Gold CEO from Element79 focuses strategic shifts towards gold projects in Nevada
Element79 Gold Shifts Focus to Nevada Projects, Pauses Lucero Exploration
Element79 Gold, a company listed on the CSE, OTCQB, and FWB, has announced a strategic shift in its exploration focus. The company has invoked the force majeure clause on its Lucero Project in Peru, allowing it to pause payment obligations for up to two years while continuing to incubate the project with a mid- to long-term goal of restarting exploration and production.
In parallel, Element79 is refocusing its efforts on advancing its Nevada assets. The company, under the leadership of CEO and director James C. Tworek, acquired a portfolio of 16 projects in Nevada back in 2021. The Nevada projects, including the Elephant project and the recently acquired Gold Mountain project, are all located in the general Carlin Getchell and Battle Mountain trend.
The Elephant project, located near some large producing and past-producing mines, has about 40 drill holes that will provide a jump start for the exploration team. Element79 Gold is working on releasing the first-ever NI 43-101 report on the Elephant project, which will provide insight on current resources and future project work.
The Gold Mountain Project, on the other hand, is drill-ready and represents the core of the company’s next phase of resource growth. Element79 Gold plans to expand known mineralization and move toward resource definition, supported by technical work such as the forthcoming NI 43-101 report.
The delays in the Lucero Project are due to issues both on a federal level and at the local level within the community. Tworek, who has been working diligently with the community for over two and a half years since acquiring the Lucero project, believes firmly in the project's high-grade potential for the future. However, he stated that the progress at the project is currently slow.
The invoking of the force majeure clause is due to delays in the project. This strategic shift reflects a commitment by Element79 Gold to fast-tracking exploration and development of the Gold Mountain and Elephant projects, while keeping Lucero's potential on hold until market conditions or internal strategy allow reactivation.
Element79 Gold is redirecting its exploration focus to advance its Nevada assets, which include the Elephant project and the Gold Mountain project. The Elephant project, already with approximately 40 drill holes, is poised to offer an exploration team a headstart, while the Gold Mountain Project, drill-ready and at the core of the company's growth phase, plans to expand known mineralization and move towards resource definition.
