Element79 Gold Corp has acquired complete ownership of the Gold Mountain Project in Nevada's Battle Mountain trend through a definitive asset purchase of cash and stock.
-- Element79 Gold Corp has completed the acquisition of 34 unpatented mining claims comprising the Gold Mountain Project in Lander County, Nevada. The transaction gives the company full ownership of prospective ground located within Nevada's established Battle Mountain gold trend.
To learn more about Element79 Gold exploration projects, go to https://www.thenewswire.com/press-releases?id=1kZaFZvDV
Nevada produces approximately 73% of all US gold output annually and is the leading gold-producing state in the US. Despite Nevada’s rich mining history, securing prospective claims in established trends remains highly competitive. Junior explorers often struggle to access quality ground that can deliver future gold discoveries—an obstacle that Element79 Gold managed to overcome for this deal. The Battle Mountain trend has historically yielded significant gold deposits, making it an attractive region for exploration companies seeking to expand their asset portfolios.
The asset purchase agreement with vendor Donald James McDowell includes payment of 100,000,000 common shares valued at C$0.02 per share, plus a cash component of US$137,485.85. Payment of the cash portion will follow completion of Element79 Gold's next equity financing round.
The Gold Mountain Project consists of unpatented mining claims covering ground that Element79 Gold considers highly prospective for gold mineralization. The company plans to advance exploration activities on the property as part of its strategic focus on Nevada-based assets.
"This acquisition marks a significant step in advancing our strategic focus in Nevada," said James Tworek, CEO of Element79 Gold. "The Gold Mountain Project provides a drill-ready opportunity with strong geological fundamentals in one of the most prolific gold regions in the world."
Element79 Gold operated through its wholly owned subsidiary ELEM Battle Mountain LLC for this acquisition. The transaction qualifies as an arm's length deal and does not constitute a fundamental change for the publicly traded company. No finder's fees were paid in connection with the purchase agreement.
The company maintains a diversified portfolio, including the Elephant project, also located in Nevada's Battle Mountain trend, and the "Lucero mine" in Peru. Element79 Gold trades on the Canadian Securities Exchange under symbol ELEM, the Frankfurt Stock Exchange as 7YS0, and OTC Markets as ELMGF.
For additional information about Element79 Gold's Nevada acquisitions and exploration programs, visit https://www.thenewswire.com/press-releases?id=1kZaFZvDV
Contact Info:
Name: Michael Smith
Email: Send Email
Organization: Element79 Gold Corp.
Address: 1100-1111 Melville St., Vancouver, British Columbia V6E 3V6, Canada
Website: https://www.element79.gold
Source: PressCable
Release ID: 89169050
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