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The Maverick Springs Project

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The Maverick Springs Project is located just 30 kilometres northeast of Kinross's Bald Mountain Mine(2).

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, proximal 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.(1).

This project is currently under an option for sale. For more information please refer to the News Release of August 31, 2023

Corporate presentation
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Figure 1

Location Map of the Maverick Springs deposit, and nearby select significant gold mines.

Maverick Springs is a silver-rich sediment/carbonate hosted deposit located adjacent to the famous Carlin Trend (Figure 1) which hosts some of the largest gold deposits in the world, such as Nevada Gold Mines' Carlin Mine, a combination of Newmont Corporation's Carlin Mine and Barrick Gold Corporation's Goldstrike Mine, which reported 1.665 million ounces of gold produced in 2020. (1,4) As of 2019, the Carlin Trend as a whole has produced over 92.5 million ounces of gold since the original Carlin Mine went into production in 1965(6).

In addition to Carlin style gold deposits Nevada is also famous for large silver-rich epithermal deposits such as Comstock Lode and Tonopah Districts.(3) Work by the authors of current MRE suggests that Maverick Springs has similarities to silver rich epithermal deposits. Maverick Springs is a blind deposit comprising a 30-120 metre thick, flat-lying zone centered on an anticlinal structure with oxidation pervasive to 120 metres and intermittent to 270 metres.(5) The fact that Maverick may be an epithermal deposit leaves open the possibility of additional mineralization above this flat laying zone, which could have a significant positive impact on any future open pit mining. The Maverick Springs Project is accessible year-round via gravel road, with a network of drill roads spread throughout its claims. Nearby electrical power can be sourced from the eastern Nevada grid system to the northwest. The claims at Maverick Springs were first staked in 1986, with several exploration programs conducted from 1987 to 2004, including a total of 195 drill holes totaling 47,000 metres.(8)

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OUNCES ON THE BOOKS: MAVERICK SPRINGS

Element79 Gold acquired its flagship Maverick Springs Project located in the Elko and White Pine counties of Nevada, on Dec.23, 2021.

The company has completed a 43-101- compliant, pit-constrained Mineral Resource Estimate (MRE) on Maverick Springs, reflecting an inferred resource of 3.71 million ounces of gold equivalent.

2023/2024 work plans include revisiting the 48,000 metres of core from past drilling, sampling, trenching, shallow drilling infield locations, metallurgical work, potentially LiDAR and Magnetic Resonance studies as well.

Maverick Springs Technical Information

Maverick Springs, exploration of additional acreage and drilling to increase Inferred Resources of beyond today's 3.7MM oz of AuEq (1.37MM oz Au and 279MM oz Ag);

The Maverick property gallery

(1) https://www.kitco.com/news/2021-04-05/Top-10-biggest-gold-mines-in-the-United-States-report.html

(2) Kinross Bald Mountain Mine 2020 Mineral Reserves and Resources https://www.kinross.com/operations/default.aspx#reserves

(3) History of the Silver State Nevada and it's Silver Districts https://www.visualcapitalist.com/nevada-silver-districts/

(4) Evidence for a magmatic origin for Carlin-type gold deposits: isotopic composition of sulfur in the Betze-Post-Screamer Deposit, Nevada, USA - Stephen E. Kesler, Lee C. Riciputi, Zaojun Ye, May 28, 2005 https://deepblue.lib.umich.edu/bitstream/handle/2027.42/46046/126_2005_Article_477.pdf;jsessionid=34000A663A86E4DA526E84CEB03811AD?sequence=1

(5) Vista Gold Corp. News Release 2004 https://www.vistagold.com/news/archive/news-2004/578-vista-gold-corp-announces-updated-resource-estimate-for-the-maverick-springs-project-in-nevada

(6) Special Publication MI-2019: The Nevada Mineral Industry 2019 - Nevada Bureau of Mines and Geology, p. 3 https://pdacnv.com/wp-content/uploads/2021/03/2019_MI_Report_Draft_21621.pdf

(7) Barrick Gold Corporation, March 22, 2019, NI 43-101 Technical Report on the Goldstrike Mine, Eureka and Elko Counties, State of Nevada, USA, available on SEDAR

(8) Vista Gold Corp., December 16, 2002, Resource Estimate Report for the Maverick Springs Project Nevada, USA, available on SEDAR

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ABOUT ELEMENT79

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 is a gold explorer and mine developer on the road to produce from its highly prospective gold camp in Peru. Element79 benefits from the support and expertise of a team of industry leaders as it grows towards becoming a gold producer, targeting the delineation of multi-million-ounce deposits across the Americas.

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