Mr. James Tworek reports

ELEMENT79 GOLD REPORTS HIGH GRADE RESULTS FROM LUCERO GOLD - SILVER PROJECT, AREQUIPA, PERU

Recent assay results have continued to show the significant potential of Element 79 Gold Corp.'s past-producing Lucero mine project in Arequipa, Peru.

"The most recent batch of 21 assay results from the March, 2023, underground sampling program on the Apacheta zone of the Lucero project revealed exceptionally high-grade gold and silver mineralization, 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," said James Tworek, chief executive officer of Element79 Gold.

The most recent assay results were collected underground as chip samples across several veins from the Apacheta zone, where local informal miners had worked sporadically for the last several years. The April work program focused on three different underground workings and revealed high-grade gold-silver mineralization confirming two orientations of mineralized structures. These comprise a roughly east-west orientation associated with higher precious metals and a more northwest orientation associated with higher base metals, both with economic grades (see attached table) and host veins approximately 0.3 metre thick.

"The latest assay results confirm the high-grade nature of the Lucero project, consistent with visible mineralization observed during site visits and by prior operators," said Mr. Tworek, chief executive officer of Element79 Gold. "We have the benefit of a running start as the Lucero project has been in production in the past and many underground workings remain accessible. Our recent work and associated results continue to demonstrate the significant potential of our assets while reinforcing our belief that the project hosts more commercially exploitable veins as it has seen little modern exploration. We will continue monthly work packages following on from this March trip, including anticipating sampling and mapping in the Pillune and Sando Alcalde areas, which were important past producers. We look forward to sharing additional results as we complete these programs in sequence over the next year."

The company's continuing 2023 exploration program includes additional surface and underground mapping, sampling, surveying, data collection and drilling to further identify and delineate existing and new mineralized zones. These data will feed into a geological model for drill planning and assess identified ore shoots for their economic concentrations and production viability. The results of this continuing program will inform the company's next steps in advancing the project toward more aggressive drilling plans as well as bulk sampling extraction.

Mr. Tworek added: "With these positive results, the company makes further progress in line with its 2023 work plan (as announced in the company's news release Feb. 15, 2023), and we look forward to updating our investors on additional positive results from exploration plans as we receive and analyze them."

About the Lucero project

Formerly operated as the Shila mine from 1989 to 2005 by Buenaventura, Lucero consists of 10,805 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 grams per tonne gold and 373 grams per tonne silver, with recoveries at the ore processing facility averaging 94.5 per cent for gold and 85.5 per cent for silver.

Quality assurance/quality control

All samples were collected by Helmut Herrera of SLM Mining Services SAC of Peru (Lima) and submitted to Certimin SA of Peru (Lima). Samples were prepared by crushing to 90 per cent passing 100 grams per tonne) was analyzed by four-acid digestion and AAS finish; silver greater than 1,000 grams per tonne was analyzed by fire assay with a gravimetric finish. Overlimit lead and zinc were analyzed 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, 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 mining company focused on gold, silver and associated metals committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects. Element79 Gold's main focus is on two core properties: the previously producing, high-grade gold and silver mine, Lucero, located in Arequipa, Peru, with the intent to develop a maiden resource on it as well as bring it back into production in the near term; and its flagship Maverick Springs project, located in the famous gold mining district of northeastern Nevada, United States, between the Elko and White Pine counties. Maverick Springs hosts an NI 43-101 compliant, pit-constrained mineral resource estimate reflecting an inferred resource of 3.71 million ounces of gold equivalent at a grade of 0.92 gram per tonne gold equivalent (0.34 gram per tonne gold and 43.4 grams per tonne silver) with an effective date of Oct. 19, 2022. The acquisition of the Maverick Springs project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which are non-core to its primary business focus. In British Columbia, Element79 Gold has executed a letter of intent and financed a drilling program to acquire a private company that 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. The company also has an option to acquire a 100-per-cent interest in the Dale property, 90 unpatented mining claims located approximately 100 kilometres southwest of Timmins, Ont., Canada, in the Timmins mining division, Dale township. The company is analyzing the non-core Nevada projects, the Dale property and the Snowbird property for further merit of exploration, sale or spinout.

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