Element79 releases Nevada gold estimate

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Element79 Gold Corp [ELEM-CSE, ELMGF-OTC PINK, 7YS-FSE] has released an updated National Instrument 43-101-compliant resource estimate for its flagship Maverick Springs project in northeastern Nevada.

The project is estimated to contain 3.71 million gold equivalent ounces (AuEq), within 125.4 million tonnes of pit-constrained material at an average grade of 0.92 g/t AuEq (68.9 g/t silver equivalent AgEq) in the inferred category.

The open pit resources are reported at a cut off grade of 22.5 g/t AgEq, which is based on a gold price of US$1,650 per ounce and a silver price of US$22 per ounce, as well as a gold recovery of 75%, a silver recovery of 85% and reasonable mining, processing and transportation costs.

That compares to a historic AuEq resource of 1.7 million ounces in the indicated category and 1.9 million ounces in the inferred category, with a cut off grade of 34.3 g/t AgEq, calculated using 2004 values of US$327 per ounce of gold and US$4.77 per ounce of silver.

The updated estimate incorporates an additional 52 drill holes that were completed since the calculation of the historic resource.

Element79 is a Canadian gold exploration company with a focus on the acquisition and development of high-potential gold assets located in favourable, established mining jurisdictions, including Nevada, British Columbia and Ontario.

The company has executed a letter of intent to acquire a private company which holds an option to acquire a 100% of the Snowbird high-grade gold project in central British Columbia.

Its assets also include the “Battle Mountain Portfolio,” which consists of 15 separate projects that cover over 44,478 across 2,203 unpatented claims in five counties. The 15 properties are primarily located along the Battle Mountain-Eureka Trend, a belt fo gold deposits spanning over 100 miles in length between Battle Mountain and Eureka, Nevada. The region is home to several of the largest gold mines in the United States.

The company completed an IPO in August, 2021, on the Canadian Securities Exchange and traded at $1.04 on January 28, 2022 in a 52-week range of $1.65 and 67 cents.

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 5.0 miles wide and 40 miles long that is one of the world’s richest gold mining districts.

Maverick Springs is located just 30 kilometres northeast of Kinross Gold Corp.’s (K-TSX, KGC-NYSE) Bald Mountain Mine, with measured and indicated resources, including proven and probable reserves, of 4.5 million ounces, grading 0.52 g/t gold.

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