Vancouver, BC – TheNewswire - February 13, 2024 – Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS0) ("Element79 Gold", the "Company") is pleased to  announce the final results of the 2023 work campaign that SLM Resource Group (“SLM”) completed at the Lucero mine project in Arequipa, Peru.

HIGHLIGHTS:

• ELEM’s 2023 focus was on identifying and revisiting historic workings at the past-producing Lucero mine where previous commercial production came from: Apacheta, Pillune and Sando Alcalde Areas. 

• A total of 72 chip samples were collected as part of the 2023 SLM program, with the final 27 taken from the Pillune and Sando Alcalde areas forming this release (Figure 1, 2 3).;  

  • 1.7 oz/t Gold and 189 oz/t Silver at Sando Alcalde, sample LUC2023-059 

  • 2.6 oz/t Gold and 3 oz/t Silver at Pillune, sample LUC2023-063 

• These assays results reflect multi-ounce Gold and multi-ounce Silver nature of the Lucero mineralization, and reinforces the significant potential of restarting this past-producing mine in the near term; 

• Further lab assays from later 2023 work campaigns are being received shortly and will be released as soon as available. 

“We are grateful for SLM’s body of work and pleased with its results as it has helped shine a light on the current state of the vein in the historic workings and project viability.  As anticipated, this final batch of 27 assays from SLM’s 2023 underground sampling program revealed impressively high-grade gold and silver mineralization, up to 2.6 ounces per ton gold and 189 ounces per ton silver, in addition to some great base metals results.  Combined with the chip sample assays that were received from SLM’s work at the Apacheta and Pillune regions (see news releases April 27, 2023 and February 6, 2023) of the Lucero mine, this clarifies an exciting picture of what we believe will be a significant, high-grade mining operation.” said James Tworek, CEO and Director of Element79 Gold.

The assay results were collected underground as chip samples across several veins from the Pillune and Sando Alcalde Areas, where local Informal miners have worked sporadically since the Lucero (then, Shila) mine ceased commercial production in 2005. The 2023 work program carried out by SLM Resource Group focused on three different underground workings and revealed high-grade gold-silver mineralization (Table 1.) and host veins ranging from  0.1 to 0.3 meters thick.

Table 1. Underground chip sample assay results for the Pillune Area and Sando Alcalde Area of the Lucero Project

"The areas of the Lucero project that we are focused on in the initial stages of development are the veins that have provided past commercial production.  These final assay results form a complete set of data from the SLM work campaign from 2023 undoubtedly confirm the high-grade nature of the former mine, consistent with visible mineralization observed during our team’s site visits and by prior operators," said James Tworek, CEO of Element79 Gold. "Along with data from our 2023 and previous work programs, we will be analyzing and modelling these results as drivers for drill targeting in and around the commercially exploitable veins."

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Figure 1. Lucero Project showing major historic mining areas, specifically the Apacheta, Pillune, and Sando Alcalde areas that were the focus of the 2023 program. Select 2023 chip sample assay results are shown for all three areas (see news releases April 27, 2023, February 6, 2023 and this release)

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Figure 2. Satellite image showing the Pillune and Sando Alcalde Areas of the Lucero Project, mine workings and veins that were sampled during the 2023 work program.

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Figure 3. Photographs of select underground chip sample locations at Pillune and Sando Alcalde Areas: A LUC2023-46, 47 & 48 (0.6 oz/t gold / 50 oz/t silver, 1.1 oz/t gold / 105 oz/t silver & 0.8 oz/t gold / 65 oz/t silver respectively), B LUC2023-57 ( 0.7 oz/t gold / 3 oz/t silver), C LUC2023-49 & 50 (1.7 oz/t gold / 189 oz/t silver & 1.2 oz/t gold / 84 oz/t silver respectively), D LUC2023-66 & 67 (1.5 oz/t gold / 15 oz/t silver & 1.1 oz/t gold / 32 oz/t silver respectively).

Tworek added, "These positive results, along with historical data are being modeled and analyzed to produce underground and surface drill targets for our upcoming Q1/Q2 drill program.  We look forward to updating our investors on additional plans for the 2024 field season once this modeling is complete "

About the Lucero Project

Formerly operated as the Shila mine from 1989 to 2005 by Buenaventura (NASDAQ:BVN), Lucero consists of 10,813 hectares located in the Shila range of southern Peru, which contains several historic high-grade gold-silver mines. Lucero consistently delivered high grades during 16 years of operations, and between 1998 and 2004 reported production averaging approximately 18,800 ounces of gold and 435,000 ounces of silver per year at grades of 14.0 g/t gold and 373 g/t silver, with recoveries at the ore processing facility averaging 94.5% for gold and 85.5% for silver.

QA/QC

All samples were collected by Helmut Herrera of SLM Mining Services S.A.C of Peru (Lima) and submitted to Certimin  S.A. of Peru (Lima). Samples were prepared by crushing to 90% passing <2mm, with a 250-gram split pulverized to 85% passing 75 micrometers, and analysed by four acid digestion followed by Inductively Couple Plasma with an Optical  Emission Spectrophotometry detector (ICP-OES) for 35 elements including silver, while gold was analyzed by Fire Assay with a 30-gram sample with an Atomic Absorption Spectrophotometry detector (AAS) finish for assay up to 10 g/t. Overlimit gold was analysed by fire assay with a gravimetric finish. Overlimit Silver (>100 g/t) was analysed by four acid digestion and AAS finish, silver >1000 g/t was analysed by fire Assay with a gravimetric finish.  Overlimit lead and zinc were analysed by ore grade techniques using four acid digestion and ICP-OES finish.

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a "qualified person" as defined by National Instrument 43-101.

About Element79 Gold Corp

Element79 Gold Corp is a gold and silver mining company committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects.  Element79 Gold's core focus is on developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production in 2024.

The Company also holds a portfolio of 5 properties along the Battle Mountain trend in Nevada, with the Clover and West Whistler projects believed to have significant potential for near-term resource development. Three properties in the Battle Mountain Portfolio are under contract for sale to Valdo Minerals Ltd., with an anticipated closing date in the first half of 2024.  The Company has also signed an Option Agreement to sell the Maverick Springs project, an advanced-stage exploratory property with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) (see 43-101 technical report titled: Amended Technical Report on the Maverick Springs Project, Nevada, USA, by Allan Armitage, PhD., P.Geo, and Rohan Millar, B.Sc. P.Geo., dated October 7, 2022, available on SEDAR) and anticipates completing this sale on or before July 21, 2024.  

In British Columbia, Element79 Gold has executed a Letter of Intent and funded a drilling program to acquire a private company that holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James.

The Company has an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, and has recently announced that it has transferred this project to its wholly-owned subsidiary, Synergy Metals Corp, and is advancing through the Plan of Arrangement spin-out process.

The Company’s 2023 review and Corporate Update can be reviewed HERE

For more information about Element 79 Gold Corp., please visit www.element79.gold.

For corporate matters, please contact:

James C. Tworek, Chief Executive Officer

Email: jt@element79.gold

For investor relations inquiries, please contact:

Investor Relations Department
Phone: +1 (403)850.8050
Email: investors@element79.gold

Cautionary Note Regarding Forward Looking Statements

This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the Company's other public disclosure documents, available on www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

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