Element79 Gold Eyes Sale of Five Nevada Properties
Vancouver, BC -- November 17, 2022 -- NewsGenie -- Element79 Gold Corp. has announced non-binding letters of intent with Centra Mining Ltd. and Valdo Minerals Ltd. to sell five properties from its Battle Mountain Portfolio, located in northeastern Nevada, USA.
The properties under consideration for sale include:
- Long Peak Project: 34 unpatented claims in Lander County
- Stargo Project: 337 unpatented claims in Nye County
- Elder Creek Project: 23 unpatented claims in Lander County
- North Mill Creek Project: 6 unpatented claims in Lander County
- Elephant Project: 197 unpatented claims in Lander County
"The potential sale of these claim blocks would allow Element79 Gold to continue unlocking additional value from our vast portfolio of prospective properties while maintaining our established focus on the rapid pace of development at our primary high-grade gold assets," said James Tworek, President and CEO of Element79 Gold.
Under the terms of the Centra LOI, Centra would purchase Element79 Gold's interests in Long Peak and Stargo for $1,000,000 CAD, payable by issuing 2,500,000 Centra shares at $0.40 CAD per share. The Valdo LOI anticipates Valdo purchasing North Mill Creek, Elder Creek, and Elephant for $1,125,000 CAD, through the issuance of 3,750,000 shares at $0.30 CAD per share. Both LOIs are non-binding and subject to a 180-day exclusivity period.
The technical information has been reviewed by Neil Pettigrew, M.Sc., P. Geo., a qualified person as defined by National Instrument 43-101.
Element79 Gold focuses on acquiring, exploring, and developing mining properties for gold and associated metals. Its flagship Maverick Springs Project in Nevada has an Inferred resource of 3.71 million ounces of gold equivalent. The company also has interests in the Snowbird High-Grade Gold Project in British Columbia, the Lucero and Machacala Mines in Peru, and the Dale Property in Ontario, Canada.