- Element 29 Resources (ECU) has completed its seven hole, 4,500-metre drill program at the Elida Copper Project
- Elida is a porphyry copper-molybdenum exploration project located in central Peru
- Drilling tested the mineral system to a depth of 933 m below surface and indicated that mineralization is open at depth
- Future exploration will continue to test the unexplored segments of the Target 1 mineralized zone
- Element 29 Resources is an emerging copper exploration and development company focused on advancing its portfolio of projects in Peru
- Shares in Element 29 Resources Inc. (ECU) are steady, trading at $0.60 per share
Element 29 Resources (ECU) has completed its seven-hole, 4,500-metre drill program at the Elida Copper Project.
Phase 1 drilling at Elida has achieved the program’s objectives, which included investigating the continuity of Target 1 mineralization, improving the mineralized boundaries, and estimating a potential mineral resource for a portion of Target 1.
Drilling tested the mineral system to a depth of 933 m below surface and indicated that mineralization is open at depth.
Highlights include:
- 908.75 metres containing 0.55 per cent copper equivalent in hole ELID025;
- 0.53 per cent copper equivalent over 451.75 metres in hole ELID024; and
- A much wider mineralized zone containing 0.56 per cent copper equivalent over 91.1 metres in hole ELID023.
“The Phase 1 drill program at Elida was a complete success,” said Element 29 interim CEO Richard Osmond, “and exceeded expectations with several long intercepts of strong copper mineralization starting at the bedrock surface.”
“The program was successful in defining the limits of copper mineralization at Target 1 with the appropriate drill spacing needed to complete an initial resource estimate, which we expect to publish later this year,” he added.
A portion of Target 1 now has drill holes nominally spaced at 100 metres, which are considered appropriate for potential resource estimation.
Exploration planned for later in 2022 will be designed to test the unexplored segments of the Target 1 mineralized zone and further constrain limits of mineralization where drill holes are lacking.
“We are excited about our plans to move forward with a Phase 2 program intended to expand on potential resources at Target 1 and drill test Targets 2 and 3,” said Mr. Osmond.
Element 29 Resources is an emerging copper exploration and development company focused on advancing its portfolio of projects in Peru.
Elida is a porphyry copper-molybdenum exploration project located in central Peru.
Shares in Element 29 Resources Inc. (ECU) are steady, trading at $0.60 per share as of 1:32 pm EST.
