New work programs already planned
Just yesterday, the Canadian gold company Element79 Gold (WKN A3EX7N / CSE ELEM) announced the sale of three properties from its project portfolio in Nevada. The strategic rationale behind this is that it will allow the company to focus on restarting the historic Lucero gold and silver mine in Peru in 2025 – and, as the company announced today, on the exploration and development of the Clover project. This is now Element79’s last remaining project in Nevada.
Clover, the company’s most advanced Nevada project, is located in the Battle Mountain region, which was an important factor in the decision to focus on this property. According to Element79’s COO Kim Kirkland, significant resources have been developed along the Battle Mountain Trend in the past and several global scale mines are still in operation in the region today.
Promising project situation
Clover is located in the northwestern extension of the famous Carlin Trend in an area known as the Northern Nevada Rift Zone. Clover is centrally located in a rift zone that also hosts adjacent epithermal deposits such as Midas and the Hollister mine.
In any case, Element79 Gold has recently visited the project and has spent some time and effort reviewing and verifying the historical information available on the Clover project and is convinced that the project has great potential to develop a resource. Work programs are now planned to follow this year and next, which the company is confident will create significant value for Element79 shareholders.
Previous owners of the project had drilled 104 holes in the past, most of which were not very deep, including 32 feet of 25 g/t gold with a peak interval of 2.5 feet of 274 g/t gold; 25 feet of 7.85 g/t gold and 10 feet of 20.4 g/t gold.
Element79 is currently discussing hiring outside experts to compile historical project drilling data and the sequential phases of recommended work that will result in a 43-101 Property of Merit report. In parallel, environmental, drilling and water use permits will be reviewed with the Nevada Bureau of Land Management. However, the company has already identified the targets for an initial drilling program at Clover.
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