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Element79 Gold Corp. Investor Kit
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Element79 Gold Corp.
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 Elevating Community Relations: Discussing Pending Formalization with Artisanal Miners and Reporting on Social Initiatives Leading to Restarting Production at Lucero
VANCOUVER, BC T he N ewswire April 25, 2024 Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) ("Element79" the "Company ") provides an update on recent social affairs development and ongoing initiatives with the Chachas community at its Lucero project.
Fostering Collaboration with Artisanal Miners
As part of Element79's ongoing efforts and community engagement, the Company's community relations team recently organized a coordination meeting with artisanal miners from Lomas Doradas during the month of April. The meeting aimed to foster collaborative relationships between the groups, seeking mutual support as the Company endeavours to use surface land to conduct exploration work. Moreover, the Company also sought exclusive agreements with artisanal miners, ensuring a unified approach to mineral extraction and resulting sale of ore.
With Element79's dedication to fostering productive relationships with all stakeholders, the Company has provided drafts of contracts for the potential of both a community approval of 10-year surface access rights for Element79 to access the Lucero mine site with exploration permission for the whole concession, as well as, in reciprocal fashion, to grant the approval of the local miners to work on the mine site in defined locations over the next 10 years; among other terms, Lomas Doradas will also provide its mined product to Element79 for subsequent resale to market. Element79 intends to use its institutional and industry contacts to source optimal market pricing for Lomas Doradas' ore while providing a revenue stream for both parties.
A pivotal meeting is scheduled in Chachas on April 28 th to further solidify collaboration between the Company and Lomas Doradas, where the community will vote on these initiatives in order to formalize the relationship between the two parties. Further updates on, and details of this key initiative will follow, pending feedback and results of the April 28 meeting.
Community Assistance in Times of Need
Earlier in March, a major landslide left the Chachas community isolated from its neighbouring annex, Nahuira. Element79's team on the ground swiftly responded to the community's need for assistance, providing crucial support in transferring community members stranded on the other side of the landslide while it was being cleared from the roads.
Cultural Integration and Traditional Ceremony
Element79's community relation team recently participated in a traditional Water Ceremony alongside local authorities and community leaders. This customary Chachas ceremony, involving offerings to the water, highlights the deep-rooted cultural traditions of the Chachas community. The Company was honored to be involved in such a rich and culturally-steeped ritual which further showcases its commitment to meaningful community engagement and ongoing integration.
Sustained Engagement in Social Awareness
Site visits of the Chachas community and neighbouring annexes have continued since the beginning of the year, bolstering social awareness while garnering support for ongoing and future exploration activities. Element79's team has engaged in internal consultations with annex leaders, receiving encouraging support for its initiatives. In alignment with sustainable development objectives, the Company advocates for a progressive approach, prioritizing exploration as a precursor to exploitation permits, aligning with the community's interests.
Cultivating Community Bond Through Education
Finally, as part of its steadfast dedication to the long-term prosperity of the community, notably through educational empowerment, Element79 along with its engaged NGO, Unidos por el Medioambiente (UMA) was recently invited to conduct a workshop on environment, economy and society as part of an initiative with the Education Institute of the Chachas community. The workshop was a pivotal platform for fostering discussions and sharing invaluable insights on the environment, economy, and society. The event's active engagement from community members and stakeholders underscored Element79's commitment to promoting knowledge-sharing and sustainable development within the Chachas community and beyond.
Image Group 1 – Images of the in-class sessions hosted by UMA, a Peruvian NGO, and Element79 Gold Corp, sharing educational themes on health and wellness, the environment and the economy
Click Image To View Full Size
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 also signed an Option Agreement to sell the Maverick Springs project, an advanced-stage exploratory property with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) (see 43-101 technical report titled: Amended Technical Report on the Maverick Springs Project, Nevada, USA, by Allan Armitage, PhD., P.Geo, and Rohan Millar, B.Sc. P.Geo., dated October 7, 2022, available on SEDAR) and anticipates completing this sale on or before July 21, 2024.
In British Columbia, Element79 Gold has executed a Letter of Intent and funded a drilling program to acquire a private company that holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James.
The Company has an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, and has recently announced that it has transferred this project to its wholly owned subsidiary, Synergy Metals Corp, and is advancing through the Plan of Arrangement spin-out process.
