Element79 Gold Reports Results of 2021 Dale Property Phase I Exploration Program, Announces Annual General Meeting

2021 Phase I Exploration Program yields results comparable to early prospecting samples which returned up to 3.8 g/t gold

VANCOUVER, BC / ACCESSWIRE / June 3, 2022 / Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) ( "Element79 Gold" , the " Company ") today announced an update on the results of its 2021 Phase I Exploration Program (the "Work Program") on the Dale Property, located within the Swayze Greenstone belt of the Abitibi Subprovince.

Foto: Accesswire

The Work Program, consisting of bedrock trenching and soil sampling, was designed to follow up on several prospecting samples taken by the vendor of the Dale Property which indicated the presence of elevated gold, and was completed over several weeks in the fall of 2021.

Highlights of the Work Program:

• Largely reproduced earlier prospecting results by the Vendors of the property which returned up to 3.8 g/t gold (Au); Samples yielded up to 2.6 g/t Au
• East-west trending mineralized deformation zones with elevated gold values appear to be common across the property; Potential to form an economic mineral resource
• Results of the Work Program warrant an extensive mapping, prospecting and soil sampling program over the Dale Property to identify additional mineralized shear zones

"The first phase of exploration on the Dale Property yielded highly-valuable data on its underlying geological trends and mineralization, supporting the team's initial expectations based on early prospecting samples," remarked James Tworek, President and CEO of Element79 Gold. "Results affirming prospective mineralization in such an established gold mining territory merit a more expansive Phase II exploration program to further solidify the Company's ongoing development strategy at the Dale Property."

Foto: Accesswire

Figure 1. Trench 3 Geology Map and Grab Sample Locations and Grades in ppb (parts per billion)

Results of the Work Program

Utilizing the high-resolution data obtained from the drone-based magnetic survey completed by Element79 Gold in 2021, the Work Program consisted of trenching, channel sampling, prospecting, mapping, and soil sampling, following up on historic prospecting by the vendors of the property which has yielded up to 3.8 g/t Au, including several highly anomalous samples grading greater than 0.1 g/t Au, with assay results pending (see news release dated August 16, 2021, available on SEDAR). A total of 5 trenches were excavated, with a total of 83 rock samples and 49 soil samples which yielded results comparable to earlier reconnaissance prospecting, returning up to 2.6 g/t Au from Trench 3, the location of the highest gold assay provided by the vendor, and expanding the original outcrop, leading to a better understanding of the controls on mineralization. Five other grab samples returned > 0.2 g/t Au, with soil samples additionally returning anomalous values up to 54 ppb Au in 8 of 49 samples, suggesting soil sampling is an effective exploration tool on the Dale Property.