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Element79 Gold Appoints Antonios Maragakis to Board of Directors

News and Market Data on Element79 Gold

VANCOUVER, BC /
ACCESSWIRE / May 2, 2022 / Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) (“Element79 Gold”, the “Company“) is pleased to announce the appointment of Antonios Maragakis as a director of the Company. Mr. Maragakis will also continue to serve as Chief Operating Officer of the Company.

Mr. Maragakis will be increasing his management and advisement capacity for the Company in addition to his current role as Element79 Gold’s COO. Mr. Maragakis holds a distinguished resume, including management and director-level positions overseeing multi-billion dollar project portfolios internationally at organizations including:

• Barrick
  Gold Corporation, where he led projects in North America across a portfolio of 70+ projects worth over $2.3 billion
• Skeena
  Resources Limited, where he worked closely with executive leadership to develop the Eskay Creek Project
• Freeport-McMoRan
  Inc., where he helped develop the $3 billion Indonesian Copper Smelter Project
• Eldorado
  Gold Corporation, where he was Project Director for the over $1 billion Skouries Project as well as leading the operational turnaround of the Kassandra Mines
• Koch
  Industries (the largest privately held company in the U.S.¹), where he helped execute the Enid Expansion Megaproject

When asked about Mr. Maragakis’ appointment, Element79 Gold CEO James Tworek said, “Tony’s increased management and leadership in Element 79 will help us successfully set up the company to proceed quickly from an exploration company to a producer”.

Mr. Maragakis is currently residing in Peru with his family to oversee the Company’s acquisition of Calipuy Resources Inc. (information regarding this news release dated March 10^th, 2022, is available here). “We are creating a culture of success, establishing the teams and systems that support a dynamic mining company that can explore, engineer and produce mines efficiently and effectively”.

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. Element79 Gold has acquired its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a 43-101-compliant, pit-constrained mineral resource estimate reflecting an Inferred resource of 3.71 million ounces of gold equivalent* “AuEq” at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag)) with an effective date of Feb. 4, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of exploration, along with the potential for sale or spin-out. In British Columbia, Element79 Gold has executed a Letter of Intent to acquire a private company which 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. In Peru, Element79 Gold has signed a letter of intent to acquire the business and assets of Calipuy Resources Inc., which holds 100% interest in the past-producing Lucero Mine, one of the highest-grade underground mines to be commercially mined in Peru’s history, as well as the past-producing Machacala Mine. The Company also 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. For more information about the Company, please visit www.element79.gold or www.element79gold.com.

On Behalf of the Company

James Tworek
CEO

Contact Information

Investor Relations Department

Phone: +1 (604) 200-3608
E-mail: investors@element79.gold

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 in light of 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 on www.sedar.com. 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.

Sources

1. https://www.forbes.com/sites/andreamurphy/2020/11/23/americas-largest-private-companies-2020-koch-industries-at-no-1-for-first-time-in-13-years/?sh=7a0e60a5fa5f

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.

SOURCE: Element79 Gold Corp.

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Aurania Appoints Senior Geological Consultant, Dr. Cristian Vallejo

Research, News, and Market Data on Aurania Resources

Toronto, Ontario, May 2, 2022 –
Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (Frankfurt: 20Q) (“Aurania”
or the “Company”) announces it has retained Dr. Cristian Vallejo of Geostrat S.A. as a Geological Consultant.  Dr. Vallejo is currently working in the Patuca area of Aurania’s Lost Cities-Cutucu project (the “Project”) in southeastern Ecuador.  The village of Patuca is located near a small alluvial gold mine which is just on the edge and outside the Company’s concessions. This small gold mine has been actively worked since at least 2008 when it was initially examined by Aurania’s President and CEO, Dr. Keith Barron and Professor Octavio Latorre.

Dr. Keith Barron, commented, “Because of the proximity of Aurania’s Crunchy Hill, Latorre, and Yawi epithermal prospects, I believe that the gold coming from the small alluvial gold mine near Patuca has its ultimate origin from the Aurania concessions.  Cristian Vallejo has been retained to provide us guidance in this respect, using his knowledge of sedimentology.”

Dr. Vallejo is an Ecuadorian national and a Geologist with twenty-two years experience in the mining/oil industry and academia.  During his PhD at the Swiss Federal Institute of Technology (ETH-Zurich) he worked on the geology of the Oriente Basin of Ecuador and the geodynamic evolution of the Western Cordillera of Ecuador and Colombia.  In these studies, he applied field mapping, sedimentology, organic matter analysis, radiometric dating of igneous rocks, isotope geochemistry and provenance analysis.

After finishing his PhD he worked for two years as Project Manager of Salazar Resources in the Curipamba Project, being part of the team that discovered the El Domo Volcanogenic Massive Sulphide deposit (VMS), currently in the mine construction phase.

During the last twelve years he has worked as a consultant for the oil industry in the geological modelling of the main oil fields of the Oriente Basin of Ecuador, Putumayo, Guajira and Magdalena basins of Colombia and the Peten Basin of Guatemala.  The results of his studies have been published in peer-reviewed journals and presented at international geological meetings.  

Most recently Cristian was lead author on: “Jurassic to Early Paleogene sedimentation in the Amazon region of Ecuador: Implications for the paleogeographic evolution of northwestern South America” published in September 2021.  This work specifically refers to geological mapping he carried out in the Cordillera de Cutucu, within the confines of Aurania’s Lost Cities Project.

Dr. Barron further commented, “Back in 2008 there was only a single small miner’s concession at Patuca where they were recovering gold by hydrauliking hillsides and catching the gold in wooden sluice boxes.  It was a very primitive operation, but it supported about a dozen people.  What impressed me at the time was that this was clearly not a modern placer, but an ancient “paleoplacer” of unknown age.  The source of the gold was not apparent, neither was there a stream or river nearby, though the deposit indicated that a substantial river must have existed there at one time.  More recently, there has been what can only be described as an “explosion” of small miner activity and the majority of flowing streams in the Patuca area have now been staked, but this is a “red herring”.  From a geological perspective, the miners may not appreciate that the gold occurrence, worked since 2008, is a fossil system.  They are however recovering small amounts of “second or third cycle” gold; in other words, capturing gold from erosion of this paleoplacer and others nearby.  

On a greater scale however, I believe Cristian is Ecuador’s authority on the Cutucu Basin, which contains Aurania’s copper-silver and zinc-silver-lead prospects hosted in sediments at Tsenken and Tiria-Shimpia.  Due to his enormous experience in stratigraphy and sedimentology in the area he will be a valuable addition to Aurania’s team, and I believe will have much to contribute on these exciting prospects.  For now, he will be examining and evaluating all of Aurania’s information collected to date.”  

Figure 1: Gold results from the Aurania property near the artisanal Patuca Gold Mine.

Qualified Person
The geological information contained in this news release has been verified and approved by Jean-Paul Pallier, MSc. Mr. Pallier is a designated EurGeol by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.

About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America.  Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements
This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements include estimates and statements that describe Aurania’s future plans, objectives or goals, including words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, the effects of COVID-19 on the business of the Company including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, and those risks set out in Aurania’s public documents filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.