For more information about 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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Element79 Gold Corp. Confirms Oversubscribed Final Tranche Of Equity Unit Offering Raising Over $867,000
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Vancouver, BC April 18, 2024 Element79 Gold Corp. (CSE:ELEM)(OTC:ELMGF)(FSE:7YS0) ("Element79" or "the Company") The Company is pleased to announce that it has closed its final round of capital raising efforts, announcing that that the previously initiated non-brokered Private Placement of Equity Units was met with overwhelming investor interest, resulting in an oversubscription.
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Element79 Gold Corp and Condor Resources Inc. Reschedule March 2024 Lucero Payment
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Vancouver, B.C., April 8, 2024 TheNewswire - Element79 Gold Corp - ("Element79" or the "Company") (CSE: ELEM, OTC: ELMGF, FSE: 7YS0) announces that it has reached agreement with Condor Resources Inc. (TSXV:CN, "Condor") to revise the payment terms on a payment due March 31, 2024 of US$375,000 with respect to the Lucero project. Element79 are the owner of Calipuy Resources Inc., ("Calipuy"), and assumed Calipuy's obligations to acquire the shares of Condor's subsidiary, Minas Lucero del Sur S.A.C., the owner of the Lucero project.
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Element79 Gold Corp to Present at the Emerging Growth Conference Today
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Vancouver, BC TheNewswire - April 3, 2024 - "Element79 Gold Corp" ( OTC:ELMGF ) ( CSE:ELEM ) ( FSE:7YS0, a mining company focused on the exploration for and production of gold and silver (the "Company") is pleased to announce that it has been invited to present at the Emerging Growth Conference on April 3, 2024
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Element79 Gold Corp Announces Closing of Second Tranche of Placement
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Vancouver, British Columbia TheNewswire - March 28, 2024 - Element79 Gold Corp (the "Company") (CSE:ELEM) (OTC:ELMGF) (FSE:7YS0) Further to the Corporation's previous Financings announcement, Element79 is pleased to announce the successful completion of its second tranche of its placement for an addition $300,075 of funding through its Non-Brokered Private placement. This second tranche of closing will see the Company issue a total of 1,304,674 Units for this tranche. The second tranche of the placement was largely subscribed to by a strategic investor who recognizes the long-term value and potential of the Company. This investor brings not only capital but also invaluable expertise and connections within the sector which will accelerate the Company's corporate development.
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Scoping Study Completed for Nueva Sabana Mine, Cuba
- The 752ha concession covering the Nueva Sabana deposit also hosts the El Pilar, Gaspar, and Camilo porphyry copper intrusives, and numerous shallow gold targets identified by artisanal mining.
- The Nueva Sabana deposit has a small 3g/t gold cap, an underlying copper-gold zone, and a deeper sulphide copper zone that is open at depth at 150m, and could potentially transition into the El Pilar porphyry copper deposit which is offset to the south.
- The Study has been based on a pit limited to 100m depth which at a mining rate of 500,000tpa of ore, will result in an initial mine life of 4 years.
- With additional exploration by the joint venture, and a greater mining depth, the project life and NPV could be increased.
- The Initial MRE for Nueva Sabana which is incorporated as ATTACHMENT A in the Study, established approximately 30M lb of 0.8% copper in Inferred Resources within the 50m below the planned 100m mining depth for the first stage of the development which is a positive indication of the potential to increase the mine life.
- Metallurgical testwork set out in ATTACHMENT C has indicated the mine will initially produce a gold concentrate with a grade of ~70.9g/t Au, followed by a blended copper-gold concentrate with an average grade of ~27.4% Cu, and 25g/t Au.
- The off-take agreement is expected to include a provision for advanced payments for concentrates by the buyer, to assist in the funding of construction costs.
Payables for these concentrates have been received from the two international commodity traders the joint venture is negotiating with to establish an off-take agreement.
HIGHLIGHTS OF FINANCIAL ANALYSIS FOR STAGE ONE OF THE NUEVA SABANA MINE:
- Pre-development Costs of ~USD5.0M including the concession acquisition are being met by MLV
The Chairman of Antilles Gold, Mr Brian Johnson, commented that“even though the first stage of the Nueva Sabana project is quite small, it is fortunate that it will be development-ready within a short period of time.
