VANCOUVER, BC / ACCESSWIRE / September 24, 2021 / Element79 Gold Corp. (CSE:ELEM)(FSE:7YS) ("Element79 Gold", the "Company") is pleased to provide an update on its ongoing progress within the Abitibi Subprovince targeting bulk tonnage style gold mineralization at its Dale Gold Property in Ontario, Canada. Mobilization has begun for Phase 1, focused on following up on historic prospecting which has returned up to 3.82 g/t gold.(1)
Work Program Leadership and Team: A Long History of Mining
Element79 Gold is pleased to have the experienced leadership of its director, Mr. Neil Pettigrew, M.Sc, P.Geo., and his team at Fladgate Exploration Consulting Corporation ("Fladgate") managing the Phase 1 program on the Dale Gold Property. The Fladgate team has historically worked with clients such as Barrick Gold Corporation ("Barrick Gold") (NYSE listed) and Newmont Corporation ("Newmont") (NYSE listed) and several names which have gone on to be acquired including Goldcorp, Inc. (acquired by Newmont), PC Gold Inc. (acquired by First Mining), and Placer Dome (acquired by Barrick Gold).
Detailed Work Plan and Progress
The Element79 Gold team is utilizing both historical data and the earlier Spring 2021 drone-based magnetometer survey to focus reconnaissance mapping, prospecting, and soil sampling. In addition trenching and channel sampling will carried out on existing gold showings identified by the vendors of the property which have returned up to 3.82 g/t gold.(1) The Company intends to pursue the Phase 2 work program (including 1,500m of diamond drilling) as recommended within the 43-101 Technical Report following favourable results from Phase 1.(1)
Figure 1. 2021 Drone magnetic Survey, Total Field: The Property outline is in yellow. The Dale stock outlined by thin dashed line; potential gold bearing NE trending structures marked by thick dashed lines; late regional N-S faults marked by thick intermittent dashed line. 2020 Prospecting samples are marked by yellow triangles labelled with gold grade in g/t.
Surrounding Area Hosts Some of the World's Largest Gold Deposits
The Dale Property is a highly prospective early-stage gold project located in the Swazye greenstone belt, which is turn is part of the Abitibi Subprovince which hosts some of the world's largest gold deposits, e.g. the Timmins camp which has produced over 70 million ounces of gold (Figure 2). The Swazye greenstone belt is best known for hosting IamGold's Côté Lake deposit which contains 10.2 million ounces Measured and Indicated and 3.8 million ounces Inferred(2), and is located 50 km southeast of the Dale Property (Figure 2). The Côté Lake project received a Positive Construction Decision in July 2020(3) and plans to achieve commercial production in 2023.
Figure 2. Simplified Regional Geology of the Dale Project Area, showing nearby significant deposits and producing mines.(5)
Strong Gold Market Outlook Presents Prime M&A Environment
Element79 Gold believes market conditions are ripe for value-driven gold acquisitions and is actively reviewing several advanced project acquisition opportunities. The Company expects to create significant additional value for its investors both immediately and over the long term as a result of its growing M&A pipeline. In fact, Goldman Sachs' latest research note forecast gold at USD $2000/oz in 3, 6, and 12-month horizons.(4)
Element79 Gold Website Update: Snowbird High-Grade Gold Project
The Company would like to bring attention to the first round of update content on its corporate website, www.Element79.Gold and www.Element79Gold.com highlighting its latest acquisition announcement, The Snowbird High-Grade Gold Project which is a structurally controlled mesothermal deposit with geology that is analogous to the famed Mother Lode District of California and the Bralorne Mine Complex of British Columbia. Unlike shallow epithermal deposits, mesothermal deposits can have significant depth extent measured in kilometers. The gold system at the Snowbird High-Grade Gold Project has only been tested to a maximum depth of 400 meters (one hole) with the vast majority of the drilling being shallower than 200 meters. The company is busy compiling data and generating drill targets. Upon completion of its acquisition, the company intends to provide an update of its Work Program plans.
Qualified Person
The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a "qualified person" as defined by National Instrument 43-101.
About Element79 Gold
Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. The Company has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township. For more information about the Company, please visit www.element79.gold or www.element79gold.com
Contact Information:
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
E-mail: [email protected]
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1 (604) 200-3608
E-mail: [email protected]
Sources
Element79 Gold makes no warranty as to the completeness, accuracy, verifiability, or suitableness of any of the information contained on the following third-party links and expressly undertakes no obligation to update the following links.
(1) Element79 Gold Corp., May 4, 2021, 43-101 Technical report on the Dale Property, Section 9.6, available on SEDAR
(2) IamGold Corp., February 17, 2021, Annual Information Form https://s2.q4cdn.com/610165863/files/doc_downloads/2021/02/FINAL-2020-AIF-Feb-17-2021.pdf
(3) IamGold Corp., July 21 2020, News Release https://www.iamgold.com/English/investors/news-releases/news-releases-details/2020/IAMGOLD-to-Proceed-with-Construction-of-the-Ct-Gold-Project-in-Ontario-Canada/default.aspx
(4) https://www.kitco.com/news/2021-07-21/Goldman-Sachs-is-looking-for-2K-for-Gold.html
(5) Figure 2.
A. Cote Lake Deposit: IamGold Corp., February 17, 2021, Annual Information Form https://s2.q4cdn.com/610165863/files/doc_downloads/2021/02/FINAL-2020-AIF-Feb-17-2021.pdf
B. Island Gold Deposit: Alamos Gold Inc., March 23, 2021, Annual Information Form, https://s24.q4cdn.com/779615370/files/doc_downloads/2021/AnnualInformationForm2020/991-2020-Annual-Information-Form-March-30-2021-FINAL.pdf
C. Borden Deposit: Probe Mines Ltd., June 10, 2014, 43-101 Technical Report: Mineral Resource Estimate Update, Borden Gold Project, Project No. V1393, available on SEDAR
D. Jerome Deposit: Augen Gold Corp., August 6, 2011, 43-101 Technical Report on a Resource Estimate on the Jerome Mine Property, available on SEDAR
E. Timmins Camp Gold Production: DigiGeoData, June 2021 Map https://digigeodata.com/area/timmins/
(6) Gitennes Exploration Ltd., May 4, 2021, News Release https://www.gitennes.com/site/assets/files/5689/snowbird_high_grade_gold_project_drilling_update.pdf
(7) PC Gold Inc., Sept 15, 2014, News Release https://www.globenewswire.com/news-release/2014/09/15/1479477/0/en/PC-Gold-Increases-Pickle-Crow-Resource-Based-on-Initial-Resource-Estimate-for-No-22-and-23-Veins.html
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Technical Disclaimer
This news release and related maps contain information about adjacent properties and properties with similar characteristics on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties or properties that share similar characteristics are not indicative of mineral deposits on the Company's properties. Readers are also cautioned that this news release contains historical technical information which is based on prior data prepared by previous property owners. A qualified person has not done sufficient work to confirm such information; significant data compilation, re-drilling, re-sampling and data verification may be required to do so.
Cautionary Note Regarding Forward Looking Statements
This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the Company's other public disclosure documents, available on www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
SOURCE: Element79 Gold Corp.