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Enter Symbol
or Name
USA
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Element79 Gold Corp
Symbol ELEM
Shares Issued 82,119,895
Close 2022-11-16 C$ 0.125
Market Cap C$ 10,264,987
Recent Sedar Documents

Element79 Gold to sell five properties to Centra, Valdo

2022-11-17 09:38 ET - News Release

Mr. James Tworek reports

ELEMENT79 GOLD ENTERS LETTERS OF INTENT TO SELL FIVE PROPERTIES FROM NEVADA GOLD PORTFOLIO

Element79 Gold Corp. has entered non-binding letters of intent with Centra Mining Ltd. and Valdo Minerals Ltd., whereby the company intends to sell a total of five properties from its Battle Mountain portfolio, which comprises 15 properties located in the famous gold mining district of northeastern Nevada, United States.

The properties being considered for sale include:

  • The Long Peak project (34 unpatented claims in Lander county);
  • The Stargo project (337 unpatented claims in Nye county);
  • The Elder Creek project (23 unpatented claims in Lander county);
  • The North Mill Creek project (six unpatented claims in Lander county);
  • The Elephant project (197 unpatented claims in Lander county).

"The potential sale of these claim blocks would allow Element79 Gold to continue unlocking additional value from our vast portfolio of prospective properties while maintaining our established focus on the rapid pace of development at our primary high-grade gold assets," stated James Tworek, president and chief executive officer of Element79 Gold. "Over all, we believe the Battle Mountain portfolio contains several additional targets which warrant extensive exploration and prospecting to further validate historic high-grade samples. Selling some of the portfolio has been a corporate strategy point and this is a great opportunity that allows us both unlock value for our shareholders and to focus our energy on our core projects."

The Long Peak project

The Long Peak project comprises 34 unpatented claims located near Copper basin and the Copper Canyon mine in Lander county, Nevada. Long Peak hosts significant historic prospects, warranting further exploration at Long Peak.

The Stargo project

The Stargo project comprises 337 unpatented claims located south of the Battle Mountain trend in Nye county, Nevada. The large claim block contains attractive host rocks, Tertiary-age intrusives and appropriate-aged structural preparation to represent an attractive area for exploration target development.

The North Mill Creek project

The North Mill Creek project comprises six unpatented claims located at the margins of the Goat Window in Lander county, Nevada. The Goat Window is an exposure of lower plate rocks beneath the Roberts Mountains thrust which are the preferred carbonate host of Carlin-type gold deposits. Previous drilling completed at North Mill Creek yielded encouraging results warranting follow-up exploration.

The Elder Creek project

The Elder Creek project comprises 23 unpatented claims which cover the historic Elder Creek open-pit mine in Lander county, Nevada. Elder Creek is hosted in upper plate rocks where the mine area is believed to represent leakage from the deeper lower plate of the Roberts Mountains thrust, suggesting that deeper targets could host significant mineralization within faulted and anticline folded sedimentary beds.

The Elephant project

The Elephant project comprises 197 claims located at the foot of the mine dumps at Nevada Gold Mines' Phoenix operation. Elephant hosts a covered pediment target with various depths of cover based on the displacement of fault blocks. Limited past drilling has confirmed the presence and mineralization of the Elephant target model.

Terms of the Centra LOI

Under the terms of the Centra LOI, it is anticipated that Centra would purchase all of Element79 Gold's interests and obligations in relation to Long Peak and Stargo in exchange for a total consideration of $1-million payable by the issuance of an aggregate of 2.5 million common shares of Centra at a deemed price of 40 cents per share. The Centra LOI is non-binding and is subject to a 180-day exclusivity period.

Terms of the Valdo LOI

Under the terms of the Valdo LOI, it is anticipated that Valdo would purchase all of Element79 Gold's interests and obligations in relation to North Mill Creek, Elder Creek and Elephant in exchange for a total consideration of $1,125,000 payable by the issuance of an aggregate of 3.75 million common shares of Centra at a deemed price of 30 cents per share. The Valdo LOI is non-binding and is subject to a 180-day exclusivity period.

Qualified person

The technical information in this release has been reviewed and verified by Neil Pettigrew, MSc, PGeo, director of Element79 Gold and a qualified person as defined by National Instrument 43-101.

About Element79 Gold Corp.

Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs project located in the famous gold mining district of northeastern Nevada, United States, between the Elko and White Pine counties, where it has recently completed an NI 43-101-compliant, pit-constrained mineral resource estimate reflecting an inferred resource of 3.71 million ounces of gold equivalent (AuEq) at a grade of 0.92 gram per tonne AuEq (0.34 g/t Au and 43.4 g/t Ag (silver)) with an effective date of Oct. 7, 2021 (see news release Jan. 31, 2022, available on SEDAR). The acquisition of the Maverick Springs project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the company is analyzing for further merit of exploration, along with the potential for sale or spinout. In British Columbia, Element79 Gold has executed a letter of intent to acquire a private company which holds the option to 100-per-cent interest of the Snowbird high-grade gold project, which consists of 10 mineral claims located in central British Columbia, approximately 20 kilometres west of Fort St. James. In Peru, Element79 Gold holds 100-per-cent interest in the past-producing Lucero mine, one of the highest-grade underground mines to be commercially mined in Peru's history, as well as the past-producing Machacala mine. The company also has an option to acquire 100-per-cent interest in the Dale property, which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ont., Canada, in the Timmins mining division, Dale township.

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