Element79 Gold acquired its flagship Maverick Springs Project and 15 additional Projects that comprise the Battle Mountain Portfolio, located in the gold mining regions of northeastern Nevada, on Dec.23, 2021.
The Battle Mountain Portfolio is one of the largest mineral land packages in Nevada with over 2,000 patented claims, surrounded by Nevada's biggest producing mines.
Substantial historic drilling has been completed with some significant results at some Projects:
- Elder Creek - 155 holes, up to 3.19 g/t Au over 38.96 meters
- Clover - 104 holes, up to 25.3 g/t Au over 9.75 meters
- Long Peak - up to 8.02 g/t Au and 174 g/t Ag over 9.14 meters
Nevada Portfolio - Strategy
Maverick Springs & Battle Mountain
Element79 Gold has a plan to bring Maverick Springs through the phases of development and engineering (PEA -> PFS -> FS) to advance the flagship project and increase the value of it along the way.
The Battle Mountain package has been strategically stratified into three tiers of properties based on their level of development and economic potential.
Third parties that have steadily expressed interest in the prospect of joint-venturing for minority work-in investment and development of some key assets within the Battle Mountain Portfolio. Along with this strategy, the portfolio is being reviewed for the projects' potential to be developed in-house, sale to third-parties or become Properties of Merit (alone or in smaller groups) for spin-out.
Read more from the company presentation here.
3 Key Potential Catalysts To Know Now - What Could Drive Element79 Gold Vertically Near Term
#1. Element79 Gold Completes Acquisition of High-Grade Peruvian Gold Portfolio
Historic production averaging up to 19 g/t Au Equivalent, Recent sampling returned up to 116 g/t Au Equivalent, Includes one of the highest-grade underground mines in Peru's history
VANCOUVER, BC / ACCESSWIRE / June 29, 2022 /Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) ("Element79 Gold", the "Company") announces that pursuant to the definitive share purchase agreement dated June 19, 2022 (the "Agreement"), it has closed the acquisition of all of the issued and outstanding common shares of Calipuy Resources Inc. ("Calipuy") from the shareholders of Calipuy (the "Calipuy Shareholders"). Calipuy, through its subsidiaries, holds 100% interest in two past producing gold-silver mines: the Lucero mine ("Lucero"), one of the highest-grade underground mines in Peru's history(1) at grades averaging 19.0 g/t Au Equivalent ("Au Eq") (14.0 g/t gold and 373 g/t silver),(1,2) as well as the Machacala Project ("Machacala" and, together with Lucero, the "Properties") which averaged production grades of 10.5 g/t Au Eq (6.0 g/t gold and 340 g/t silver).(3) Operations were suspended in 2005 at Lucero and 1991 at Machacala due to the persistence of low gold and silver prices at the time. Element79 Gold has previously disclosed the terms of the Agreement (see news release dated June 20, 2022, available on SEDAR).
Highlights of the High-Grade Peruvian Gold Portfolio:
- Recent samples at Lucero returned up to 116.8 g/t Au Eq (78.7g/t Au and 2,856 g/t Ag)(9); Consistent with historic high grade production of 19.0 g/t Au Eq (14.0 g/t Au and 373 g/t Ag) between 1998 and 2004(2); Recent historic prospecting indicates potential for additional bulk-tonnage high-sulphidation gold-silver deposit
- Most recent drilling at Machacala returned up to 15.7 g/t Au Eq (13.55 g/t AU and 164 g/t Ag) over 3.15m in the drill hole Ma-04 on the Fragua vein(10); 230,000 tonnes of historical production averaging 10.5 g/t Au Eq (6.0 g/t Au and 340 g/t Ag) from 1979 to 1991(3);
"The closing of the Calipuy transaction delivers high-grade assets, potentially capable of operating in the near-term, to Element79 Gold's growing portfolio, offering an expedited route toward cash-flow generation through these significant production-stage properties," commented James Tworek, President and CEO of the Company. "With the on-site team being assembled and planning is underway for both sites, Element79 Gold's focus is to accelerate the timeline to operations at these properties by expanding on current datasets and exploration at each asset."
