Published: August 27, 2021 |

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Element79 Gold has signed a binding letter of intent to acquire 100 percent of the issued and outstanding shares in Plutus Gold Corp., which holds the option to acquire the Snowbird High-Grade Gold Project.

The Snowbird High-Grade Gold Project consists of 2,726 hectares across ten mineral claims located in Central British Columbia approximately 20 kilometers west of Fort St. James. The claims sit at low elevation with access via dirt roads that allows them to be drilled year-round.

“The entire team has been hard at work developing our M&A pipeline and today we are pleased to announce the first of several potential acquisitions. Over the coming months, we intend to pursue an aggressive development strategy aimed at significant value-creation for our shareholders and the Snowbird High-Grade Gold Project is a perfect complement due in large part to its expansive potential,” said President and CEO of Element79 Gold, James Tworek.

The LOI carries exclusivity until October 31, 2021 and requires the parties to use best efforts to negotiate and execute a definitive agreement. Element79 Gold intends to acquire 100 percent interest in Plutus Gold for a $200,000 cash payment, and 8,000,000 common shares of Element79 Gold. As the final obligation remaining under the option agreement between Plutus Gold and Gitennes Exploration, Plutus Gold is committed to completing further work on the Snowbird High-Grade Gold Project with expenditures totaling $1,000,000 on or before June 30, 2022 in order to exercise its option to acquire the claims.

Snowbird High-Grade Gold Project: 2,700+ Hectares of Untapped Potential

First discovered in the 1920s, the Snowbird High-Grade Gold Project’s original owners completed limited underground development in the 1930s and 1940s. A total of 226 shallow drill holes (both percussion and diamond) representing 19,580 meters have been completed on the Snowbird High-Grade Gold Project, the bulk of which occurred in the 1980s, with a total of 40 diamond drill holes (6,993 meters) drilled since 2017, including 9 holes for which results are pending.

The Snowbird High-Grade Gold Project includes two significant mineralized veins: the main vein and the peg-leg vein.

Geology Parallels Some of the World’s Largest Gold Districts

The Snowbird High-Grade Gold Project is a structurally controlled mesothermal deposit with geology that is analogous to the famed Mother Lode District of California, and the Bralorne Mine Complex of British Columbia which produced 4.2 million oz of gold before closing in 1971. It also holds similarities to deposits in several other significant multi-million oz producing mining camps, including the Timmins Camp in the Abitibi Subprovince of Ontario which has produced over 70 million oz of gold to date.

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. The company has an option to acquire 100 percent 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.

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