | 61.0 | 270.0 | -45 |
| HDGC-25-275 | Drill hole | 554856.3 | 5489047.1 | 194.8 | 40.0 | 270.0 | -45 |
| HDGC-25-276 | Drill hole | 554863.0 | 5489076.8 | 191.4 | 49.0 | 271.0 | -45 |
Qualified Person
Exploration activities at the Hammerdown Gold Project are administered on site by the Company's Exploration Manager, Larry Pilgrim, P.Geo. In accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, Larry Pilgrim, P.Geo. Exploration Manager, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this press release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting its exploration activities on its exploration projects.
Analytical Procedures
All samples assayed and pertaining to this press release were completed by Eastern Analytical Limited (EAL) located at Springdale, Newfoundland and Labrador. EAL is an ISO 17025:2005 accredited laboratory for a defined scope of procedures. EAL has no relationship to Maritime. Drill core samples are collected from NQ sized diamond drill core and sawn in half. The half core samples are delivered in sealed plastic bags to EAL by Maritime field crews where they are dried, crushed, and pulped. Samples are crushed to approximately 80% passing a minus 10 mesh and split using a riffle splitter to approximately 250 grams. A ring mill is used to pulverize the sample split to 95% passing a minus 150 mesh. Sample rejects are securely stored at the EAL site for future reference. A 30-gram representative sample is selected for analysis from the 250 grams after which EAL applies a fire assay fusion followed by acid digestion and analysis by atomic absorption for gold analysis. Other metals were analyzed by applying an acid digestion and 34 element ICP analysis finish. EAL runs a comprehensive QA/QC program of standards, duplicates and blanks within each sample stream.
About Maritime Resources Corp.
Maritime (TSXV: MAE) (OTC Pink: MRTMF) is a gold exploration and development company focused on advancing the Hammerdown Gold Project in the Baie Verte District of Newfoundland and Labrador, a top tier global mining jurisdiction. Maritime holds a 100% interest directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property which includes the former Hammerdown gold mine and the Orion gold project. Maritime controls over 439 km2 of exploration land including the Green Bay, Whisker Valley, Gull Ridge and Point Rousse projects. Mineral processing assets owned by Maritime in the Baie Verte mining district include the Pine Cove mill and the Nugget Pond gold circuit.
On Behalf of the Board:
Maritime Resources CORP.
Garett Macdonald, MBA, P.Eng.
President and Chief Executive Officer
info@maritimegold.com
www.maritimeresourcescorp.com
Twitter
Facebook
LinkedIn
YouTube
Caution Regarding Forward-Looking Statements:
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of National Instrument 51-102 - Continuous Disclosure Obligations. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects", "intends", "indicates" "plans" and similar expressions. Forward-looking statements include, but are not limited to, statements concerning the Hammerdown mineralization, its' metallurgical response, precious metal extraction based on the ongoing metallurgical testwork, sampling programs, the grade control drilling program, location and grade of underground workings and backfill material, construction elements planned for Hammerdown, production ramp up at Hammerdown, preparation of an updated technical report for Hammerdown, investments to be made to and plans for the Pine Cove mill, growth of the Company and the creation of long-term value for shareholders, exploration plans at the Company's properties, amongst other things, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company in good faith as at the date of such information. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, base metal concentrates, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the use of ore sorting technology will produce positive results, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the ability of the Company to continue to be able to access the capital markets for the funding necessary to acquire, maintain and advance exploration properties or business opportunities; global financial conditions, including competition within the industry to acquire properties of merit or new business opportunities, and competition from other companies possessing greater technical and financial resources; difficulties in advancing towards a development decision and executing exploration programs on the Company's proposed schedules and within its cost estimates, whether due to weather conditions, availability or interruption of power supply, mechanical equipment performance problems, natural disasters or pandemics in the areas where it operates; increasingly stringent environmental regulations and other permitting restrictions or maintaining title or other factors related to exploring of its properties, such as the availability of essential supplies and services; factors beyond the capacity of the Company to anticipate and control, such as the marketability of mineral products produced from the Company's properties; uncertainty as to whether mineral resources will ever be converted into mineral reserves once economic considerations are applied; uncertainty as to whether inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied; government regulations relating to health, safety and the environment, and the scale and scope of royalties and taxes on production; and the availability of experienced contractors and professional staff to perform work in a competitive environment and the resulting adverse impact on costs and performance and other risks and uncertainties, including those described in each MD&A of financial condition and results of operations. In addition, forward-looking information is based on various assumptions including, without limitation, assumptions associated with exploration results and costs and the availability of materials and skilled labour. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, Maritime undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange ("TSX-V") nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255920
News Provided by Newsfile via QuoteMedia
With a strategic foothold in British Columbia’s most prospective mining belts, Finlay Minerals is an emerging copper-gold-silver exploration company with a compelling investment story, backed by a 30-year technical legacy and disciplined approach to discovery.