Peru has a mining-friendly legislation that allows up to 350 tpd production while larger scale production permitting is underway. Element79 Gold has previously stated that it intends to pursue the opportunities aggressively (see news releases dated March 10, 2022, March 17, 2022, and June 20, 2022, available on SEDAR).
Read the full article here.
#2. Element79 Gold Reports Results of 2021 Dale Property Phase I Exploration Program, Announces Annual General Meeting
2021 Phase I Exploration Program yields results comparable to early prospecting samples which returned up to 3.8 g/t gold
VANCOUVER, BC / ACCESSWIRE / June 3, 2022 / Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) ( "Element79 Gold" , the " Company ") today announced an update on the results of its 2021 Phase I Exploration Program (the "Work Program") on the Dale Property, located within the Swayze Greenstone belt of the Abitibi Subprovince.
The Work Program, consisting of bedrock trenching and soil sampling, was designed to follow up on several prospecting samples taken by the vendor of the Dale Property which indicated the presence of elevated gold, and was completed over several weeks in the fall of 2021.
Highlights of the Work Program:
- Largely reproduced earlier prospecting results by the Vendors of the property which returned up to 3.8 g/t gold (Au); Samples yielded up to 2.6 g/t Au
- East-west trending mineralized deformation zones with elevated gold values appear to be common across the property; Potential to form an economic mineral resource
- Results of the Work Program warrant an extensive mapping, prospecting and soil sampling program over the Dale Property to identify additional mineralized shear zones
"The first phase of exploration on the Dale Property yielded highly-valuable data on its underlying geological trends and mineralization, supporting the team's initial expectations based on early prospecting samples," remarked James Tworek, President and CEO of Element79 Gold. "Results affirming prospective mineralization in such an established gold mining territory merit a more expansive Phase II exploration program to further solidify the Company's ongoing development strategy at the Dale Property."
Read the full article here.
#3. Element79 Gold Announces $5M Equity Facility Upsized to $10
MVANCOUVER, BC / ACCESSWIRE / May 5, 2022 / Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) ("Element79 Gold", the "Company") is pleased to announce that Crescita Capital LLC ("Crescita") has increased its equity drawdown facility commitment to the Company from $5M to $10M. The additional funding is being made available pursuant to an amendment dated May 2, 2022 (the "Amendment") to the original Investment and Advisory Agreement with Crescita dated September 14, 2020 (the "Original Agreement", and together with the Amendment, the "Agreement"). The Company is able to make drawdown requests for funding, from time to time, pursuant to the facility and on closing of each drawdown, the Company will issue common shares to Crescita in accordance with the terms of the Agreement.
The Company has fully utilized the initial $5M of Crescita's invested capital in its corporate development and project advancement since its IPO in August 2021, including completing the Phase 1 exploration program on the Dale property, the drilling program on the Snowbird property, and closing on the acquisition of the Nevada portfolio. Element79 Gold intends to utilize the additional capital to continue progress on its high-tempo development strategy, including the upcoming acquisition of the high-grade Peruvian gold portfolio of Calipuy Resources Inc. ("Calipuy"), the continued advancement of the 43-101 compliant mineral resource at the Company's flagship Maverick Springs Project, and further exploration of the highly prospective Battle Mountain Portfolio. Near term, additional diamond drilling and metallurgical studies are planned to enable a significant portion of the Maverick Springs resource to be upgraded from the inferred to the indicated category.
"Securing this additional capital, particularly in this market environment where many in-vest-ors are tightening their purse strings, could not be a stronger vote of confidence for Element79 Gold," remarked James Tworek, CEO of Element79 Gold. "We appreciate Crescita's repeated investment and belief in our story. The timing is excellent. Element79 Gold now enters into its next phase of development from a position of strength, with the ability to focus on the long-term strategic wins for all our stakeholders."
Read the full article here.
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