Element79 Gold Corp.
Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals within the mining-friendly jurisdictions of Nevada, British Columbia and Ontario.
In Nevada, the Company closed on its acquisition of the flagship Maverick Springs project on December 23, 2021. This portfolio consists of 247 unpatented mining claims on the border of Elko county and White Pine county, Nevada, and the Battle Mountain Portfolio, which consists of 2,203 unpatented mining claims in Elko county, Eureka county, Humbolt county, Lander county and Nye county, Nevada.
The Maverick Springs Project and the Battle Mountain Portfolio are primarily located in the same belts of gold deposits that house Nevada Gold's most notable properties.
In British Columbia, the Company has executed a letter of intent to acquire a private company, which holds the option to a 100-per-cent interest of the Snowbird high-grade gold project, which consists of 10 mineral claims located in central British Columbia, approximately 20 kilometres west of Fort St. James.
In Ontario, the Company has an option to acquire a 100-per-cent 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.
Maverick Springs Project, Nevada
Element79 Gold's flagship property, 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, one of the world's richest gold mining districts. The Maverick Springs Project is located just 30 kilometers northeast of Kinross's 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.
Maverick Springs is a Carlin-type deposit, which is among the largest hydrothermal gold deposits in the world. Gold production in Nevada is dominated by Carlin-type deposits, similar to Maverick Springs.
The Maverick Springs Project is accessible year-round by 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 Maverick Springs Project hosts a historic gold equivalent resource of 1.7 million ounces (indicated) and 1.9 million ounces (inferred) with cutoff grade of 34.3 g/t silver equivalent.
The Battle Mountain Portfolio, Nevada
The Battle Mountain Portfolio is comprised of 15 separate Projects that total over 44,478 acres across 2,203 unpatented claims in five counties: Elko County, Eureka County, Humboldt County, Lander County, and Nye County. The Battle Mountain Portfolio is primarily located along the Battle Mountain-Eureka Trend, which is home to several of the United States' largest gold mines, including Nevada Gold's world-famous Cortez and Phoenix operations, which produced a combined 1 million ounces of gold in 2020, and SSR Mining Inc.'s Marigold Mine, which is expected to produce approximately 2.37 million ounces of gold between 2018 and 2028.
The Battle Mountain Portfolio is comprised of primarily early-stage projects. While drilling has been completed at some Projects, such as Elder Creek (155 holes) and Clover (104 holes), many have only surface sampling and geophysical surveys completed. Notable drill intersects include 25.3 g/t Au over 9.75 meters at Clover and, according to documentation provided by Waterton Global Resource Management, Inc., 3.19 g/t Au over 38.96 meters at Elder Creek, and 8.02 g/t Au and 174 g/t Ag over 9.14 meters at Long Peak. Of particular note are the Long Peak, Elephant, Elder Creek, North Mill Creek, Clipper, Pipeline South, West Cortez, and Walti Projects which are interpreted to lie along the northwest trending fault that hosts the high-grade Pipeline deposit, which is included in Nevada Gold's Cortez Mine.
Dale Gold Property, Ontario
The Dale property is a highly prospective, early-stage gold project located in the Swayze greenstone belt, which is part of the Abitibi subprovince, which hosts some of the world's largest gold deposits.The Swayze greenstone belt is best known for hosting IamGold's Cote Lake deposit.
2021 Phase 1 Exploration Program
Following up on the high-resolution data obtained from the drone-based magnetic survey completed by Element79 Gold earlier in 2021, the Company launched its phase 1 exploration program (see news release dated Sept. 24, 2021), the results of which are pending. This Phase 1 program ended in early November and consisted of trenching, channel sampling, prospecting, mapping and soil sampling. The mineralization present on the Dale property is associated with zones of strong silification and disseminated pyrite, which the Company believes are prospective for bulk-tonnage-style gold mineralization.
Management and Directors
James C. Tworek, Chief Executive Officer
Mr. Tworek has worked in Finance for the past 23 years, having started in commercial banking in 1998. Since leaving the banking world in 2005, he has spent his career have been structuring mezzanine debt and private equity transactions with Funds, Family Offices, Private Equity and Venture Capital. He has invested in and raised money for several private mining ventures throughout his career. In addition to his full-time role as CEO with Element79, Mr. Tworek is a Founder and Director of Florence One Capital Corp. (FONE.P), and a Co-Founder, President and Director of Gaia Grow Corporation (CSE:GAIA). In the past he has sat as an Independent Director for several other Canadian public companies.
