(TheNewswire)

VANCOUVER, BC  – T heNewswire – November 14, 2023 Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) (‘ Element 79 Gold ‘, the ‘ Company ‘) is pleased to provide a comprehensive update on the recent advancements in geologic field work and community relations initiatives in the Apacheta and Sando Alcalde areas of its flagship Lucero property.

Geological Field Work Progress:

Recent field work was focused on surface mapping (1/2,500 scale) as well as surface and underground sampling at the Apacheta and Sando Alcalde areas. Despite adverse weather conditions affecting surface work, underground work at Sando Alcalde commenced on Saturday, September 21st, following authorization from The Community of Chachas, RRCC. The achievements include:

Mine Workings Mapping: 1,400 linear metres covered, representing 40% more than the initial target schedule.

Surface Geological Mapping (1:2,500 scale): A total of 360 hectares were mapped, contributing to a cumulative total of more than 400 hectares .

Field Stations: 98 established, with a cumulative total of 279.

Samples Collected: A total of 111 samples have been collected and sent to Certimin Laboratory (33 surface, 64 underground, and 14 QA/QC).

Recent reports highlight substantial progress in field work and surface sampling, of the Apacheta area mapping now 75% complete.

Geological Observations:

Mineralization occurs within vein-faults at both the bottom and top. On the surface, it manifests as a siliceous ledge with Fe-Mn oxides and an argillic halo. Three distinct surface events have been identified: massive gray silica, whitish silica, and drusy quartz filling cavities with OxFe.

There are two main structure types:

Base Metal Structure: Comprising galena-sphalerite-pyrite (1st event), rhodochrosite-rhodonite-silica (brecciating sulfides, 2nd event), galena-pyrite-chalcopyrite band to the vein footwall (3rd event), and drusy quartz with OxFe filling cavities (4th event).

Silica-Sulfide Structure: Characterized by a central suture of tens of centimetres of gray silica-pyrite-chalcopyrite-galena filled with drusy quartz and clay-OxFe halos.

Near these structures alteration of gray to whitish silica with clays (possibly dickite?) is prevalent, showing moderate to strong argillic alteration. Halos generally do not exceed 2 metres in width. As one moves away from the structures, the predominant alteration shifts to a weak to moderate chlorite-epidote-calcite (propylitic halo).

The structural orientation follows three main controls: AZ 330° for main veins, EW for faults and secondary veins, and AZ 60° for some faults and the emplacement of the dacitic intrusive.

The ground team has recommended defining ore shoot projection and barren zones through orientation sampling by sectors.

Community Relations and Social Affairs:

Recent social affairs initiatives include:

Support in the Geology Area: Permanent monitoring during the day to avoid disruption of data collection activities.

Engagement with Artisanal Miners: Visits to working areas to build positive relations and awareness with artisanal miners in the upper parts of Lomas Doradas.

Dialogue with Community Leaders: Personal dialogue with leaders and the president of Lomas Doras and coordinate the entry of geologists for mapping activities.

Coordination for Entry to Galleries: Coordination with the president of the Chachas community and the president of Lomas Doradas for entry to active mining galleries, ensuring safety through collaboration with project managers and security.

Community Initiatives: Ongoing efforts including the coordination of the formal delivery of the pipe donation to be used by the Chachas community water conveyance project.

Element 79 Gold remains committed to transparency, community engagement, and the responsible development of its Lucero Property. The Company looks forward to continued progress and collaboration with the local community.

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a ‘qualified person’ as defined by National Instrument 43-101.

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 the near term.

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 around the end of 2023.  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) and anticipates completing this sale on or before March 28, 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 through the rest of 2023.

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@element79gold.com

For investor relations inquiries, please contact:

Investor Relations Department

Phone: +1.613.879.9387

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 in light of 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.

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