Element79 Gold (CSE: ELEM) has executed a definitive asset purchase agreement that secures 100% ownership of the Gold Mountain Project in Lander County, Nevada—a package that covers 34 unpatented claims on the Battle Mountain trend.
Consideration for the acquisition is 100 million Element79 shares priced at $0.02 (roughly $2 million) plus a deferred cash payment of US$137,485.85 after the next equity raise. Using recent exchange rates, total outlay is roughly US$1.6 million.
The vendor, Donald James McDowell, keeps a 3% net-smelter-return royalty on future production.
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“This acquisition marks a significant step in advancing our strategic focus in Nevada,” CEO James Tworek said, calling Gold Mountain “a drill-ready opportunity with strong geological fundamentals.” He added that field work is planned for later this year.
Management highlights structurally controlled gold-silver-lead mineralization and porphyry-style indications as “compelling upside potential.” Gold Mountain also complements the company’s nearby Elephant Project, giving Element79 a more cohesive footprint across the mineral belt.
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