Antonios Maragakis, Ph.D., MSc., Chief Operating Officer
Mr. Maragakis has over 15 years of experience leading some of the largest mining megaprojects in the last decade. Mr. Maragakis holds a distinguished resume, including management and director-level positions overseeing multi-billion-dollar project portfolios internationally at organizations such as Barrick Gold Corporation, Skeena Resources Limited, Freeport-McMoRan Inc., Eldorado Gold Corporation, Koch Industries, Mochica Resources and Calipuy Resources.
Heidi Gutte, CPA, Chief Financial Officer – Mining-focused CFO and operations specialist
Neil Pettigrew, MSc., P.Geo., Director
Mr. Pettigrew is a professional geologist in good standing registered in Ontario with over 20 years of experience in the mineral exploration industry receiving his Honours B.Sc. from the University of New Brunswick and his M.Sc. from the University of Ottawa. He has held officer and director positions at several TSX and TSX-V listed junior companies and currently sits as Vice President Exploration and director of Palladium One Mining Inc.
Julie Hajduk, Director – PR and IR specialist
Konstantin Lichtenwald, BBA, CPA, CGA, Director – Finance and Governance Specialist
Andy Cole, MBA, BASc., Advisor
Mr. Cole completed his Master of Business Administration degree at the University of Nevada, Reno, and his Bachelor of Engineering degree in Materials Engineering at the University of Arizona. He brings with him over 34 years of experience in mine development, process operations, and production from working on and managing major North American gold mines and projects. Mr. Cole's prominent roles within the mining industry include executive director and management positions at some of the most renowned mining corporations in the world, such as Barrick Gold, Donlin Gold LLC and currently sits as an Advisor to i-80 Gold Corp.
Derek White, Advisor
Mr. White has over 30 years of experience in the mining and metals industry. He holds an undergraduate degree in Geological Engineering from the University of British Columbia and is also a Chartered Accountant. Prior to joining Ascot Resources Ltd. Mr. White, was the Principal of Traxys Capital Partners LLP, a private equity firm specializing in the mining and minerals sectors.
On November 04, 2022, Element79 Gold Corp. has engaged the business development and marketing services of two highly seasoned providers, Euroswiss Equity Group and Victory Marketing Solutions.
"With the rapid pace of news we expect to generate across our portfolio of assets in the coming months, the timing to ramp up marketing efforts in conjunction with launching our European campaign couldn't be more ideal," commented James Tworek, CEO of the Company. "We're confident that the growing story at Element79 Gold will generate significant interest with investors as we move towards the new year with a heightened focus on raising awareness exponentially across Europe and North America."
On October 26, 2022, Element79 Gold Corp. it has agreed to settle an aggregate of $387,336 of indebtedness of the company with various arm's-length and non-arm's-length creditors through the issuance of an aggregate of 2,672,483 common shares at a price of 11.5 cents per common share and 640,000 common shares at 12.5 cents per share. The common shares issued pursuant to the debt settlement will be subject to a four-month-and-one-day hold period pursuant to applicable securities laws.
On October 20, 2022, Element79 Gold Corp. announced that the filing of an amended technical report titled "Amended Technical Report on the Maverick Springs Project, Nevada, USA" (the " Amended Report "), dated October 7, 2022. The re-filing is a result of a review by the British Columbia Securities Commission, pursuant to which the Company is issuing the following news release to clarify its disclosure in the Amended Report. The resource estimate and conclusions of the Amended Report have not changed from the original technical report filed on February 8, 2022 (see news release filed on February 7, 2022 ). For further details please refer to the Amended Report filed on the Company's SEDAR profile on October 19, 2022.
Highlights of the Amended Technical Report on Maverick Springs include:
On June 29, 2022, Pursuant to the definitive share purchase agreement dated June 19, 2022, Element79 Gold Corp. has closed the acquisition of all of the issued and outstanding common shares of Calipuy Resources Inc. from the shareholders of Calipuy. Calipuy, through its subsidiaries, holds 100% interest in two past producing gold-silver mines: the Lucero mine ("Lucero"), one of the highest-grade underground mines in Peru's history(1) at grades averaging 19.0 g/t Au Equivalent ("Au Eq") (14.0 g/t gold and 373 g/t silver),(1,2) as well as the Machacala Project ("Machacala" and, together with Lucero, the "Properties") which averaged production grades of 10.5 g/t Au Eq (6.0 g/t gold and 340 g/t silver).(3) Operations were suspended in 2005 at Lucero and 1991 at Machacala due to the persistence of low gold and silver prices at the time. Element79 Gold has previously disclosed the terms of the Agreement.
