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Element79 Gold Announces Sale of Properties from Battle Mountain Portfolio in Nevada
VANCOUVER, BC - TheNewswire - JULY 13, 2023 – Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) ("Element 79 Gold", the "Company") announces that, further
About this update from Element79 Gold Corp.
[{"type":"text","content":"VANCOUVER, BC - TheNewswire - JULY 13, 2023 – Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) (\"Element 79 Gold\", the \"Company\") announces that, further to its November 17, 2022 release, the Company has closed the sale of two properties from its Battle Mountain Portfolio located in the gold mining district of northeastern Nevada, USA to a subsidiary of Centra Mining Ltd. (\"Centra\"). Under the terms of the Asset Purchase Agreement, Centra purchased all of Element79 Gold's interests and obligations in relation to the Long Peak Project (\"Long Peak\") and the Stargo Project (\"Stargo\") in exchange for total consideration of CAD $1,000,000 paid by the issuance of an aggregate of 2,500,000 common shares of Centra at a deemed price of CAD $0.40 per share (the “Payment Shares”). The transaction closed on July 13, 2023, subject to regulatory approval. \"The sale of Long Peak and Stargo to Centra marks another milestone in Element79 Gold's journey for the strategic development of its high-grade gold assets,\" commented James Tworek, President and CEO of Element79 Gold. \"This achievement enables us to unlock additional value from our extensive portfolio of prospective properties while advancing our core projects and driving their success to new heights.\" Tworek added, \"With other development assets in this exciting region, and with the prospective nature of the properties being sold, we are excited to maintain our exposure to the very promising potential of these properties and the opportunity for continued discovery through our equity participation in Centra.\" The Battle Mountain Portfolio The Battle Mountain Portfolio was originally comprised of 15 separate projects totaling over 44,478 acres across 2,203 unpatented claims in five counties: Elko County, Eureka County, Humboldt County, Lander County, and Nye County. Most of the Battle Mountain Portfolio is located within the Battle Mountain Trend, with several projects close to globally reputable gold deposits including Nevada Gold's Cortez Mine. The Battle Mountain Portfolio is comprised primarily of 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. Of particular note are the Long Peak, Elephant, Elder Creek, North Mill Cree...