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Elida

Elida is a newly discovered porphyry copper-molybdenum exploration project within a property composed of 28 mining concessions totaling 19,210 hectares that are 100% owned by Element 29 Resources. The property contains a large, 2 x 2 kilometre alteration system enclosing a cluster of porphyry centres that represent five distinct exploration targets. The Project is located in central Perú, approximately 85 kilometres inland from the Pacific coast at moderate elevations between 1,500 metres and 2,000 metres and close to transportation and power infrastructure, including a 45 mega-watt hydroelectric generation facility situated 15 kilometres from the project.

In 2021, Element 29 completed seven drill holes in Target 1 totalling 4,481 metres that intersected multiple, long intervals of Cu-Mo-Ag mineralization and traced mineralization to a depth greater than 900 metres. Mineralization remains open at depth. The remaining four large targets are untested. Under the current drill permit, the Company can elect to drill-test all identified targets.

In 2022, the objectives of the Phase II drilling program, which consists of 2,000 metres, is to: (1) test for extensions of identified higher-grade mineralization internal to the Zone 1 deposit, specifically where a near surface, higher-grade subset of the Mineral Resource* consisting of 34.1 million inferred tonnes at 0.55% copper, 0.037% molybdenum, and 4.4 g/t silver (at a cut-off grade of 0.45% copper) was highlighted and has potential to be mined with minimal stripping in the initial years of mining; and (2) undertake an initial test of Zone 2 where veined and leached porphyry is exposed. Also in 2022, preliminary metallurgical studies have been initiated to examine recovery and comminution characteristics of mineralization for use in preliminary economic studies.

Elida Mineral Resource* Highlights

Table 1. Pit-constrained Inferred Mineral Resources for the Elida deposit as at September 20, 2022.

Cu
Cut-Off
(%)
Tonnes
(millions)
Cu
(%)
Contained Cu
(M lb)
Contained Cu
(tonnes)
Mo
(%)
Contained Mo
(M lb)
Contained Mo
(tonnes)
Ag
(g/t)
Contained Ag
(M oz)
0.10 520.8 0.255 2,927.9 1,328,057 0.026 298.5 135,410 2.15 36.0
0.15 439.4 0.278 2,692.9 1,221,456 0.028 271.2 123,024 2.31 32.7
0.20 321.7 0.316 2,241.2 1,016,568 0.029 205.7 93,293 2.61 27.0
0.25 214.9 0.363 1,719.4 779,926 0.031 146.8 66,605 2.97 20.5
0.30 143.0 0.407 1,283.4 582,150 0.033 104.1 47,201 3.31 15.2
0.35 94.7 0.449 937.9 425,415 0.034 71.0 32,214 3.65 11.1
0.40 59.7 0.493 649.1 294,423 0.036 47.4 21,499 3.99 7.7
0.45 34.1 0.547 411.7 186,736 0.037 27.8 12,631 4.40 4.8
0.50 20.1 0.599 265.4 120,396 0.038 16.8 7,638 4.76 3.1

Notes:

  1. The effective date for the Mineral Resource is September 20, 2022.
  2. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
  3. The CIM definitions were followed for the classification of Inferred Mineral Resources. The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as an indicated Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category.
  4. Mineral Resources are reported at a cut-off grade of 0.2 g/t Cu, using a US$/CAN$ exchange rate of 0.75 and constrained within an open pit shell optimized with the Lerchs-Grossman algorithm to constrain the Mineral Resources with the following estimated parameters: copper price of US$3.46/lb, US$2.00/t mining cost, US$5.00/t processing cost, US$1.40/t G+A, 87% copper recovery, and 45° pit slope.
  5. The estimate of Mineral Resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

* The Mineral Resource Estimate was prepared by Mr. Marc Jutras, P.Eng., M.A.Sc., Principal, Mineral Resources at Ginto Consulting Inc. Mr. Jutras is an Independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101) in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards on Mineral Resources and Mineral Reserves, as adopted and amended by the CIM Council. Refer to the September 27, 2022 news release for further details.

Elida – News

On November 14, 2022, the Company files the Elida Porphyry Copper Deposit technical report.

On October 13, 2022, the Company commences Phase II drill program at the Elida copper deposit in Peru.

On September 27, 2022, the Company announced the initial mineral resource estimate for the Elida porphyry copper deposit in Peru.

On January 19, 2022, the Company published drill results from the final three holes of the Phase I drill program.

On November 15, 2021, the Company published results from holes 21 and 22 at Elida.

On November 15, 2021, the Company published results from holes 21 and 22 at Elida.

On October 18, 2021, the Company published results from the first two drill holes at Elida.

On August 4, 2021, Element 29 commenced a 4,000 meter, six-hole drill program at Elida.

Elida Project Summary

Elida Location

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