2022-12-20 | CSE:ELEM | Press Release

(TheNewswire)

Vancouver, BC – TheNewswire – December 20, 2022 – Element79 Gold Corp (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) (“Element79 Gold”, the “Company”) announced today that it has amended its agreement with Condor Resources Inc. (“Condor”) in this regard has on the forthcoming down payment for the Lucero project.

In June 2022, Element79 Gold became the sole owner of Calipuy Resources Inc. (“Calipuy&CurlyDoubleQuote;”) and assumed Calipuy’s obligations in relation to Calipuy&CurlyQuote’s agreement to acquire the shares in Condor’s subsidiary, Minas Lucero del Sur SAC, the owner of the Lucero project. (see press release dated June 29, 2022available on SEDAR). Condor and Element79 Gold have now agreed to defer the December 21, 2022 payment of US$300,000 into two payments: the first payment of US$100,000 is now due on or before January 31, 2023, and the The balance of $200,000 is due on or before March 31, 2023. In consideration for the deferred payments, Element79 Gold will issue 250,000 shares to Condor at the market close on December 21, 2022. All other conditions of sale of Minas Lucero del Sur SAC remain unchanged.

About Element79 Gold

Element79 Gold is a mineral exploration company focused on acquiring, exploring and developing mining properties for gold and related metals. Element79 Gold has acquired its flagship Maverick Springs project, located in the prominent gold mining district of northeast Nevada, USA, between Elko and White Pine counties, where it recently filed an amended 43-101 compliant, pit-constrained mineral resource estimate and an inferred Resource of 3.71 million ounces gold equivalent* “AuEq” grading 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag) with an effective date of October 19, 2022 (see news release). dated October 20, 2022, available on SEDAR). The acquisition of the Maverick Springs project also included a portfolio of 15 properties along Nevada’s Battle Mountain trend which the Company is evaluating for further exploration merit and the potential for sale or spin-off. In Peru, Element79 Gold holds 100% interest in the past-producing Lucero mine, one of the highest-grade underground mines commercially mined in Peru’s history, and the past-producing Machacala mine. In British Columbia, Element79 Gold has signed a letter of intent to acquire a private company with an option to earn 100% interest in the high-grade Snowbird Gold Project, which consists of 10 mineral claims and is located in central British Columbia, approximately 20 km west of Fort St .James. The Company also has an option to earn a 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 , lie. More information about the company can be found at www.element79.gold or www.element79gold.com .