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Element79 Gold Announces New Drill Program at Snowbird High-Grade Gold Project
VANCOUVER, BC / ACCESSWIRE / October 27, 2021 / Element79 Gold Corp. (CSE:ELEM) (OTC PINK:ELMGF) (FSE:7YS) ("Element79 Gold", the "Company") is pleased to annou
About this update from Element79 Gold Corp.
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / October 27, 2021 / Element79 Gold Corp. (CSE:ELEM) (OTC PINK:ELMGF) (FSE:7YS) (\"Element79 Gold\", the \"Company\") is pleased to announce that Plutus Gold Corp. (\"Plutus Gold\") has begun its Fall Drill Program (the \"Drill Program\") on the Snowbird High-Grade Gold Project (\"Snowbird Project\"), following up on historical drilling that has returned up to 8,508 g/t gold and 2,900 g/t silver over 0.15 meters.1 Element79 Gold has signed a binding Letter of Intent (the \"LOI\") to acquire 100% of the issued and outstanding shares in Plutus Gold, which holds the option to acquire the Snowbird High-Grade Gold Project (see news release dated August 25, 2021). While Element79 Gold's due diligence review remains ongoing, it has progressed sufficiently that the Company has opted to finance Plutus Gold's Drill Program via a drawable loan facility up to $1,100,000 CAD in order to facilitate the fulfillment of Plutus Gold's final obligations remaining under the Option Agreement between Plutus Gold and Gitennes Exploration Ltd. 3,000m Fall Drill Program The Fall Drill Program will include a minimum of 3,000m of drilling that will test the Snowbird Project mineralized system (the \"Gold System\") below 400m vertical depth (the maximum depth to which the Gold System has been tested to date). The Gold System is interpreted to be a mesothermal (orogenic) system, which are known to have excellent depth continuity extending to several kilometers.2 \"The distinct geological similarities the Snowbird Project holds to deposits that have proven significant depth of mineralization is an exciting driver behind the current Drill Program,\" remarked James Tworek, President and CEO of Element79 Gold. \"The shallow historic drilling may have only scratched the surface of high-grade gold mineralization in the Snowbird mineralized system.\" In addition to following up on previous high-grade intercepts, the drill program will attempt to define higher-grade shoots within the Gold System. Additionally, drilling will attempt to extend the North Zone, where recent drilling has intersected some of the most consistent grades. Looking Forward: 43-101 Technical Report, and Additional Drilling Element79 Gold's intent upon closing the Snowbird Project acquisition is to advance the Snowbird Project to a 43-101 compliant resource. Signific...