Element79 Gold is a mining 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 ("Maverick Springs") between the Elko and White Pine Counties in Nevada, USA and recently completed an 43-101-compliant, pit-constrained mineral resource estimate (MRE) on the flagship Maverick Springs project located in the famous gold mining district of northeastern Nevada. The MRE report reflects an Inferred resource of 3.71 million ounces of gold equivalent (AuEq; 68.9 g/t silver equivalent) and has the effective date of Feb. 4, 2022.
The acquisition of Maverick Springs also included a portfolio of 15 properties along the Battle Mountain trend in Nevada and is completing analysis on these properties for further merit of exploration, along with the potential for sale or spin-out.
The Company has signed an LOI for the acquisition of two previously-producing high-grade Au-Ag mines in Peru, with the intent on completing the acquisition of these assets in June 2022. The Company’s management, exploration and operations teams have completed their due diligence trip to Peru to review these assets and establish its in-country Operations team. The intent of this asset purchase is to bring on production and generate cash flow from these assets within 12-18 months from their acquisition.
In British Columbia, the Company has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James.
The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township.
Element79 Gold's flagship property, the Maverick Springs Project, consists of approximately 4,800 acres across 247 unpatented claims that straddle the border of Elko County and White Pine County, proximate to the Carlin Trend, a belt of gold deposits approximately 5 miles wide and 40 miles long that is one of the world's richest gold mining districts, having produced more gold than any other mining district in the US.
The Company has recently completed an 43-101-compliant, pit-constrained mineral resource estimate (MRE) on the flagship Maverick Springs project located in the famous gold mining district of northeastern Nevada. The MRE report reflects an Inferred resource of 3.71 million ounces of gold equivalent (AuEq; 68.9 g/t silver equivalent) and has the effective date of Feb. 4, 2022.
The Maverick Springs Project is located just 30 kilometers northeast of Kinross's Bald Mountain Mine with measured and indicated resources (inclusive of proven and probable reserves) of 4.5 million ounces grading 0.52 g/t gold.
The Battle Mountain Portfolio is comprised of 15 separate projects that total over 44,478 acres across 2,203 unpatented claims in five counties: Elko County, Eureka County, Humboldt County, Lander County, and Nye County.
The majority of the Battle Mountain Portfolio is located within the Battle Mountain Trend, with several projects in close proximity to globally reputable gold deposits including Nevada Gold's Cortez Mine, the third largest gold mine in North America and the sixth largest in the world, which reported 2020 gold production at 799,000 ounces. The same belt of deposits also contains the recently discovered Goldrush complex that, as of 2016, carries measured and indicated resources of 25.2 million tonnes grading 10.6 g/t, representing 8.6 million ounces of gold in the ground.
The Snowbird High-Grade Gold Project consists of 2,726 hectares across ten mineral claims located in Central British Columbia approximately 20 kilometers west of Fort St. James.
Element79's 2021 Fall Drill Program will include a minimum of 3,000m of drilling that will test the Snowbird Project mineralized system (the "Gold System") below 400m vertical depth (the maximum depth to which the Gold System has been tested to date). The Gold System is interpreted to be a mesothermal (orogenic) system, which are known to have excellent depth continuity extending to several kilometers.
The Dale Property is situated in Ontario Canada's Swayze Greenstone Belt; between two high-strain zones. The Horwood Fault System transects north-south and centrally through it. Gold has been found at the contact of the mafic volcanic and is generally underexplored to date with what we believe to be lots of exploration upside. In January 2022, Element79 increased the size of its existing 1,735 hectare property by staking an additional 245.5 hectares directly adjacent to the Western and North-Western borders of its existing claims, bringing the total land package to 1,980.5 hectares.