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Element79 Gold Corp. (ELMGF) – Maintaining Focus While Putting a Value on Non-Core Properties

Natural Resources
0 min read


Friday, November 18, 2022

Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a 43-101-compliant, pit-constrained mineral resource estimate reflecting an Inferred resource of 3.71 million ounces of gold equivalent* “AuEq” at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag)) with an effective date of Feb. 4, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of exploration, along with the potential for sale or spin-out. In British Columbia, Element79 Gold has executed a Letter of Intent to acquire a private company which 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. In Peru, Element79 Gold has signed a letter of intent to acquire the business and assets of Calipuy Resources Inc., which holds 100% interest in the past-producing Lucero Mine, one of the highest-grade underground mines to be commercially mined in Peru’s history, as well as the past-producing Machacala Mine. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township.

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Monetizing non-core properties. Element79 Gold executed non-binding letters of intent (LOI) with Centra Mining Ltd. and Valdo Minerals Ltd. to sell five properties from its Battle Mountain development portfolio which is comprised of fifteen properties in northeastern Nevada. The properties being considered for sale include: 1) The Long Peak Project, 2) The Stargo Project, 3) The Elder Creek Project, 4) The North Mill Creek Project, and 5) The Elephant Project.

LOI terms. Centra Mining is expected to purchase Element79 Gold’s interests and obligations associated with Long Peak and Stargo in exchange for C$1,000,000 payable with the issuance of 2.5 million shares of Centra at a deemed price of C$0.40 per share. Valdo is expected to purchase Element79 Gold’s interests and obligations associated with North Mill Creek, Elder Creek, and Elephant in exchange for C$1,125,000 payable with the issuance of 3,750,000 common shares at a deemed price of C$0.30 per share. Both LOI’s are non-binding and subject to a 180-day exclusivity period.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

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