Element79 Gold Streamlines Nevada Portfolio, Focuses on Lucero Mine
Vancouver -- September 6, 2023 -- NewsGenie -- Element79 Gold Corp. has updated its Nevada portfolio, renewing claims on key properties and surrendering non-core assets. The company renewed mining claims at Maverick Springs, Clover, and West Whistler. Properties included in the Valdo Sale Agreement are The North Mill Creek Project, The Elder Creek Project and The Elephant Project.
The Board of Directors decided to surrender interests in several Battle Mountain properties including Clipper, Pipeline South, West Cortez, Walti (Eureka and Lander County), N. Battle Mountain, Brock, Golconda and Horseshoe Basin. This decision aligns with the company's strategy to focus on the Lucero mine in Peru, aiming to bring it into production within 12-18 months, and retain advanced Nevada exploration projects.
James Tworek, CEO, stated the company's business model focuses on revenue from project sales and precious metal production. Retaining Clover and West Whistler offers growth potential, with plans for further exploration and drilling to develop resource values. Element79 Gold is focused on maximizing shareholder value through responsible mining practices. The company also holds a portfolio of properties along the Battle Mountain trend in Nevada, with three under contract for sale to Valdo Minerals Ltd., with an anticipated closing date around the end of 2023. The Company has also signed an Option Agreement to sell the Maverick Springs project, an advanced-stage exploratory property with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) and anticipates completing this sale before the end of 2023.