Finlay Minerals (TSXV:FYL,OTCQB:FYMNF) is a Vancouver-based mineral exploration company focused on advancing copper, gold and silver projects in British Columbia’s premier mining districts, particularly within the richly mineralized and productive Stikine Terrane. The company’s strategic objective is to discover and develop high-quality porphyry and epithermal deposits through a combination of geological expertise, partner-funded programs, and disciplined capital deployment.
Founders John J. Barakso and Robert Brown at the PIL Property
Finlay’s value proposition is anchored in its 2025 agreements with Freeport-McMoRan – one of the world’s largest copper producers – which is actively funding the advancement of the PIL and ATTY projects in the Toodoggone District. These earn-in agreements provide a non-dilutive path to unlock value from Finlay’s flagship assets, while enabling the company to focus internal resources on regional-scale exploration at its SAY, JJB and Silver Hope properties.
The company benefits from a seasoned technical team with regional expertise and a deep understanding of the geologic architecture of British Columbia. New exploration initiatives, such as those along the Bear Lake Corridor, position Finlay for new discovery potential across multiple fronts. With metal prices trending higher and a favorable operating environment in Canada, Finlay Minerals offers exposure to copper and gold discoveries in one of the safest and most geologically endowed jurisdictions globally.
The 100 percent owned PIL property spans 13,374 hectares in the prolific Toodoggone mining district in British Columbia and was staked over 30 years ago by Finlay’s founders. It hosts multiple copper-gold-molybdenum porphyry and gold-silver epithermal targets within the 70 km regional porphyry corridor trend, situated near major deposits including Centerra Gold’s Kemess complex and the Amarc-Freeport AuRORA discovery. Notable targets on the property include PIL South (2.5 x 2.0 km soil geochemical anomaly with supported IP anomaly), Copper Ridge (soil anomaly 1.9 x 1.3 km) and Spruce (rock samples up to 18.4 percent copper). Historical drilling includes 72 holes totaling over 17,000 metres, with new targets emerging from recent geophysical and geochemical work. Past drilling includes intersections like 162.0 m of 0.1 percent copper, 0.05 grams per ton gold and 7.1 g/t silver at PIL South, highlighting the potential for bulk tonnage copper-gold systems.
Finlay has announced an earn-in agreement with Freeport-McMoRan, which may invest up to $25 million in exploration expenditures to earn 80 percent interest over six years, signaling high confidence in the PIL project's tier-1 potential. A broad and systematic exploration plan is in place for the 2025 season, involving surface sampling with updated analysis techniques, mapping and detailed geophysical surveys.
