VANCOUVER - Element79 Gold Corp. (CSE: ELEM) (FSE: 7YS) ('Element79 Gold', the 'Company') is pleased to announce that it has entered into a securities exchange agreement with 1316524 B.C. Ltd. ('Goldco') and the securityholders of Goldco, pursuant to which it will acquire all of the issued and outstanding securities of Goldco.
Goldco has entered into an asset purchase agreement (the 'Asset Purchase Agreement') with Clover Nevada LLC and Maverick Springs Mining Company, LLC to acquire the flagship Maverick Springs Project ('Maverick Springs') and 15 additional Projects that comprise the Battle Mountain Portfolio (individually, each a 'Project', and collectively, the 'Battle Mountain Portfolio'). The flagship Maverick Springs Project and the Battle Mountain Portfolio are located in the gold mining regions of northeastern Nevada.
The Maverick Springs Project
The Maverick Springs Project hosts a historic gold equivalent resource of 1.7 million ounces (indicated) and 1.9 million ounces (inferred) with cutoff grade of 34.3 g/t silver equivalent, calculated using circa 2004 values of $327 USD per ounce of gold and $4.77 USD per ounce of silver.
The Maverick Springs Project consists of approximately 4,800 acres across 247 unpatented claims that straddle the border of Elko County and White Pine County, proximate to the Carlin Trend, a belt of gold deposits approximately 5 miles wide and 40 miles long that is one of the world's richest gold mining districts, having produced more gold than any other mining district in the US.(1) The Maverick Springs Project is located just 30 kilometers northeast of Kinross's Bald Mountain Mine with measured and indicated resources (inclusive of proven and probable reserves) of 4.5 million ounces grading 0.52 g/t gold.(2)
Maverick Springs is a silver-rich sediment/carbonate hosted or Carlin-type deposit, which are among the largest hydrothermal gold deposits in the world.(4) Gold production in Nevada is dominated by Carlin-type deposits, similar to Maverick Springs. Maverick Springs is a blind deposit comprising a 30-120 meter thick, flat-lying zone centered on an anticlinal structure with oxidation pervasive to 120 meters and intermittent to 270 meters.(3,5)
The Maverick Springs Project is accessible year-round via gravel road, with a network of drill roads spread throughout its claims. Nearby electrical power can be sourced from the eastern Nevada grid system to the northwest. The claims at Maverick Springs were first staked in 1986, with several exploration programs conducted from 1987 to 2004, including a total of 195 drill holes totaling 47,000 metres.(3,6)
The Surrounding Area
The Maverick Springs Project and the Battle Mountain Portfolio are primarily located in the same belts of gold deposits that house Nevada Gold's most notable properties.
'The pending acquisition of this vast Nevada portfolio of mining assets offers Element79 Gold a seat at a distinguished table in the capital of North American gold mining,' stated James Tworek, President and CEO of the Company. 'By executing the next step of our high-tempo development strategy through the pending acquisition of Maverick Springs and the Battle Mountain Portfolio, Element79 Gold is gaining access to one of the most prolific gold mining districts in the world.'
Maverick Springs is located just to the east of the Carlin Trend, the gold belt that hosts Nevada Gold's Carlin Mine (a combination of Newmont's Carlin Mine and Barrick's Goldstrike Mine), the world's second largest gold mine, which reported 1.665 million ounces of gold produced in 2020.(1) Through 2019, the Carlin Trend has produced over 92.5 million ounces of gold since the original Carlin Mine went into production in 1965(7), and between 1987 and the end of 2018, Barrick produced over 44 million ounces of gold from Goldstrike Mine alone.(8)
The majority of the Battle Mountain Portfolio is located within the Battle Mountain Trend, with several Projects in close proximity to globally reputable gold deposits including Nevada Gold's Cortez Mine, the third largest gold mine in North America(9) and the sixth largest in the world, which reported 2020 gold production at 799,000 ounces.(1) The same belt of deposits also contains the recently discovered Goldrush complex that, as of 2016, carries measured and indicated resources of 25.2 million tonnes grading 10.6 g/t, representing 8.6 million ounces of gold in the ground.(10)
The Battle Mountain Portfolio
The Battle Mountain Portfolio is comprised of 15 separate Projects that total over 44,478 acres across 2,203 unpatented claims in five counties: Elko County, Eureka County, Humboldt County, Lander County, and Nye County. The Battle Mountain Portfolio is primarily located along the Battle Mountain-Eureka Trend, a belt of gold deposits spanning over 100 miles in length between Battle Mountain and Eureka, Nevada, which is home to several of the United States' largest gold mines, including Nevada Gold's world-famous Cortez and Phoenix operations, which produced a combined 1 million ounces of gold in 2020(1), and SSR Mining Inc.'s Marigold Mine, which is expected to produce approximately 2.37 million ounces of gold between 2018 and 2028.(11)
The northernmost Projects in the Battle Mountain Portfolio, the Golconda and Clover Projects, lie just south of the Getchell Gold Belt, which bridges the northwestern ends of the Carlin and Battle Mountain Trends, and contains Nevada Gold's Turquoise Ridge Mine, the third largest gold mine in the US with 537,000 oz of gold production reported in 2020.(1) The Brock and Stargo Projects are situated on the southern end of the Austin-Lovelock Trend, southwest of Eureka and northeast from Kinross Gold Corporation's Round Mountain Mine, which placed as the fourth largest gold mine in the US(1) and, in November of 2018, poured its 15 millionth ounce of gold since beginning operations in 1978.(12)
About Element79 Gold
Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. The Company has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township.
Contact:
James C. Tworek
Tel: +1 (604) 200-3608
Email: jt@element79gold.com
ELEMENT79 GOLD CORP. 
