Monday, June 06, 2022
Element79 Gold Corp. (ELMGF)
Encouraging Phase I Exploration Results at Dale
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.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Phase I exploration at Dale. Element79 recently provided an update on the results of its 2021 Phase I exploration program at the Dale property, located within the Swayze Greenstone Belt in Ontario, Canada. The work program, designed to follow up on several prospecting samples that yielded up to 3.8 grams of gold per tonne, consisted of bedrock trenching and soil sampling and was completed in the Fall of 2021. A total of five trenches were excavated, with a total of 83 rock samples and 49 soil samples, which yielded results comparable to earlier prospecting and returned up to 2.6 grams of gold per tonne.
Focus is on Peruvian acquisition and Maverick Springs. While the results of Phase I support a Phase II exploration program, management remains focused on closing the acquisition of the high-grade Peruvian gold portfolio of Calipuy Resources, which we think could occur by mid-July, and advancing the Maverick Springs project in Nevada. …
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.