Element79 Gold (CSE:ELEM,OTC Pink:ELMGF) is transitioning from an asset amalgamator to a near-term producer, according to CEO James C. Tworek.
As part of making this transition, the company is looking to formalize the artisanal miners at the property, who are currently producing 70 to 90 metric tons of ore per week from the project.
“There’s a permit process in Peru called the reinfo process,” Tworek said. “We’re currently, with our local community outreach specialists … speaking to all these small permit holders … and trying to bring them in under us.”
Under the reinfo process, Element79 Gold will take on the expenses and bring the artisanal miners’ production under the company. “We get to sell their ore, and that is one way of bringing some level of production under Element79 Gold in the very short run,” Tworek explained.
The company is also looking to sign offtake agreements for production from Lucero. “I don’t have a hard line on specific timing, but you’re going to see the offtake agreement, or potentially a couple of them being signed,” he said. “And with that in mind, we’ll be bringing analysis and modeling to the table in terms of setting up drill plans and getting drills turning.”
Element79 just completed fieldwork at the Lucero site to regenerate historical mapping and data sets, and the data will be used to plan its next drilling campaign.
Watch the full interview with Element79 Gold CEO James C. Tworek above.
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