Element79 Gold (CSE:ELEM,OTCQB:ELMGF,FWB:7YS) is providing more details on recent developments at its Lucero project in Peru, after the company invoked the force majeure clause under its agreement with Condor Resources (TSXV:CN).
“When you’re working outside of … a de-risked jurisdiction like North America, you can run into these delays. And while we have been working diligently with the community for over two and a half years since acquiring this project at Lucero, there’s ebbs and flows, both on a federal level as well as at local level, inside the community,” said James C. Tworek, the company’s CEO and director.
Invoking the force majeure clause allowed Element79 to pause payment obligations with regards to the Lucero project for a maximum of two years.
“It gives us the ability to work out the things that are delaying the progress at the project. While we still believe firmly in the opportunity that the Lucero project has and what it stands to be in the future, unfortunately it’s a slow go for the time being,” Tworek explained.
Meanwhile, the company will be shifting its exploration focus to its Nevada projects, which include the Elephant project and the recently acquired Gold Mountain project.
“Nevada is nothing new to us. We’ve acquired a portfolio of 16 projects back in 2021, all located in the general Carlin Getchell and Battle Mountain trend,” Tworek said.
The chief executive noted the Elephant project sits close to some large producing and past-producing mines, and has about 40 drill holes that will give the exploration team a jump start. The company is working on releasing the first-ever NI 43-101 report on the Elephant project, which Tworek said will provide insight on current resource and future project work.
Watch the full interview with Element79 Gold CEO James C. Tworek above.
