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The latest underground mapping and channel sampling efforts on Element79's Lucero property have revealed additional insights, surpassing initial expectations. Accessible historical working, originally estimated at just 2.5 km, has been significantly. Recent work has documented an expansive network spanning 8.9 km of workings (Figure 1 and 2), with 85% now meticulously mapped and sampled. These findings significantly expand our understanding of Lucero's geological landscape, positioning the Company for unprecedented exploration opportunities.
To date a total of 19 adits have been mapped, with 10 additional adits remaining for underground mapping. In addition to discovery of significantly more accessible working, work done between October and December yielded significant insight into the project’ gold-silver mineralization. Below are some of the highlights of recent and historical workings:
Mineralization conforms to the intermediate sulfidation epithermal style, characterized by Au-Ag veins with associated lead and zinc sulphides.
Subvertical structures, hosted with dacite tuffs are the primary controls of the mineralized veins, with an average vein width of 0.40m.
Within the Apacheta zone, mineralization remains open at depth and towards the northwest.
Two structures exhibiting significant exploration potential for gold-silver mineralization have been identified: the Promesa vein and the Pillune sector.
Notably, the Pillune sector appears hosts a well-defined ore shoot, highlighting its substantial mineralization potential.
"As we advance on this journey of discovery, our commitment to unlocking Lucero's vast potential through collaborative relationships remains unwavering," said
Drawing from historical Buenaventura reports spanning 2005-2008, enriched by continued community engagement, Element79 has unearthed compelling prospects for exploration.
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Figure 1.
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Figure 2. Isometric view with geology draped on topography, looking north, with recently mapped working (light yellow).
Notably, our exploration timeline underscores our efficient utilization of resources. This strategic resource allocation ensures the completion of ongoing initiatives and paves the way for secondary mapping and geochemistry programs in additional zones beyond Apacheta, Pillune, and
"Lucero project's extensive potential continues to unfold as we compile drilling targets in the northwest region, where surface indicators of vuggy silica hint at underlying mineralization," said
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The Company also holds a portfolio of 5 properties along the
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The Company has an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of
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Cautionary Note Regarding Forward Looking Statements
This press contains "forward‐looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made considering management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to:the duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the Company's other public disclosure documents, available onwww.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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