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Highlights
- Element79 expands into Nevada with Gold Mountain acquisition
- Drill-ready project enhances Nevada-focused strategy
- Settlement clears path for exploration focus
Element79 Gold Corp (CSE:ELEM) has taken a strategic step in expanding its U.S. presence by securing a letter of intent to acquire the Gold Mountain Project in Nevada. This move aligns with the company’s renewed focus on North American assets and signals an active push toward development-stage exploration in one of the world’s most prolific mining jurisdictions.
Strategic Expansion with Gold Mountain
The Gold Mountain Project spans 284 hectares and offers high geological potential. The site showcases structurally controlled mineralisation of gold, silver, and lead, along with signs of porphyry-style mineralisation near the Gold Mountain intrusive. These characteristics mark it as a promising asset in Element79’s growing portfolio.
Under the terms of the acquisition, Element79 will issue 100 million common shares to the unnamed vendor at $0.02 per share or based on the volume weighted average trading price over the 10 days prior to the deal’s close—whichever is higher. The transaction is expected to close by 30 June 2025, contingent on due diligence, definitive agreement execution, and regulatory approvals.
As part of the agreement, the vendor has granted Element79 a 180-day exclusivity window to secure the acquisition without third-party interference.
Strengthening Nevada Footprint
Element79’s management sees the Gold Mountain Project as a cornerstone of its pivot back to a Nevada-centric approach. The project is drill-ready, and a comprehensive exploration campaign is set to follow the transaction. This includes detailed mapping and a reverse circulation drilling program to define mineralised targets and assess conceptual porphyry and skarn-type systems.
There is currently no existing technical report on the project, but the company intends to complete one post-acquisition in 2025 to support future development stages.
Resolving Legacy Disputes
In a parallel development, Element79 has resolved a dispute involving overlapping mining claims with NQ Holdings in Lander County, Nevada. As part of the settlement, the company will abandon its interest in the EC01 and EC23 unpatented mining claims (Elder Creek claims) in exchange for US$14,000 (approximately A$21,623). This resolution enables Element79 to streamline operations and prioritise projects with more strategic relevance.
Broader Outlook
Element79 continues to manage other promising assets, including the Lucero Project in Peru. The broader market backdrop, including movements in the S&P/ASX200, plays a role in shaping investor sentiment across the resources sector, with exploration-led companies like Element79 benefitting from renewed interest in precious metals and project development.
With fresh exploration efforts planned and legal matters settled, Element79’s Nevada push reinforces its position within North America's emerging gold landscape.
