Element 29 Resources Inc. (E29) is advancing both its Elida copper deposit and Flor de Cobre project in Peru with a focus on growing its copper resources and expanding mineralization on multiple, untested targets. Both projects have returned well-mineralized copper intercepts from recent drilling and are strategically located at lower elevations and near major infrastructure including roads, powerlines, ports, water, and skilled workforces.
Flor de Cobre project is a porphyry copper property containing a small, past-producing high-grade copper mine in a top copper mining district of southern Peru. It is situated between Freeport McMorRan’s Cerro Verde copper-moly mine and Nexa Resources’ Chapi copper mine. In 2022, we completed a drill program that validated data from historical drilling on the Candelaria supergene copper enrichment zone and included testing of primary copper sulphide mineralization at depth. The successful 4,500-metre, twelve-hole drill program will allow us to incorporate the historical data into a planned initial Mineral Resource Estimate to update a historic copper resource estimate. Flor de Cobre project also has significant exploration potential. We have also been successfully advancing permitting for our large, untested Atravesado porphyry zone (over 1.5 by 2.5 km) on the Flor de Cobre project.
The Elida project is a newly discovered, large copper molybdenum porphyry cluster in west-central Peru, located 85 kilometres inland from the coast at a moderate elevation of 1,600 metres and is road accessible with excellent infrastructure for potential mine development and operation. We recently published results from Phase 2 drill program on the Zone 1 copper deposit with hole ELID032 intersecting 404.5 metres ("m") of 0.45% copper ("Cu"), 0.032% molybdenum ("Mo"), and 3.6 g/t silver ("Ag"), for a 0.55% copper equivalent ("CuEq") grade, including 123.0 m of 0.52% Cu, 0.036% Mo and 4.0 g/t Ag (for 0.63% CuEq) starting from the bedrock surface at 45.5 m depth. The hole ended in strong copper mineralization grading 0.75% Cu, 0.032% Mo, 7.2 g/t Ag (0.87% CuEq) showcasing the robust mineralized system. We are excited at the potential to grow our significant initial mineral resource estimate at Elida of 322 million inferred tonnes grading 0.32% copper ("Cu") (for a total of 2.24 billion pounds of contained copper) plus 0.03% molybdenum and 2.6 g/t silver, using a 0.20% Cu cut-off grade and low modeled strip ratio of 0.74:1. We are currently planning our next phase of drilling to further build on our recent success.