VANCOUVER, British Columbia – TH Newswire – July 17, 2023 Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) (“Element 79 Gold”, the “Company”), a mining company focused on gold, silver and related metals, announced that it has authorized the transfer of all rights and data related to the Dale Assets, a gold exploration project in Ontario, Canada. A wholly owned subsidiary, he founded Synergy Metals Corp (“Synergy Metals”). The company also plans to spin out and sell Synergy Metals through an agreement scheme.
“Transferring the Dale property to Synergy Metals will allow us to continue to focus on our core assets while unlocking the true value and potential of this property,” said James Tworek, President and CEO of Element79. “The anticipated spin-out and sale of Synergy Metals will also provide additional capital for the company’s growth and provide Element79 shareholders with the opportunity to participate in a new independent exploration-focused company with promising gold projects.”
Further details of the proposed transaction, including timing, valuation and distribution of Synergy Metals shares to Element79 shareholders, will be announced in due course. The transaction is subject to regulatory approvals and other customary his CSE requirements.
About the property in Dale
The Company has an option to acquire a 100% interest in the Dale Real Estate. Dale’s fortune was originally staked on June 1, 2012, after the Algoma Talisman appeal failed in December 2010 and several townships were returned to the royal family. Due to its landownership history, Dale Township was privately owned and was not available for conventional piling or prospecting.
The area was staked because of its tectonic and regional relationships with other gold sources and the unusual gold in the glacial outflow sediment back to Dalestock. Other anomalous gold in Ice Age outwashes date back to historic gold mining and support the potential for undiscovered gold in the Dale resource. Placer Dome Canada Limited (PDCL) has completed its most extensive exploration program to date in Dale Township. This includes airborne magnetic and electromagnetic (EM) surveys and subsequent ground activities. Preliminary exploration by the Company has returned exploration samples of up to 2.6 g/t gold from newly exposed trenches (see new release on 3 June 2022).
Figure 1. Simplified regional geology of the Dale Project area. Shows nearby important deposits and mines.
Dale Estate is a highly promising early-stage gold project located in the Swazi Greenstone Belt, which is also part of the Abitibi Territory, home to some of the world’s largest gold deposits, including Timmins Camp, which has produced over 70 million ounces of gold (Figure 1). The Swazi Greenstone Belt, best known for the IamGold Cote Lake deposit containing a measured and indicated 10.2 million ounces and an estimated 3.8 million ounces, is located 50 km southeast of the Dale property (Figure 1). The Cote Lake project received a construction decision in July 2020 and is expected to achieve commercial production in 2024.
qualified person
The technical information in this release has been reviewed and verified by Neil Pettigrew, Director of P.Geo. A “Qualified Person” as defined by Element79 Gold and National Instrument 43-101.
About Element79 Gold
Element79 Gold is a mining company focused on gold, silver and related metals, committed to maximizing shareholder value through responsible mining practices and sustainable development of projects. Element79 Gold’s main focus is on two core assets. One is the development of a previously producing high-grade gold and silver mine, the Lucero Project in Arequipa, Peru, which is intended to resume production in the near future. And its flagship Maverick Springs project is located in the famous gold mining district between Elko and White Pine counties in northeastern Nevada, USA. Maverick Springs hosts a 43-101 compliant Underhole Constrained Mineral Resource Estimate, effective October 19, 2022, reflecting an Inferred Resource of 3.71 million ounces of gold equivalent “AuEq” of grade 0.92g/t AuEq (0.34g/t Au and 43.4g/t Ag). The Maverick Springs Project acquisition also includes the following portfolios: His 15 properties along the Battle Mountain Trend in Nevada. They are not core to our main business focus. In British Columbia, Element79 Gold signed a letter of intent to fund a drilling program to acquire a private company with an option to acquire a 100% stake in the Snowbird High-Grade Gold project. It consists of 10 mineral claims located in central British Columbia, approximately 20 km west of Fort St. James. The Company also has an option to acquire a 100% interest in Dale Properties, 90 unpatented mining rights located in the Timmins Mining Division of Dale Township, approximately 100 kilometers southwest of Timmins, Ontario, Canada. The Company is considering additional exploration, sale and spin-out benefits for its non-core Nevada projects, the Dale Property and the Snowbird Property.
Learn more about our company here. www.element79.gold
contact address
For corporate matters, please contact the following.
James C. Tworek, Chief Executive Officer Email: jt@element79gold.com
Please contact the following for inquiries regarding investor information.
Investor Relations Department
Phone: +1.613.879.9387
Email: Investor @element79.gold
Cautionary Note Regarding Forward-Looking Statements
This press contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws. These statements relate to future events, the Company’s future performance, projections of future results, estimates of amounts that are not yet determinable, and to business prospects or opportunities based on management’s assumptions made based on management’s experience and knowledge of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements regarding the following: Future planning process. exploration activity. Timing and results of exploration activities. capital projects and exploration activities and their possible consequences; Acquisition Opportunity. The impact, if any, on the company. Assumptions may prove incorrect and actual results may differ materially from expectations. Accordingly, forward-looking statements cannot be guaranteed. Accordingly, investors are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that plans, assumptions or expectations based on such statements will be realized. All statements other than statements of historical fact may be forward-looking statements. Statements involving predictions, expectations, beliefs, plans, projections, objectives, future events or performance (often, but not always, words and phrases such as “seek”, “forecast”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “plan”, “predict”, “anticipate”, “could”, “target”, “intend”, “could”, “may”) there is). statements such as “should,” “believe,” and similar expressions) may be “forward-looking statements” rather than statements of historical fact.
Actual results may differ from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. Actual results of exploration activities. Conclusion of the economic evaluation. As plans continue to be refined, project parameters change. commodity prices; fluctuations in ore reserves, grades or recoveries; Actual performance of a plant, equipment or process against specifications and expectations. accident. labor relations. Relations with local communities. Change of State or Local Government. applicable law or changes in its application; Delays in obtaining approvals, financing, or completing development or construction activities. Exchange rate fluctuations. Additional Capital Requirements. government regulation. environmental risk. landfill costs. Outcomes of pending lawsuits. insurance coverage limitations and elements described in our other public documents available at www.sedar.com; Although we have attempted to identify important factors that could cause our actual results to differ materially from those contained in the forward-looking statements, there could be other factors that could cause results to be different from those anticipated, estimated or intended. Although we believe the expectations reflected in these forward-looking statements are reasonable, there is no assurance that these expectations will prove correct and you should not place undue reliance on such forward-looking statements contained herein. These statements are made only as of the date of this document. We do not intend and undertake no obligation to update these forward-looking statements, except as required by applicable law.
Neither the Canadian Securities Exchange nor any market regulator (as that term is defined in Canadian Securities Exchange Policy) is responsible for the adequacy or accuracy of this release.
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