Vancouver, British Columbia – TheNewswire - March 11, 2024 – Element79 Gold Corp. (CSE: ELEM | FSE: 7YS0 | OTC: ELMGF) is pleased to provide an update on the latest social management initiatives, community engagement and ongoing efforts for its Minas Lucero Project in the Arequipa region of Peru.

Strengthening Community Relations in Chachas

As part of its ongoing commitment to responsible mining and sustainable development, Element79 Gold’s local team has been actively engaging with community leaders and stakeholders in Chachas and surrounding annexes. Key developments include:

• Engagement with Local Authorities: Seven (7) formal letters were submitted to the JAL authorities of Chachas and its annexes to coordinate meetings in March. These discussions will facilitate agreements on land use, to be formalized in the upcoming Communal Assembly. 

• Coordination with Regional Energy and Mines Authority: The Company is working with the Regional Energy and Mines Management of Arequipa (GREM) to arrange an official briefing in Chachas. Through the GREM efforts have been made are being made to establish an institutional working group with representatives from the Chachas Community, the Lomas Doradas Association, and Minas Lucero del Sur to table requirements and commitments between the parties. 

Ongoing Communication and Support with Chachas

Element79 Gold continues to maintain positive and open lines of communication with the Chachas community, despite challenges posed by seasonal weather conditions:

• Community Interaction: Regular dialogue is ongoing with local stakeholders, and the Company has received direct inquiries and support from community allies. 

• Weather-Related Impact: Heavy rains and landslides common to this season have affected road access to Chachas, causing temporary disruptions. Artisanal mining operations in the area have also been suspended until April due to adverse conditions. 

• Local Presence: The Company continues to maintain its office in Chachas, along with an on-the-ground community assistant in Chachas to monitor developments and maintain direct communication.  Local Starlink internet antennae for community use continue to be sponsored by the Company.  

Advancing Strategic Community Initiatives

Deployment of Smart Multipurpose Screen Kits

Element79 Gold is preparing to introduce new technology to local communities as part of its engagement strategy:

• Three (3) GAE Multipurpose System Kits are set to be delivered to communal facilities in Chachas, Nahuira, and Tolconi before mid-March. 

• The deployment will serve as a technology demonstration, showcasing the potential benefits of Starlink connectivity and smart panels for community development. 

• Official handover of the equipment will be contingent upon the signing of land-use agreements with the community, aligning with Element79 Gold’s commitment to fostering mutual benefits through sustainable partnerships. 

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Image 1 – GAE Multipurpose System Kit setup

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Image 2 – (Spanish) Chart of the of the features and benefits that the GAE Multipurpose System Kits have and provide to user communities

Upcoming Multi-Stakeholder Meeting in Chachas

A key meeting involving GREM, the Chachas Community Council (CC Chachas), the Lomas Doradas Association, and Minas Lucero representatives is being planned before the upcoming Communal Assembly. GREM-Arequipa has sent official invitations, and discussions are underway to determine the most suitable date and agenda.  The Company has already submitted a formal letter to GREM to advance this process; due to ongoing heavy rains, the GREM has confirmed an approximate timeline for “end of March” and will continue to update both the Company and the CC Chachas in due course.

Commitment to Responsible Mining

Element79 Gold Corp. remains dedicated to transparent dialogue, responsible community and resource development, and long-term profitable and mutually beneficial community partnerships. The Company will continue to provide updates as these initiatives progress.

About Element79 Gold Corp. Element79 Gold is a mining company focused on exploring and developing its past-producing, high-grade gold and silver project, Lucero, located in Arequipa, Peru. The Company is committed to advancing responsible mining practices and maintaining strong relationships with local communities to support sustainable development.

The Company also holds several exploration projects along Nevada’s Battle Mountain trend, a region renowned for prolific gold production, and these assets are under contract for sale in the first half of 2025.  Additionally, Element79 has recently transferred its Dale Property in Ontario to its subsidiary, Synergy Metals Corp., as part of a spin-out process.

For further information, please visit our website at www.element79.gold.

For corporate matters, please contact:

James C. Tworek, Chief Executive Officer

Email: jt@element79.gold

For investor relations inquiries, please contact:

Investor Relations Department
Phone: +1 (403)850.8050
Email: investors@element79.gold

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.

Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward-looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should conduct a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statements to reflect events or changes in circumstances that occur after the date hereof.

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