Element79 Gold Reports Promising Grades from Initial Sampling at Lucero Project Peru

Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) reports additional assay results from underground sampling at its flagship Lucero property, Peru, including samples up to 98 g/t gold and 2,034 g/t silver.

Key Highlights:

Significant Mineral Endowment : A total of 455 samples from underground channel samples have been collected from this latest phase, representing nearly 600 kg (620kg) of mineralization and 650 kg of wall rock, underwent comprehensive analysis by our partners at Ore Discovery and unveiled significant exploration potential.

Notably, results in 115 samples returned substantial values in gold (Au) (ranging from 1.0 g/t to 98.1 g/t), silver (Ag) (ranging from 0.7 g/t to 3,026 g/t), lead (Pb) (as high as 2.0%) and zinc (Zn) (up to 3.5%), highlighting the robust potential of Lucero’s mineral endowment.

High-Grade Mineralization: Among these, 17 samples exhibited gold values surpassing 10 g/t, with 8 samples exceeding 20 g/t, and 51 samples boasting silver values exceeding 100 g/t Ag.

Of particular significance are 15 high-grade samples with values ranging from 12.65g/t to an impressive 98.1g/t of Au, and remarkable silver values of 62.1 g/t to 3,026 g/t and up 3.24% Zn. These findings reaffirm the potential for exceptional high-grade mineralization.

Geochemistry total Statistics: Total of 455 samples, 58% has grades over 0.1 g/t Au; 26% has grades over 1 g/t Au; and 9% has grades over 5 g/t Au. Notably most of grades below 0.1 g/t Au correspond to wall rock (foot or hanging wall).

Channel Sample Gold Grades

Samples returning >5.0 g/t Gold from Underground Channel Sampling

Winter 2024 sample locations (this news release, red stars) and fall 2023 Sample locations (yellow stars) which were previously released (see news release April 23, 2023) mapped workings (crosses), with selected samples highlighted (black 2024 and grey 2023).

Lithology Map with Veins and Samples over 1g/t Au Within the Project; Apacheta and Pillune areas.

Next Steps

With this latest exceptional assay data, Element79 is poised for strategic advancement. These results transcend routine exploration work, they are pivotal markers demonstrating the Lucero project’s tangible promise and potential, serving as the bedrock for our forthcoming drill plans and resource estimation.

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a “qualified person” as defined by National Instrument 43-101.

Element79 is a Marketing Awareness Client of Capital 10X. See disclosures for more information.