Element79 Gold: Access to significantly larger areas of the historic Lucero gold mine!

Element79 Gold (WKN A3EX7N / CSE ELEM) decided not so long ago to focus almost exclusively on bringing the Lucero gold and silver mine in Peru back into production. Since then, work has been progressing at full speed and the company can now once again report positive news.

CEO James Tworek’s company has announced that recent activities at Lucero – underground mapping and channel sampling – have exceeded original expectations and provided Element79 with additional insights. The company had originally assumed that “only” 2.5 kilometers of the historical mining areas would be accessible. Now, however, an extensive network of tunnels and ramps has been documented, covering a total of 8.9 kilometers!

According to the Element79 team, 85% of these areas have now been accurately mapped and sampled. These discoveries significantly expand the company’s understanding of Lucero’s geological landscape and open up previously unknown exploration opportunities, it added.

It has also been reported that a total of 19 adits have been mapped to date, with a further ten adits still awaiting underground mapping. In addition, Element79 continues, work carried out between October and December 2023 has provided further significant information on the project’s gold and silver mineralization.

Two structures with significant exploration potential to date

Mineralization is of the intermediate sulphidation epithermal style characterized by gold-silver veins with accompanying lead and zinc sulphides. Sub-vertical structures surrounded by dacite tuffs are the primary controls on the mineralized veins with an average vein width of 0.40m. Within the Apacheta zone, mineralization remains open at depth and to the northwest.

Element79 has so far identified two structures that have significant exploration potential for gold and silver mineralization: the Promesa vein and the Pillune sector. The Pillune sector in particular appears to host a well-defined vein, highlighting its significant mineralization potential.

CEO James Tworek explains: “Based on historical Buenaventura reports from 2005 to 2008, enriched by ongoing community engagement, Element79 has uncovered compelling prospects for exploration. Our exploration timeline underscores our efficient use of resources. This strategic resource allocation ensures the completion of ongoing initiatives and paves the way for secondary mapping and geochemistry programs in additional zones beyond Apacheta, Pillune and Sando Alcalde.”

Kim Kirkland, Element79’s Chief Operating Officer and geologist, added that drill targets are being assembled, particularly in the northwest of the project area, where surface indicators of spongy silica would suggest underlying mineralization.