Element79 Gold: Ongoing Commitment to Community Empowerment

March 04, 2024 at 06:00 AM EST

Chachas, Arequipa, Peru

VANCOUVER, BC / THENEWSWIRE / March 4, 2024 – Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) ("Element79", the "Company") is pleased to provide further insight into its environmental, social and governance ("ESG") efforts, including ongoing social initiatives with the Chachas Community local to the Lucero mine.

Chachas Community Engagement

Element79 remains steadfast in its commitment to sustainable and responsible mining practices, recognizing the pivotal role of community engagement in project success. In line with this commitment, Element79 has partnered with UMA ("UMA"), a prominent Peruvian Non-Governmental Organization (NGO) based in Lima. UMA helps communities across Peru develop through a focus on environmental education, with a drive to understand social and economic scenarios of developing communities to help create solutions to their unique social-environmental challenges.

Together, Element79 and UMA aim to develop a comprehensive education program that will create a baseline of knowledge and perception of the mining industry as well as social, environmental and economical topics tailored for the Chachas community and surrounding areas.

The social evaluation model, led by UMA, encompasses diagnostic assessment, data evaluation, and the design of a social education plan focused on educating about the mining industry and sustainability. The diagnostic assessment will measure the community's perception and knowledge of various facets, including the mining industry, environmental concerns, social dynamics, and economic themes. The curriculum, based on local socioeconomic themes and topics garnered from the community diagnostic assessment, will be delivered through classroom sessions using dynamic books for three age groups that UMA is developing, with the education process providing pragmatic solutions and inspiration to students.

The subsequent data evaluation phase will delve into the following:

The community's comprehension and perception of the mining industry
Their understanding of social hierarchies and needs
The awareness and priority associated with environmental issues
Their familiarity with economic concepts
Their knowledge about national development and educational, employment opportunities across the country
The distribution of industrial activities and their impact in local societies

Based on the assessment and data evaluation, the resulting education plan will prioritize sustainability across its three pillars: economic, social and environmental.

"We have been increasing our presence in the Chachas community with a drive to create a lasting positive impact through community empowerment and view the social evaluation model as a crucial step in nurturing a robust relationship with the Community," said James Tworek, President and CEO of Element79 Gold. "The overarching objective is to equip the community with accurate information and knowledge about the mining industry as a whole, as well as how we can grow and operate together, dispelling doubts and enabling mutually informed decision-making."

Local Chachas Office Opening

To facilitate its ongoing community relations as well as increasing level of field work ramping up to ore operations later in the year, The Company has set up an official field office in Chachas, Arequipa as of February, 2024.

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Image 1 – the Element79 Gold Corp office located on Calle San Antonio, in Chachas, Arequipa, Peru

Local Miners – Formalizing Agreements for Work at Lucero in 2024 and Beyond

Element79 is actively negotiating with local artisanal miners to formalize an agreement during the first quarter of 2024, enabling proper access to direct extraction. To formalize an agreement between the parties would ensure that all current and future artisanal production would be sold directly to Element79 as raw material (brosa) for processing, securing the legal production permits of the artisanal miners under the Company’s mineral leases, thereby harnessing an estimated 70-100 tons per week of production per month that is anticipated to restart in Q2/24. Other aspects of the proposed agreement include extending the current work permit for as many as 15 years (requested), ensure that all current production adheres to Element79's OH&S and environmental standards as well as several additional community-focused initiatives including employment of local logistical and mining teams, and terms for fair remuneration for mine workers. The Company looks forward to providing further updates on these processes in the near term as negotiations with the local miner groups conclude through March 2024.

Additional Social Initiatives

Element79’s community relations team has been present in Chachas 10-20 days per month over the past year and a half, helping and learning with the community. Through the Company’s presence and collaboration with UMA and the Chachas Community and local artisanal miners, a number of additional social initiatives are being considered as potential future commitments with the local community, extending and fostering relationships, empowering:

Child Anemia Diagnosis and Reduction: Targeting children aged 0 to 5 years.
Water Access Program: Ensuring access to clean water.
Start Link Internet: Providing satellite Wi-Fi connectivity.
Technical Skill Development: Preparing locals for future employment opportunities.
Local Entrepreneurship: Cultivating future product providers within the community.

About Element79 Gold Corp.

Element79 Gold is a mining company focused on gold and silver committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects. Element79 Gold's focus is on developing its past-producing, high-grade gold and silver mine, the Lucero project located in Arequipa, Peru, with the intent to restart production in 2024.

The Company also holds a portfolio of 5 properties along the Battle Mountain trend in Nevada, with the Clover and West Whistler projects believed to have significant potential for near-term resource development. Three properties in the Battle Mountain Portfolio are under contract for sale to Valdo Minerals Ltd., with an anticipated closing date in the first half of 2024. The Company has also signed an Option Agreement to sell the Maverick Springs project, an advanced-stage exploratory property with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) (see 43-101 technical report titled: Amended Technical Report on the Maverick Springs Project, Nevada, USA, by Allan Armitage, PhD., P.Geo, and Rohan Millar, B.Sc. P.Geo., dated October 7, 2022, available on SEDAR) and anticipates completing this sale on or before July 21, 2024.

In British Columbia, Element79 Gold has executed a Letter of Intent and funded a drilling program to acquire a private company that 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.

The Company has an option to acquire a 100% interest in the Dale Property, 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, and has recently announced that it has transferred this project to its wholly owned subsidiary, Synergy Metals Corp, and is advancing through the Plan of Arrangement spin-out process.

For more information about the Company, please visit www.element79.gold

Contact Information

For corporate matters, please contact:

James C. Tworek, Chief Executive Officer

E-mail: jt@element79.gold

For investor relations inquiries, please contact:

Investor Relations Department

Phone: +1.403.850.8050

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 considering 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.sedarplus.ca. 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.

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.