Covering 3,875 hectares, the 100 percent owned ATTY property, also in the Toodoggone District, lies directly north of the Kemess East and Underground deposits. It shares similar stratigraphy and alteration patterns and is interpreted to host an extension of the Kemess North trend. The property hosts eight epithermal and porphyry targets, including two main targets, the KEM and Wrich targets, which have been delineated through IP surveys and/or geochemistry, pointing toward porphyry centers. Thirteen holes totaling 3,971 meters have been drilled to date, but the main IP chargeability zone remains untested at depth. With similarities to the upper Kemess East deposit and structural alignment with the adjacent Joy project (Amarc/Freeport), ATTY is considered a high-priority drill target and is fully permitted for 2025. Finlay has announced an earn-in agreement with Freeport-McMoRan, which may invest up to $10 million in exploration expenditures to earn 80 percent interest over six years, signaling high confidence in the ATTY project's tier-1 potential.
The SAY property is a 100 percent owned, early-stage exploration project covering 26,202 hectares within the underexplored Bear Lake Corridor of the Stikine Terrane. Located 140 km north of Smithers, BC, it is accessible by helicopter with logging roads nearby. The project hosts structurally controlled high-grade copper and silver mineralization at the SPUR Target, which includes the AG Zone, East Breccia and Western Shear. Recent surface sampling returned exceptional grades such as 14.5 percent copper and 850 g/t silver from East Breccia, and 11.2 percent copper and 819 g/t silver from the AG Zone. Copper and silver exposures at the AG Zone have been observed over a 200 by 200 metre area. The mineralization occurs along a 4.3 km ridgeline with strong magnetic signatures, spatially related to local faults, intrusive dykes and breccias. The SHEL target, associated with molybdenum, adds porphyry-style upside. A property-wide mag survey and extensive surface sampling program is planned in 2025 to systematically evaluate the copper potential of the SAY property.
The fully owned JJB property spans 15,453 hectares and lies 4 km north of SAY within the same Bear Lake Corridor. Named after founder John J. Barakso, this grassroots property is in the early stages of exploration but offers significant blue-sky potential. The property shares the same tectonic setting as NAK and DUKE and will benefit from the technical momentum established at SAY. Logging roads and an airstrip are within 10 km of the JJB claims, providing nearby staging areas for this heli-access project. Systematic geological mapping and sampling, alongside airborne mag surveys, are planned to generate drill targets in the near term.
The Silver Hope property covers 21,322 hectares surrounding the historic Equity Silver mine in the Skeena Arch. This 100 percent owned asset hosts the Main Trend, a >2 km copper-silver-gold mineralized system extending from the Newmont owned, past-producing, Equity Silver mine. Historical drilling (over 41,000 m) has intersected broad mineralized zones, including 282 m @ 0.23 percent copper, 6.4 g/t silver and 0.01 g/t gold. Other notable intercepts include 133 m @ 0.30 percent copper and 7.6 g/t silver. The West Cu-Mo Porphyry target adds a large-scale copper-molybdenum opportunity to the mix, and the project is fully permitted for drilling.
Ilona Lindsay has over 15 years of experience with Finlay and is the daughter of company co-founder John J. Barakso. She has overseen corporate operations, financings and tenure management. Under her leadership, the company has transitioned toward institutional-grade exploration partnerships while maintaining fiscal discipline. She is also a director of the Barakso family companies.
A retired professional engineer with over 40 years of experience in porphyry and epithermal systems, Robert Brown co-founded Finlay and played a critical role in identifying and acquiring its land packages. He previously served as VP exploration for Great Panther Mining and worked with LAC Minerals. His technical vision continues to shape the company’s exploration direction.
Wade Barnes is a P.Geo. and Qualified Person (QP) with over 20 years of geological experience in BC. He was co-recipient of the AMEBC H.H. “Spud” Huestis Award for the discovery of Kemess East deposit in the Toodoggone. At Finlay, he leads technical execution and target development across the portfolio.
With over two decades of industry experience, including senior roles at Pretium Resources (Brucejack Mine) and Brixton Metals, Susan Flasha brings strong expertise in project evaluation and strategic growth.
A CPA with over 30 years in mining finance, Gord Steblin ensures sound financial governance and supports Finlay’s budgeting, reporting and fundraising activities. He serves as CFO for several other exploration-stage companies.
