Element 79 Gold to Streamline Portfolio with Maverick Springs Option Agreement
Vancouver, BC -- August 31, 2023 -- NewsGenie -- Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) has entered into an option agreement with Green Power Minerals Pty Ltd, granting them the option to purchase the Maverick Springs Project. The agreement, dated August 28, 2023, marks a strategic move to optimize Element 79 Gold's property portfolio.
James Tworek, CEO of Element 79 Gold, stated that this pivotal step will position the company for greater financial health, maximizing shareholder value and reinforcing its commitment to a robust and streamlined portfolio. The move allows Element 79 Gold to focus on advancing the Lucero project in Peru towards production within 12-18 months, as well as developing the Clover and West Whistler projects in Nevada.
The Maverick Springs Project, consisting of approximately 4,800 acres, is located near the Carlin Trend, one of the world's richest gold mining districts. Green Power Minerals, an Australian company focused on precious metals projects, is currently undergoing due diligence, with a site visit scheduled for late summer 2023.
Under the terms of the Option Agreement, Green Power Minerals will pay CAD$66,000 for the option to acquire the Maverick Springs Property until September 30, 2023. An extension is possible with an additional payment of USD$100,000. If Green Power Minerals exercises the option, they will issue CAD$1,500,000 worth of shares and pay CAD$4,000,000 in cash to Element 79 Gold.
The completion of the Transaction is subject to standard conditions and the requirements of the Canadian Securities Exchange.
Element79 Gold is focused on maximizing shareholder value through responsible mining practices and sustainable development. The Company's main focus is on developing its previously-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to bring it back into production in the near term; The Company also holds a portfolio of 13 properties along the Battle Mountain trend in Nevada, with the Clover and West Whistler projects are believed to have significant potential for near-term resource development. The Company continues to negotiate the sale of its non-core Battle Mountain projects. In British Columbia, Element79 Gold has executed a Letter of Intent and funded a drilling program to acquire a private company that holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. The Company also has an option to acquire a 100% interest in the Dale Property, and has recently announced that it has transferred this project to its wholly-owned subsidiary, Synergy Metals Corp, and is advancing through the Plan of Arrangement spin-out process through the rest of 2023.
For more information, visit www.element79.gold.