This is economically advantageous considering the joint venture’s flagship development, the La Demajagua gold-silver-antimony mine, had to be delayed after being expanded to allow the production of a gold doré when the market for its gold-arsenopyrite concentrate became an issue in August 2023.
Antilles Gold intends to subscribe the final US$2.0M of its US$15.0M earn-in for a 50% shareholding in the joint venture company, Minera La Victoria (“MLV”), within the next few months. Thereafter, the Company’s cash burn will be substantially reduced.
If MLV decides to undertake an exploration program on the copper properties before cash flow becomes available from the Nueva Sabana mine in Q4 2025, the required capital will probably have to come from a share issue by MLV to Antilles Gold, and, or a third party.
With respect to this possibility, MLV has recently presented commercial propositions to two major investors interested in becoming a shareholder in MLV, and participating in the exploration of its highly prospective copper properties, and the development of La Demajagua, and other gold projects potentially available to the joint venture.
However, MLV’s near term priority is to finalise negotiations on a concentrate off-take agreement for Nueva Sabana, and to arrange project financing.
Antilles Gold’s share of the NPV8 for the first stage of Nueva Sabana is ~A$70M at current metal prices of US$2,300 per oz Au, and US$4.30 per lb Cu, and an exchange rate of A$1.00 = US$0.65, which is significantly higher than the Company’s current market capitalisation of A$10.4M.
The opportunity for growth will increase with the proposed development of the La Demajagua gold- silver-antimony mine, where the Company’s share of NPV8 reported to ASX on 30 March 2023 was ~A$150M, prior to the decision to expand the project to produce gold doré from its gold arsenopyrite concentrate, and increase antimony production.”
Click here for the full ASX Release
This article includes content from Antilles Gold, 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.
Excellent Stope Performance as Mining Rates Ramping Up at Second Fortune
HIGHLIGHTS
- Current stoping and development production of 7,000 - 9,000 t/month, ramping up to the 12,000 - 15,000 t/month previously achieved mining rate at Second Fortune.
- Stoping recommenced in April on the 1085 level (Main Lode South), with stoping performing in-line with or better than expectations, achieving an average stoping width of ~1.5 metres
- Road Haulage recommenced in April after significant weather event in previous month
- Sampled Main Lode ore vein grades within ore development drives exceeding +40g/t Au
- Surface & underground diamond drilling contractors engaged to commence resource definition and near-mine exploration programs in near term1
Brightstar’s Managing Director, Alex Rovira, commented“The recommencement of ore haulage activities at Second Fortune is exciting to see as the team builds momentum towards the steady state production rate of 12,000 - 15,000t per month by the September quarter 2024, which was the previous mining rate at Second Fortune.
Whilst the operational Linden team on site is focused on safe production, Brightstar and Linden geologists have worked together to design a surface and underground drill program to build confidence in the existing Mineral Resource Estimate as part of Brightstar’s broader +30,000m drilling program across the Menzies and Laverton portfolio in the near term. This forms part of Brightstar’s commitment to unlocking the inherent value in the Linden assets and advancing the enlarged groups’ assets towards development and monetisation of the combined resource base within the Eastern Goldfields.”
Figure 1 - ROM Loader placing Second Fortune gold ore into road train (April 2024)
Figure 2 – Long hole open stoping at Second Fortune. Looking south on the 1085 Level Main Lode (April 2024) Highlighting narrow stope width, clean extraction with limited dilution and good ground conditions
Figure 3 - Planned surface (black) and underground (blue) drillholes into Second Fortune (block model shown)
TECHNICAL DISCUSSION
The Second Fortune underground mine has a present production run rate of 7,000 – 9,000 tonnes per month with the mine expected to reach steady state production of 12,000 - 15,000 t/month in the September quarter 2024 consistently achieved in recent years. Stoping recommenced in April, along with ongoing capital (decline) and operating (ore drive) development activities in the mine.
