Element79 files NI 43-101 report for Maverick Springs project, Nevada
Element79 Gold Corp. [ELEM-CSE; 7YS-FSE] filed a NI 43-101 technical report on the flagship Maverick Springs project located in the famous gold mining region of northeastern Nevada. The independent report was prepared by SGS Canada Inc.
Highlights of the technical report on Maverick Springs include 3.71 million gold equivalent ounces (AuEq) (278.0M AgEq ounces), within 125.4 million tonnes averaging 0.92 g/t AuEq (68.9 g/tonne AgEq) in the Inferred category.
The Technical Report, filed on SEDAR on February 4, 2022, was completed by Allan Armitage, PhD., P. Geo., and Rohan Millar, B.Sc., P. Geo. of SGS Canada Inc. with an effective date of October 7, 2021. The Technical Report includes an updated Mineral Resource Estimate which incorporates an additional 52 drill holes drilled since the historical 2004 Mineral Resource Estimate by Snowden Mining Industry Consultants Inc. and is constrained by a conceptual Whittle Pit.
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.
The Maverick Springs Project is located 30 km northeast of the Kinross 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 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.
The acquisition of Maverick Springs included a portfolio of 15 properties along the Battle Mountain trend and the company is completing analysis on these properties for further merit of exploration, along with the potential for sale or spin-out. 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 20k m west of Fort St. James. The company also has an option to acquire 100% interest in the Dale property located approximately 100 km southwest of Timmins, Ontario.