More than 1,000 g/t silver
The Canadian company Element79 Gold (CSE ELEM / WKN A3EX7N) is working hard to put the historic Lucero mine in Peru back into operation. In this regard the company recently announced an agreement on a potential offtake deal. It fits perfectly into the picture that CEO James Tworek’s company is today reporting some extremely high-grade analysis results from samples taken underground at Lucero in 2023!
To be precise, the chip samples come from the Pillune area of Lucero and were taken last year by experts from the SLM Resource Group. And as Element79 explains, the samples, some of which contain several ounces of gold and several ounces of silver (!), support the potential to put the formerly producing mine back into operation.
Up to 359 grams of gold per ton
The highlights of the results now received were 10.5 ounces (359 g) of gold and over 29 ounces (1,000 g) of silver per tonne in sample LUC2023-33 and 4.7 ounces (160 g) of gold and again more than 29 ounces of silver per tonne in sample LUC2023-34! In addition, numerous samples yielded further results that can justifiably be described as high-grade.
Results of the underground pick samples for the Pillune area of the Lucero project
Numerous other results coming soon
Investors can look forward to further results from the exploration work carried out in 2023 in the near future, the company also announced. In addition to the Pillune area, activities were also carried out in the Sando Alcalde area and on several veins in the Apacheta zone. In the latter, Element79 had already proven up to 11.7 ounces of gold and 247 ounces of silver per ton at the beginning of last year.
Element79 CEO James Tworek stated, “This batch of 24 assay results from the 2023 underground sampling program conducted by contractor SLM Resource Group in the Pillune area of the Lucero project returned impressive high-grade gold and silver mineralization of up to 10.5 ounces per tonne gold and >29 ounces per tonne silver, as well as some great base metal results. This is very encouraging for us as it further confirms the potential for a significant high-grade future operation.”
“The recent assay results confirm the high-grade nature of the Lucero project and are consistent with the visible mineralization observed during our team’s site visits and by previous operators,” continued Mr. Tworek. “We have the advantage of a flying start as the Lucero project has been in production in the past, local prospectors are still actively working in the region today and – apart from the annual rainy season – many underground workings remain accessible. These new results provide high-grade results from the 2023 SLM campaign at Lucero’s Pillune area and further reinforce our belief that the project hosts significant, commercially mineable veins as it has seen little modern exploration to date. We await a further set of assay results from the SLM campaign as well as the results of the mapping and more thorough channel sampling campaign conducted by the Ore Discovery team which ended on December 31st. We look forward to announcing further results shortly once the lab results are available.”
Towrek added that recent positive results and historical data are being analyzed and modeled to generate drill targets – underground and on surface – for an upcoming drill program.
Source: Comdirect
Conclusion: After the “realignment” to Lucero was decided in 2023 and the corresponding course was set, Element79 Gold seems off to a flying start this year. We believe that the aforementioned agreement on a possible offtake agreement and now the excellent test results are definitely pointing in the right direction. We are looking forward to the next assay data!
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