Element79 Gold reports more high-grade gold at Lucero, Peru  

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Element79 Gold Corp. [CSE-ELEM; OTC-ELMGF; FSE-7YS0] announced final results of the 2023 work campaign that SLM Resource Group (SLM) completed at the Lucero mine project in Arequipa, Peru.

Highlights: ELEM’s 2023 focus was on identifying and revisiting historic workings at the past-producing Lucero mine where previous commercial production came from: Apacheta, Pillune and Sando Alcalde Areas.

A total of 72 chip samples were collected as part of the 2023 SLM program, with the final 27 taken from the Pillune and Sando Alcalde areas forming this release; 1.7 oz/ton gold and 189 oz/ton silver at Sando Alcalde, sample LUC2023-059; 2.6 oz/ton gold and 3 oz/ton silver at Pillune, sample LUC2023-063.

These assays results reflect multi-ounce Gold and multi-ounce Silver nature of the Lucero mineralization and reinforces the significant potential of restarting this past-producing mine in the near term. Further lab assays from later 2023 work campaigns are being received shortly and will be released as soon as available.

We are grateful for SLM’s body of work and pleased with its results as it has helped shine a light on the current state of the vein in the historic workings and project viability. As anticipated, this final batch of 27 assays from SLM’s 2023 underground sampling program revealed impressively high-grade gold and silver mineralization, up to 2.6 oz/ton gold and 189 oz/ton silver, in addition to some great base metals results. Combined with the chip sample assays that were received from SLM’s work at the Apacheta and Pillune regions of the Lucero mine, this clarifies an exciting picture of what we believe will be a significant, high-grade mining operation.” said James Tworek, CEO and Director.

Assay samples were collected underground as chip samples across several veins from the Pillune and Sando Alcalde Areas, where local Informal miners have worked sporadically since the Lucero (then, Shila) mine ceased commercial production in 2005. The 2023 work program carried out by SLM Resource Group focused on three different underground workings and revealed high-grade gold-silver mineralization and host veins ranging from  0.1 to 0.3 metres thick.

“The areas of the Lucero project that we are focused on in the initial stages of development are the veins that have provided past commercial production. These final assay results form a complete set of data from the SLM work campaign from 2023 undoubtedly confirm the high-grade nature of the former mine, consistent with visible mineralization observed during our team’s site visits and by prior operators,” said James Tworek, CEO. “Along with data from our 2023 and previous work programs, we will be analyzing and modelling these results as drivers for drill targeting in and around the commercially exploitable veins.”

Tworek added, “These positive results, along with historical data are being modeled and analyzed to produce underground and surface drill targets for our upcoming Q1/Q2 drill program.  We look forward to updating our investors on additional plans for the 2024 field season once this modeling is complete.”

Formerly operated as the Shila mine from 1989 to 2005 by Buenaventura [NASDAQ-BVN], Lucero consists of 10,813 hectares located in the Shila range of southern Peru, which contains several historic high-grade gold-silver mines. Lucero consistently delivered high grades during 16 years of operations, and between 1998 and 2004 reported production averaging approximately 18,800 oz gold and 435,000 oz silver per year at grades of 14.0 g/t gold and 373 g/t silver, with recoveries at the ore processing facility averaging 94.5% for gold and 85.5% for silver.

Element79 Gold’s core focus is on developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production in 2024.

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