Element79 Gold (CSE:ELEM) is shifting its focus to its US-based projects, after issuing a notice of force majeure to suspend payment obligations under the Lucero Project agreement with Condor Resources (TSX-V:CN).
The Canadian dual-listed explorer plans to advance development at the Elephant Project in Nevada, with an exploration campaign being finalised.
Element79 also anticipates the Gold Mountain Project acquisition in Nevada to be completed soon, pending administrative timelines. A comprehensive development will be issued upon completion.
This news comes after Element79 announced it had faced “significant difficulties” in advancing the project since acquiring the holder Calipuy Resources in 2022.
As Mining.com.au previously reported, the company has been unable to access the project and perform exploration or commercial mining operations at Lucero, located in Peru.
Over the next 12 months, Element79 will continue monitoring regulatory developments, particularly the anticipated implementation of MAPE legislation, as well as maintain social outreach campaigns in Chachas through its social engagement team.
The company’s social engagement team will prepare groundwork for continuing engagement pre and post-municipal elections in early 2026.
Element79 intends to continue discussions with Condor to explore restructuring the terms of the original Lucero agreement.
The company aims to establish a more reasonable, flexible and mutually beneficial framework as on-the-ground conditions allow for meaningful work to resume at Lucero.
Element79 Gold is a precious metals mining company focused on gold, silver, and associated metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Element79 Gold
