Element79 Gold Re-Filing Amended Maverick Springs 43-101 
Element79 Gold Announces Re-Filing of Amended Maverick Springs 43-101 Technical Report
CSE: ELEM
www.element79.gold
Mr. James Tworek reports:
Vancouver, BC – TheNewswire - October 20, 2022 – Element79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE:7YS) ("Element79 Gold", the "Company") announces the filing of an amended technical report titled "Amended Technical Report on the Maverick Springs Project, Nevada, USA" (the "Amended Report"), dated October 7, 2022. The re-filing is a result of a review by the British Columbia Securities Commission, pursuant to which the Company is issuing the following news release to clarify its disclosure in the Amended Report. The resource estimate and conclusions of the Amended Report have not changed from the original technical report filed on February 8, 2022 (see news release filed on February 7, 2022). For further details please refer to the Amended Report filed on the Company’s SEDAR profile on October 19, 2022.
Highlights of the Amended Technical Report on Maverick Springs include:
Table 1. 2022 Pit-Constrained Mineral Resource Estimate for Maverick Springs
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(1)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.
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(2)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.
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(3)All figures are rounded to reflect the relative accuracy of the estimate. Composites have been capped where appropriate.
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(4)Resources are presented undiluted and in situ and are considered to have reasonable prospects for economic extraction.
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(5)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.
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(6)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.
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(7)A fixed specific gravity value of 13.6 ft/ton (2.35 g/cm) was used to estimate the tonnage from block model volumes.
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(8)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.
Qualified Persons
The Amended Report was independently prepared by Allan Armitage, PhD., P.Geo, and Rohan Millar, B.Sc. P.Geo., both of whom are "qualified persons" as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and a Senior Resource Geologist and Senior Geologist, respectively, of SGS Canada Inc.
The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a "qualified person" as defined by NI 43-101.
About Element79 Gold
Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a 43-101-compliant, pit-constrained mineral resource estimate reflecting an Inferred resource of 3.71 million ounces of gold equivalent* “AuEq” at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag)) with an effective date of Oct. 7, 2021 (see news release January 31st, 2022, available on SEDAR). The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of exploration, along with the potential for sale or spin-out. In British Columbia, Element79 Gold has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. In Peru, Element79 Gold holds 100% interest in the past producing Lucero Mine, one of the highest-grade underground mines to be commercially mined in Peru's history, as well as the past producing Machacala Mine. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township. For more information about the Company, please visit www.element79.gold or www.element79gold.com.
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
Email: jt@element79gold.com
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1 (604) 200-3608
Email: investors@element79gold.com