Element79 Gold Corp. announced the final results of the 2023 work campaign that SLM Resource Group ("SLM") completed at the Lucero mine project in Arequipa, Peru. Highlights: ELEM's 2023 focus was on identifying and revisiting historic workings at the past-producing Lucero mine where previous commercial production came from: Apacheta, Pillune and Sando Alcalde Areas.

A total of 72 chip samples were collected as part of the 2023 SLM program, with the final 27 taken from the Pillune and Sando Alcalde areas forming this release; 1.7 oz/t Gold and 189 oz/t Silver at Sando Alcalde, sample LUC2023-059; 2.6 oz/t Gold and 3 oz/t Silver at Pillune, sample LUC2023-063. These assays results reflect multi-ounce Gold and multi-ounce Silver nature of the Lucero mineralization, and reinforces the significant potential of restarting this past-producing mine in the near term; Further lab assays from later 2023 work campaigns are being received shortly and will be released as soon as available. The assay results were collected underground as chip samples across several veins from the Pillune and Sando Alcalde Areas, where local Informal miners have worked sporadically since the Lucero (then, Shila) mine ceased commercial production in 2005.

The 2023 work program carried out by SLM Resource Group focused on three different underground workings and revealed high-grade gold-silver mineralization and host veins ranging from 0.1 to 0.3 meters thick.