On June 23, 2022, Element79 Gold Corp. has arranged a non-brokered private placement of up to four million units of the company at a price of 50 cents per unit for anticipated gross proceeds up to $2-million.
Element79 Gold chief executive officer James Tworek commented on this recent announcement, stating: "This is the first formal capital raise for the company since our IPO and we are excited about all of the progress we have made in the past 10 months, and our prospects for growth with our Nevada and Peruvian portfolios. Completing this raise will provide us with the funds to move efforts forward with our flagship Maverick Springs as well as drilling, exploration and planning with the Lucero and Machacala."
On June 22, 2022, Element79 Gold Corp. has released the results from its annual general meeting held on June 22, 2022. Element79 shareholders approve all matters at AGM.
On June 20, 2022, Element79 Gold Corp. announced that it has entered into a definitive share purchase agreement dated June 19, 2022, for the acquisition of all of the issued and outstanding common shares of Calipuy Resources Inc., which, through its subsidiaries, holds a 100-per-cent interest in two past-producing high-grade gold-silver mines: the Lucero mine, one of the highest-grade underground mines in Peru's history at grades averaging 19.0 grams per tonne gold equivalent (14.0 g/t gold and 373 g/t silver), as well as the Machacala project, which averaged production grades of 10.5 g/t AuEq (6.0 g/t gold and 340 g/t silver). Operations were suspended in 2005 at Lucero and in 1991 at Machacala due to the persistence of low gold and silver prices at the time.
On June 03, 2022, Element79 Gold Corp. has released an update on the results of its 2021 phase 1 exploration program on the Dale property, located within the Swayze greenstone belt of the Abitibi subprovince.
The work program, consisting of bedrock trenching and soil sampling, was designed to follow up on several prospecting samples taken by the vendor of the Dale property, which indicated the presence of elevated gold and was completed over several weeks in the fall of 2021. Highlights of the work program:
On May 26, 2022, Element79 Gold Corp. announced that the Company has entered Company Sponsored Equity Research Agreements with Noble Capital Markets Inc.(“Noble Capital Markets”) and KNA Advisory Services (“KNA”).
On May 17, 2022, Element79 Gold Corp. has renewed an agreement with Corpcomm Services Ltd. for continued writing and publishing services, and has also retained Renmark Financial Communications Inc. to assist with its investor relations and marketing objectives.
On May 05, 2022, Element79 Gold Corp. has received an increased equity drawdown facility commitment from Crescita Capital LLC to the Company from $5-million to $10-million. The additional financing is being made available pursuant to an amendment dated May 2, 2022, to the original investment and advisory agreement with Crescita dated Sept. 14, 2020. The company is able to make drawdown requests for financing, from time to time, pursuant to the facility and on closing of each drawdown, the company will issue common shares to Crescita in accordance with the terms of the agreement.
On May 02, 2022, Element79 Gold Corp. has appointed Antonios Maragakis as a director of the company. Mr. Maragakis will also continue to serve as Chief Operating Officer of the Company.
On March 30, 2022, Element79 Gold Corp. announced that the company is welcome seasoned mining veteran Mr. Kim Kirkland as Vice President of Global Exploration. Mr. Kirkland's track-record spans senior executive and lead engineering roles at some of the world's largest mining companies.
On March 17, 2022, Element79 Gold Corp. presented the further insight and analysis on its recently acquired high-grade Peruvian gold portfolios. In a news release dated March 10th, 2022 (or the "Prior Release"), The Company announced it signed a Letter of Intent ("LOI") to acquire all of the issued and outstanding securities of Calipuy Resources Inc. ("Calipuy") and all of its assets and undertakings. Calipuy holds 100% interest in two past-producing high-grade gold-silver mines: The past-producing Lucero Mine ("Lucero"), one of the highest-grade underground mines in Peru's history(1) at grades averaging 19.0g/t Au Equivalent ("Au Eq") (14.0 g/t gold and 373 g/t silver)(2), as well as the past-producing Machacala Mine ("Machacala") which averaged production grades of 10.5 g/t Au Eq (6.0 g/t gold and 340 g/t silver)(5). Operations were suspended in 2005 at Lucero and 1991 at Machacala due to the persistence of low gold and silver prices at the time.
