- Vancouver-based Element 29 announced the company has received permits to start drilling at its Elida Copper Project
- The porphyry copper-molybdenum exploration project is located in central Peru
- The property is composed of 28 mining concessions totalling 19,210 hectares that are 100 per cent owned by Element 29
- Preparations to commence 4,000 metres of diamond drilling are now underway
- Element 29 is unchanged, trading at C$0.41 at 12:32 pm ET
Vancouver-based Element 29 announced the company has received permits to start drilling at its Elida Copper Project.
The porphyry copper-molybdenum exploration project is located in central Peru.
The property is composed of 28 mining concessions totalling 19,210 hectares that are 100 per cent owned by Element 29.
Final approval for drilling and exploration has now been issued by the Ministry of Energy and Mines of Peru, which was a pre-requisite before work could start.
A previous drill program at the project completed in 2014 and 2015 identified significant copper, molybdenum, and silver mineralization associated with a quartz monzonite porphyry stock.
Preparations to commence 4,000 metres of diamond drilling are underway to achieve a drill hole spacing appropriate for estimating mineral resources.
The primary focus of the 2021 exploration program at Elida involves drilling up to 4,000 metres in and around the known copper mineralization at Elida to supplement data from the previous 18 drill holes.
Preliminary metallurgical studies have been initiated on samples from previous drilling.
Preparations to commence 4,000 metres of diamond drilling are underway to achieve a drill hole spacing appropriate for estimating mineral resources.
“Receiving the permits to start the drill program at our highly prospective Elida copper project is an important milestone for the Company. Our intention is to complete drilling and prepare a mineral resource estimate in late 2021 in accordance with National Instrument 43-101,” said Element 29 President and CEO Brian Booth.
A drilling contractor has been selected for the program and mobilization of equipment to the project will begin once preliminary site preparations are complete.
The company is applying for a Water Use Permit for use in drilling operations. This is a routine part of the overall permitting process and is not expected to impede the start drilling operations.
Element 29 is unchanged, trading at C$0.41 at 12:32 pm ET.
