Element79 - Element79 Gold's Lucero project in Peru.
Element79 Gold's Lucero project in Peru.
Source: Element79 Gold.
  • Element79 Gold (CSE:ELEM) is unveiling underground sampling assays as high as 98.1 grams per tonne (g/t) of gold and 3,026 g/t silver from its flagship Lucero project in Peru, demonstrating the property’s substantial exploration potential
  • The company will now focus on new drilling and resource estimation work based on the samples, as it progresses towards restarting production at the high-grade Lucero mine later this year
  • Element79 Gold is a mining company focused on precious metals with properties in Canada, Peru and the United States
  • Element79 stock has given back 65.45 per cent year-over-year and 97.29 per cent since 2021

Element79 Gold (CSE:ELEM) is unveiling underground sampling assays as high as 98.1 g/t gold and 3,026 g/t silver from its flagship Lucero project in Peru, demonstrating the property’s substantial exploration potential.

The latest batch of 455 underground channel samples, representing nearly 600 kilograms of mineralization, reveal value-accretive results suggestive of Lucero’s robust high-grade mineralization, including:

  • 58 per cent of the samples grading over 0.1 g/t gold, 26 per cent grading over 1 g/t gold, and 9 per cent grading over 5 g/t gold.
  • 115 samples returning gold values ranging from 1 g/t to 98.1 g/t, silver values ranging from 0.7 g/t to 3,026 g/t, lead as high as 2 per cent and zinc up to 3.5 per cent.
  • 17 of the 115 samples showing gold values over 10 g/t, 8 samples over 20 g/t, and 51 samples with silver values over 100 g/t.
  • 15 of the 17 high-grade samples returning 12.65 g/t to 98.1 g/t of gold, silver values of 62.1 g/t to 3,026 g/t, and up to 3.24 per cent zinc.

The company will now focus on new drilling and resource estimation work based on the samples, which “transcend routine exploration work” and are interpreted to be “pivotal markers demonstrating the Lucero project’s tangible promise and potential,” according to Tuesday’s news release.

The samples follow the 2023 work campaign on Lucero, which yielded samples as high as 2.6 ounces per tonne of gold and 189 ounces per tonne of silver, supporting the restart of production at the property’s past-producing Lucero mine sometime this year. The mine is one of the highest-grade underground mines in Peru’s history, with grades averaging 19 g/t gold equivalent and production of more than 40,000 ounces per year from 2000 to 2005.

Leadership insights

“As we delve deeper into both contemporary and historical data, we witness the unfolding story of Lucero’s vast potential,” James Tworek, Element79 Gold’s chief executive officer, said in a statement. “Harnessing the comprehensive dataset will allow Element79 to set new standards in its exploration methodology.”

About Element79 Gold 

Element79 is a mining company focused on precious metals with properties in Canada, Peru and the United States. Besides Lucero, these include five properties along the Battle Mountain trend in Nevada – two of which are thought to offer significant potential for near-term resource development – and an option to acquire the Dale Property (90 unpatented mining claims) 100 kilometres southwest of Timmins, Ontario.

Element79 stock (CSE:ELEM) last traded at C$0.19 per share. The stock has given back 65.45 per cent year-over-year and 97.29 per cent since 2021.

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