The purpose of this corporate update is to provide a comprehensive discussion and analysis on the strategic reasoning behind the acquisition of the Lucero and Machacala projects, and why Element79 Gold believes that the integration of this new portfolio will help elevate the Company amongst its junior resource exploration peers. Details of the LOI and NSR can be found in the Prior Release. The Prior Release additionally highlights material and technical details of the Lucero and Machacala properties, including a recent 43-101 report on Lucero compiled by Mining Plus.
On March 17, 2022, Element79 Gold Corp. has been requested by the Canadian Securities Exchange to issue this statement about promotional activity concerning its common stock. On March 14, 2022, the CSE notified the Company that it became aware of certain promotional activities concerning the Company and its stock, including the distribution of a promotional page published by Capital Rankings which discussed the Company's recent news release, the Company and the gold industry (the "Promotional Content"). The Promotional Content presented factual statements regarding the Company, its business and industry alongside an editorial note and title. The Company was not previously aware of the editorial components of the Promotional Content and did not approve this content. The Company has since been in communication with the publisher of Capital Rankings and the unapproved Promotional Content has been replaced with content approved by the Company.
On March 10, 2022, Element79 Gold Corp. has signed a letter of intent (LOI) to acquire all of the issued and outstanding securities of Calipuy Resources Inc., and all of the assets and undertakings of Calipuy, which holds a 100-per-cent interest in two past-producing high-grade gold-silver mines: the Lucero mine, one of the highest-grade underground mines in Peru's history, at grades averaging 19.0 grams per tonne (g/t) gold equivalent (AuEq) (14.0 g/t gold and 373 g/t silver), as well as the Machacala project, which averaged production grades of 10.5 g/t AuEq (6.0 g/t gold and 340 g/t silver). Operations were suspended in 2005 at Lucero and 1991 at Machacala, due to the persistence of low gold and silver prices at the time.
On February 15, 2022, Element79 Gold Corp. has appointed Shane Williams, chief operating officer of Skeena Resources Ltd., as an adviser to the board of directors.
Mr. Williams carries a history of significant value creation in both early stage and operating companies, which includes senior executive and management roles overseeing and delivering world-class multibillion-dollar projects at highly prominent companies.
On February 07, 2022, Element79 Gold Corp. has filed a National Instrument 43-101 technical report on the flagship Maverick Springs project located in the famous gold mining region of northeastern Nevada. The report has an effective date of Oct. 7, 2021, and is entitled "Technical Report on the Maverick Springs Project, Nevada, USA" and was prepared by SGS Canada Inc.
On February 03, 2022, Element79 Gold Corp. has closed a non-brokered private placement of 280,899 common shares of the company at a price of 89 cents per share. The private placement constituted a secondary drawdown of the $5-million equity investment facility with Crescita Capital LLC.
The net proceeds of the private placement will be used for exploration expenses and for general working capital. For more information about the equity investment facility, please see the company's prospectus dated July 19, 2021.
On January 31, 2022, Element79 Gold Corp. has released an updated National Instrument 43-101-compliant, pit-constrained mineral resource estimate (MRE) on the flagship Maverick Springs project located in the famous gold mining district of northeastern Nevada. The MRE report will have the effective date of Feb. 4, 2022.
Highlights of the Maverick Springs mineral resource estimate include:
On January 12, 2022, Element79 Gold Corp. announced that the Company has made all payments required to satisfy the existing agreement on the Dale property until Dec. 31, 2022, and, following the completion of its phase 1 exploration program, Element79 Gold has increased the size of its existing 1,735-hectare property by staking an additional 245.5 hectares directly adjacent to the western and northwestern borders of its existing claims, bringing the total land package to 1,980.5 hectares.
On December 23, 2021, Element79 Gold Corp. announced that the acquisition of its Nevada portfolio is complete and resulted in Element79 Gold Corp. acquiring the flagship Maverick Springs Project and 15 additional Projects that comprise the Battle Mountain Portfolio located in northeastern Nevada.