Business
Element79 Gold Announces Asset Transfer and Sale of Wholly Owned Subsidiary Synergy Metals
VANCOUVER, BC -THheNewswire - July 17, 2023 – Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) ("Element 79 Gold", the "Company") a mining company focused
About this update from Element79 Gold Corp.
[{"type":"text","content":"VANCOUVER, BC -THheNewswire - July 17, 2023 – Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) (\"Element 79 Gold\", the \"Company\") a mining company focused on gold, silver and associated metals, announces that it has approved the transfer of all rights and data related to the Dale property, a gold exploration project in Ontario, Canada to its newly-created, wholly-owned subsidiary, Synergy Metals Corp (\"Synergy Metals\"). The Company also plans to spin out and sell Synergy Metals through a Plan of Arrangement. \"The transfer of the Dale property to Synergy Metals will help unlock the property's true value and potential while allowing the Company to continue focusing on its core assets,\" said James Tworek, President and CEO of Element79. \"The anticipated spin out and sale of Synergy Metals will also provide additional capital for the Company's growth and offer Element79's shareholders an opportunity to participate in a new independent exploration-focused company with a promising gold project.\" Further details on the proposed transaction will be announced in due course, including the timing, valuation, and distribution of Synergy Metals shares to Element79 shareholders. The transaction is subject to regulatory approval and other customary CSE requirements. About the Dale Property The Company has an option to acquire a 100% interest in the Dale Property. The Dale Property was originally staked on June 1, 2012 after the Algoma-Talisman's appeal failed in December 2010, reverting several townships back to the Crown. Due to the history of the land tenure, Dale Township was privately held and unavailable for conventional staking and prospecting. The area was staked due to its structural and regional relationships with other gold occurrences and an anomalous gold in till, down ice glacial outwash leading back to the Dale Stock. Other anomalous gold in glacial till outwash lead back to historic gold mines supporting the potential of undiscovered gold potential in the Dale Stock.. Placer Dome Canada Limited (PDCL) completed the most extensive exploration program in Dale Township to date, which included an airborne magnetic-electromagnetic (EM) survey, followed with a ground campaign. Preliminary exploration by the Company has returned prospecting samples up to 2.6 g/t gold from newly exposed trenches (see new relea...