Element79 Gold (CSE:ELEM) is exploring alternative avenues for divesting its Stargo, Elder Creek, and North Mill Creek projects in Nevada after a previously announced transaction failed to materialize. The company is now re-engaging with other interested parties to potentially purchase the Nevada-based assets. The initial deal, announced in September 2024, did not meet the necessary terms for completion, resulting in Element79 retaining the project portfolio.
In separate news, Crescita Capital has provided C$100,000 (approximately $112,430 USD) to Element79 to support community initiatives related to the Lucero Project in Peru. These funds will be allocated to strategic financing efforts, which include potential asset sales and covering mineral lease payments in both Peru and Nevada. Additionally, Element79 intends to use the capital to facilitate its OTCQB uplisting and for general working capital purposes. The convertible note from Crescita Capital carries a 15% annual interest rate until it is either repaid or converted into company shares. Element79 CEO James Tworek emphasized the strategic importance of the Lucero Project.
