Mr. James Tworek reports

ELEMENT79 PRESENTS 2023 WORK PLAN FOR DALE PROPERTY, EMPHASIZING STRATEGIC DIRECTION

Element79 Gold Corp. has reviewed and approved its comprehensive 2023 work plan for the Dale gold property, situated in the Porcupine mining division, Dale township, Ontario, Canada. The work plan will start immediately in July, 2023.

"Today's announcement is driven by the strong commitment to continued progress while emphasizing our strategic direction, enabling a smooth spinout of Synergy Metals Corp., as recently announced," said James Tworek, president and chief executive officer of Element79. "The successful execution of the Dale property work plan will reinforce our ability to showcase the property's great potential, which in the future, through continued work by Synergy Metals Corp., could boast successes similar to what our regional neighbours GFG Resources see in their recent exploration successes and Iamgold's upcoming Cote mine opening. We look forward to receiving and sharing the results of this campaign later this summer."

The 2023 Dale property exploration program

The proposed prospecting, stripping and sampling program outlines a comprehensive ground campaign targeting additional gold mineralization. All activities will be meticulously documented and analyzed, in preparation for a revised National Instrument 43-101 technical report to be filed at a future date.

Innovative exploration with Sherp Centaur

Element79 will employ a Sherp Centaur, one of the most advanced amphibious vehicles on the market, providing the exploration team with unprecedented mobility, giving them access to previously inaccessible areas on the property with rugged or wet terrain and generating significant costs savings compared with using a helicopter for access.

High-potential prospecting locations

Element79 Gold and historic operator Placer Dome Canada Ltd. have previously identified numerous highly anomalous zones of quartz veining and/or shearing on the Dale property through conventional prospecting from areas easily accessible via Horwood Lake by boat. The current work plan aims to extend these discoveries inland to verify their continuity.

Additionally, the Dale property has shown potential for other styles of mineralization such as volcanogenic massive sulphide (VMS) in the volcanics rocks surrounding the Dale granodiorite stock. Notably, the current program will target massive pyrite dikelet in the north part of the property which has returned anomalous silver. Over all, the Dale property boasts numerous gold, silver and other anomalous occurrences that present an exciting opportunity for Element79 Gold and spinout of Synergy Metals.

Experienced team of prospectors

The prospecting team will be led by two experienced prospectors who bring extensive wilderness, mineral exploration and Sherp Centaur operation skills, ensuring a successful and efficient campaign.

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 and silver 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: developing its previously producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to 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 AuEq (0.34 g/t Au and 43.4 g/t Ag) 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 km southwest of Timmins, Ont., and has recently announced that it has transferred this project to its wholly owned subsidiary, Synergy Metals, and is advancing through the Plan of arrangement spinout process through the rest of 2023. The company continues to negotiate the sale of its non-core Battle Mountain projects and the Snowbird property.

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