Updated NI 43-101 Compliant Resource VANCOUVER, BC / ACCESSWIRE / January 31, 2022 / Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) ("Element79 Gold", the "Company") is pleased to announce an updated National Instrument 43-101 compliant, pit-constrained Mineral Resource Estimate (the "MRE") on the flagship Maverick Springs Project ("Maverick Springs") located in the famous gold mining district of northeastern Nevada. The MRE report will have the effective date of February 4, 2022.
Highlights of the Maverick Springs Mineral Resource Estimate include:
- 3.71 million gold equivalent ounces "Au EQ" (278.0M Ag EQ ounces), within 125.4 million tonnes at an average grade of 0.92 g/t Au EQ (68.9 g/tonne Ag EQ) in the Inferred category.
Table 1. 2022 Pit-Constrained Mineral Resource Estimate for Maverick Springs
| Class | Tonnes | Ag (g/t) | Au (g/t) | Ag (Moz) | Au (Moz) | Ag EQ (g/t) | Ag EQ (Moz) | Au EQ (g/t) | Au EQ (Moz) |
| Inferred | 125,421,000 | 43.5 | 0.34 | 175.7 | 1.37 | 68.9 | 278.0 | 0.92 | 3.71 |
- The classification of the current Mineral Resource Estimate into Inferred is consistent with current 2014 CIM Definition Standards - For Mineral Resources and Mineral Reserves and 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines.
- Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
- All figures are rounded to reflect the relative accuracy of the estimate. Composites have been capped where appropriate.
- Resources are presented undiluted and in situ and are considered to have reasonable prospects for economic extraction.
- Open pit mineral resources are reported at a cut-off grade of 22.5 g/tonne Ag EQ. Cut-off grade is based on a gold price of US$1,650 per ounce and a silver price of US$22 per ounce, a gold recovery of 75%, a silver recovery of 85% and reasonable mining, processing and transportation costs.
- High grade capping was done on silver grades in the composite data. A capping value of 25 oz/ton Ag was applied to the silver grades.
- A fixed specific gravity value of 13.6 ft3/ton (2.35 g/cm3) was used to estimate the tonnage from block model volumes.
- The Authors are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue not reported in the technical report, that could materially affect the mineral resource estimate.