- The Lucero Property in Peru: This high-grade gold and silver mine, a previously producing site, shows immense potential. The Lucero property boasts significant grades of gold and silver, with recent assays indicating a promising future for high-grade operations.
- The Maverick Springs Project in Nevada: Located near the prolific Carlin Trend, this project holds great promise for open-pit mining due to its unique geology. Element79 Gold has conducted extensive exploration here, resulting in a substantial inferred resource estimate.
- Financing and Future Development: The successful closure of a private placement in December 2023 highlights investor confidence in Element79 Gold’s strategy.
Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS), a prominent player in the mining industry, is dedicated to maximizing shareholder value through responsible mining practices and sustainable development of its projects. With a strong focus on gold and silver, Element79 Gold has positioned itself as a leader in the market, committed to delivering results while upholding the highest environmental and social standards.
“The Fraser Institute’s mining survey is the most comprehensive report on government policies that either attract or discourage mining investors, and this year Nevada ranks highest of anywhere in the world,” said Elmira Aliakbari, director of the Fraser Institute’s Centre for Natural Resource Studies and co-author of the report.
The Lucero Property: A Promising Venture
One of Element79 Gold’s flagship projects is the Lucero property, located in Arequipa, Peru. This high-grade gold and silver mine has a rich history and immense potential for future development. Lucero, a previously producing mine, boasts impressive grades, with an average of 19.0g/t Au Equivalent (Au Eq) (14.0 g/t gold and 373 g/t silver) during its five years of production ending in 2005. Recent assays from underground workings in March 2023 have further validated the potential for a significant high-grade future operation, with samples yielding up to 11.7 ounces per ton of gold and 247 ounces per ton of silver.
Element79 Gold’s commitment to the Lucero property is evident in its strategic acquisitions. The company acquired the Roxana Vein and the surrounding 1200ha property, Lucero del Sur 28, through an auction held in May 2023. Located east of the high-grade Lucero gold-silver project, this acquisition consolidates Element79 Gold’s focus in the region and highlights the company’s belief in the geology and untapped potential of the area.
With a permitted and clear runway to cash flow generation, Element79 Gold has developed a comprehensive strategy to bring Lucero back into production. The first phase involves exploring the Roxana Vein, which has shown promising historical results. Informal workers in the past have extracted over 12,000 tonnes of ore from the Roxana vein, yielding grades of 12.5 g/t Au and 1.2 oz/t Ag[^2]. Building on this historical data, Element79 Gold aims to develop geological models and identify drilling targets to support a future drilling campaign in mid-2024.
The Maverick Springs Project: Unlocking Potential in Nevada
Element79 Gold’s portfolio also includes the Maverick Springs project, located in the famous gold mining district of northeastern Nevada, USA. Positioned between Elko and White Pine Counties, this project holds immense promise and is strategically located near the Carlin Trend, one of the world’s richest gold mining districts.
The Carlin Trend has a remarkable track record, having produced over 92.5 million ounces of gold since the original Carlin Mine went into production in 1965. Maverick Springs, with its proximity to this prolific trend, presents an exciting opportunity for Element79 Gold. The project is a silver-rich sediment/carbonate-hosted deposit, similar to the renowned silver-rich epithermal deposits found in Nevada, such as the Comstock Lode and Tonopah Districts.
The Maverick Springs deposit is characterized by a 30-120 meter thick, flat-lying zone centered on an anticlinal structure. Oxidation is pervasive to 120 meters, with intermittent oxidation extending to 270 meters. This unique geology and the possibility of additional mineralization above the flat-lying zone make Maverick Springs an attractive prospect for open-pit mining.
Element79 Gold acquired the Maverick Springs project in December 2021 and has conducted extensive exploration work, culminating in a 43-101-compliant, pit-constrained Mineral Resource Estimate. The estimate reflects an inferred resource of 3.71 million ounces of gold equivalent, comprising 1.37 million ounces of gold and 175 million ounces of silver.
To further unlock the full potential of Maverick Springs, Element79 Gold has planned an extensive work program for 2023 and 2024. This program includes revisiting past drilling results, sampling, trenching, shallow drilling in infield locations, metallurgical work, and potentially LiDAR and Magnetic Resonance studies. These efforts aim to refine the geological understanding of the deposit, identify additional mineralization, and pave the way for future resource development.
Financing the Future
In December 2023, Element79 Gold successfully closed a private placement, raising gross proceeds of $600,000. The offering involved the issuance of 5,309,735 common shares at a price of $0.113 per share. This strategic investment from a long-term perspective investor demonstrates confidence in Element79 Gold’s project strategy and the team’s ability to execute.
The net proceeds from the private placement will be used for general corporate purposes, further advancing the Lucero and Maverick Springs projects. Element79 Gold remains steadfast in its commitment to responsible mining practices and sustainable development, while consistently striving to deliver value to its shareholders.
Conclusion
Element79 Gold (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) is a leader in responsible mining practices, with a focus on gold and silver projects. The Lucero property in Peru and the Maverick Springs project in Nevada showcase the company’s commitment to maximizing shareholder value through sustainable development and strategic acquisitions. With a robust portfolio and a dedicated team, Element79 Gold is poised for success in the mining industry.
As Element79 Gold continues its exploration and development efforts, the company remains steadfast in its commitment to responsible and sustainable mining practices. By leveraging its expertise and strategic acquisitions, Element79 Gold is well-positioned to deliver value to its shareholders while contributing to the responsible development of the mining industry. With a focus on gold and silver projects, Element79 Gold is a leading player in the market, driving innovation and setting new standards for the industry.
Marc has been involved in the Stock Market Media Industry for the last +4 years. After obtaining a college degree in engineering in France, he moved to Canada, where he created Money,eh?, a personal finance website. He then contributed to building Guerilla Capital, a Capital Markets company and FirstPhase Media where he is head of research. At10xAlerts, he writes articles and conducts interviews on many sectors, including technology, metals & mining markets.