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Trailbreaker Resources Receives Exploration Permit for Swan Target at Atsutla Gold Project
Message from the President
“Receiving our exploration permit for Swan is a big step toward advancing the Atsutla Gold Project. We now have the capability to be more aggressive with our exploration efforts in order to advance the Swan target.” – Daithi Mac Gearailt
Swan Target Description
The Swan target is located in the eastern Atsutla Gold Property area, in northern BC. Swan is a potential gold-silver-copper (Au-Ag-Cu) porphyry system, defined by a 900 m by 700 m Au-Ag-Cu-arsenic (As) – antimony (Sb) – molybdenum (Mo) – lead (Pb) soil geochemical anomaly along a gossanous ridge. The host setting is a leucogranite porphyry intrusion with argillic and phyllic alteration assemblages. Bedrock sampling by Trailbreaker in the centre of the soil anomaly has returned values up to 11.5 g/t Au and 16.8 g/t Ag.
Historic IP surveying around the Swan target took place in the valley west of the soil anomaly. This work focused on a molybdenum anomaly associated with a semi-circular chargeability high. This chargeability feature partially wraps around the soil anomaly, but the survey dimensions do not cover the entire anomaly. Additionally, IP surveying will be valuable in identifying potential chargeability highs, which may indicate high sulphide content and associated alteration zonation. As well, resistivity characteristics may help vector toward felsic intrusive centers and high-density quartz veining which would indicate the potassic core of a porphyry system.
Figure 1: Highlights of the Swan target include the strong Au geochemical anomaly, phyllic and argillic alteration zones, and the partial chargeability high ring feature defined from a historic IP survey.
About the Atsutla Gold Project
The Atsutla Gold project covers over 40,000 hectares of underexplored and prospective ground in northwestern BC. The project covers a portion of the Atsutla mountain range 70 km south of the BC-Yukon border. Placer gold was recorded in the area during the early 1900s, with very little subsequent mineral exploration.
The project is centered over the crustal-scale Teslin-Thibert fault system that marks the division between the Quesnel and Cache Creek terranes. Gold mineralization is associated with Mesozoic intrusive batholiths that are the predominant geological unit on the property. Trailbreaker has discovered five significant zones of gold mineralization across the property. These are:
- Swan Zone – discussed above – Au-Cu-Ag porphyry target defined by a 900 m by 700 m multi-element soil geochemical anomaly with rock samples grading up to 11.5 g/t Au and 16.8 g/t Ag.
- Highlands Zone – A 750 m by 600 m area in the western Atsutla Gold property region, with veins containing coarse visible gold and assaying up to 630 g/t Au and 1,894 g/t Ag.
- Christmas Creek Zone – Gold-bearing quartz veins 2 km east of the Highlands Zone, with rock samples assaying up to 102 g/t Au and 524 g/t Ag.
- Snook Zone – High-grade veins 3.5 km northeast of the Highlands Zone with rock samples assaying up to 53.3 g/t.
- Willie Jack Zone – 1.25 km long gold-in-soil anomaly with soil samples assaying up to 3.77 g/t Au and rock samples up to 9.9 g/t Au.
About Trailbreaker Resources
Trailbreaker Resources is a mining exploration company focused primarily on mining-friendly British Columbia and Yukon Territory, Canada. Trailbreaker is committed to continuous exploration and research, allowing maintenance of a portfolio of quality mineral properties which in turn provides value for shareholders. The company has an experienced management team with a proven track record as explorers and developers throughout the Yukon Territory, British Columbia, Alaska and Nevada.
ON BEHALF OF THE BOARD
Daithi Mac Gearailt
President and Chief Executive Officer
Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Trailbreaker's BC and Yukon exploration projects, and has reviewed and approved the technical information in this release.
Other
For new information about the Company’s projects, please visit Trailbreaker’s website at TrailbreakerResources.com and sign up to receive news. For further information, follow Trailbreaker’s tweets at Twitter.com/TrailbreakerLtd, use the ‘Contact’ section of our website, or contact us at (604) 681-1820 or at info@trailbreakerresources.com.
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.
Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "anticipates", "expects", "understanding", "has agreed to" or variations of such words and phrases or statements that certain actions, events or results "would", "occur" or "be achieved". Although Trailbreaker has attempted to identify important factors that could affect Trailbreaker and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Trailbreaker has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information 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 Information. Except as required by law, Trailbreaker does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
A photo accompanying this announcement is available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/c66345bd-85aa-42bb-a466-fe24fe4ce990
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