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Element79 Gold Provides Update on Nevada Portfolio
Vancouver, BC – TheNewswire - August 22, 2024 - Element79 Gold Corp. (CSE:ELEM, FSE 7YS0, OTC:ELMGF) is pleased to announce several updates related to its Nevad
About this update from Element79 Gold Corp.
[{"type":"text","content":"Vancouver, BC – TheNewswire - August 22, 2024 - Element79 Gold Corp. (CSE:ELEM, FSE 7YS0, OTC:ELMGF) is pleased to announce several updates related to its Nevada Portfolio: Highlights of Element79’s Nevada portoflio since acquisition in 2021: A portfolio of 16 projects was acquired as an “all or nothing” package from Waterton Global Resource Management in December 2021. The Company has subsequently reviewed, updated and expanded historical data sets, and ultimately divested of many projects with an eye to generate shareholder value. Two projects sold to Centra in 2023 – Stargo and Long Peak. Long Peak 43-101 expected to be complete during late summer 2024. The Company made the strategic decision to not renew the claims on eight projects due to being very early stage and outside of the Company’s parameters to work on; data rooms for these projects were retained. The Maverick Springs project was purchased with a 1,8M oz AuEq Historical Reosurce, which the Company reviewed, reworked and increased the Mineral Resource Estimate to 3,71Moz AuEq. Maverick Springs was sold to Sun Silver on May 8, 2024, with cash received being used to pay off debts and accounts payable; the Company retained 3,500,000 shares of Sun Silver Limited (ASX:SS1) at 0.20 AUD as an investment in the development of the Maverick SPrings asset. The Company will hold and divest of these shares strategically over time. Valdo portfolio – Original option expired. In discussions with multiple counterparties for sale of the same projects, anticipated closing in 2024. Clover, West Whistler – portfolio under review, currently in discussions with third parties to sell Valdo Package Reset for Sale The Company confirms the expiry of the previously-announced Letter of Intent (“LOI”) with Valdo Minerals Ltd. for the purchase of the North Mill Creek, Elder Creek, and Elephant Projects, including all land claims and historical databases relative to the projects therein. The original LOI was established on November 17, 2022 with an original closing date of July 15, 2023. As the parties communicated through the process and were working towards a closing, a 60-day extension was granted, which has expired. The Company is in discussions with two parties regarding these same projects with the intent...