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Source: Element 29 Resources
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  • Element 29 Resources (ECU) has announced results from two drill holes at its Elida Copper Project in Perú
  • Both ELID021 and ELID022 have long, continuous mineralized intervals with attractive copper and molybdenum grades
  • Drill hole ELID021 intersected 556.1 m of 0.36 per cent copper, 0.024 per cent molybdenum and 2.40 g/t silver
  • Drill hole ELID022 intersected 388.0 m of 0.34 per cent Cu, 0.026 per cent Mo, 2.36 g/t Ag
  • Two drill rigs remain at the project and are completing the final two holes of the 2021 drilling campaign
  • Element 29 Resources Inc. is an emerging copper exploration and development company focused on advancing its portfolio of Peruvian projects
  • Element 29 Resources Inc. (ECU) opened trading at C$0.62 per share

Element 29 Resources (ECU) has announced results from two drill holes of a 4,500-metre drilling program at its Elida Copper Project in Perú.

Richard Osmond, Chairman and Interim CEO commented on the results.

“Following the results of the first two drill holes at Elida, we are very pleased with the results from holes ELID021 and ELID022. These holes have long, continuous mineralized intervals with attractive copper and molybdenum grades. ELID021 has traced the mineralization to a depth of over 700 m below surface and drilling has tested the lateral continuity over a strike-length of 300 m on the east side of Target 1. It is very encouraging to see the drilling confirm the geometry of the mineralized zone as previously inferred from sparse historical drilling and continue to show low levels of arsenic. The mineralized zone remains open at depth beneath these latest holes and continues to support our belief that Elida has the potential to be a large-scale copper project, which will be enhanced by its low elevation and proximity to infrastructure.”

Elida drilling highlights

  • Drill hole ELID021 intersected 556.1 m of 0.36 per cent copper, 0.024 per cent molybdenum and 2.40 g/t silver for 0.47 per cent copper equivalent. 
  • Drill hole ELID022 intersected 388.0 m of 0.34 per cent Cu, 0.026 per cent Mo, 2.36 g/t Ag. 
  • Target 1 mineralization is now traced by drilling to a depth of approximately 700 m below surface. Mineralization remains open at depth.
  • The latest drill hole results indicate strong lateral and vertical continuity of Cu and Mo mineralization.
  • With the encouraging results to date, the drill program has been extended by 500 m to complete a seventh hole to test the deeper extent of mineralization.

The 4,500 m diamond drilling program in progress at the project is focused on testing Target 1 with the objectives of investigating the vertical continuity and zonation of Target 1 mineralization, improving the confidence in the interpreted mineralization boundaries, and achieving a drill hole spacing that is appropriate for estimating a potential mineral resource for a portion of Target 1.

ELID021 was terminated in the mineralized zone at 770.7 m, where a fault zone prevented further drilling. Cu-Mo mineralization associated with potassic alteration and multiple veining events has now been traced by drilling to a depth of approximately 700 m below surface and remains open at depth. Shorter but still significant intervals with higher Cu grade mineralization are distributed across the mineralized zone.

ELID022 was collared a short distance outside of the mineralized zone to delimit the northern extent of Cu-Mo mineralization in this area. The hole was also designed to test the eastward continuation of mineralization from ELID021.

Both ELID021 and ELID022 returned long, intervals of Cu-Mo mineralization containing shorter intervals of coherent, higher Cu grades. Further drilling will be required to test the complete width and depth extent of mineralization in this area.

Two drill rigs remain at the project and are completing the final two holes of the 2021 drilling campaign.

Elida is a porphyry copper-molybdenum exploration project totalling 19,210 hectares that are 100 per cent owned by Elida Resources S.A.C., a Peruvian subsidiary of Element 29. The project is located in central Perú, approximately 85 km inland from the Pacific coast at moderate elevations between 1,500 m and 2,000 m and close to transportation and power infrastructure, including a 45 megawatt hydroelectric generation facility situated 15 km from the project.

Element 29 Resources Inc. is an emerging copper exploration and development company focused on advancing its portfolio of Peruvian projects.

Element 29 Resources Inc. (ECU) opened trading at C$0.62 per share.

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