Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) is advancing its exploration efforts at the Elida Porphyry Cu-Mo-Ag Deposit in west-central Peru, reporting significant results from its Phase III drill program and outlining an ambitious exploration plan for 2025. The company's activities are focused on expanding the known mineralization and exploring new targets within its extensive concession holdings.
Elida Phase III Drill Program Results
Drill hole ELID033, designed to infill and extend mineralization at Zone-1 of the Elida deposit, intersected 1039.6 meters of 0.54% CuEq (0.39% Cu, 0.036% Mo, 2.96 g/t Ag) from bedrock surface to the end of the hole at 1109.6 meters. Notably, a 310.1-meter section within this interval graded higher at 0.71% CuEq (0.56% Cu, 0.040% Mo, 3.49 g/t Ag), indicating the potential for higher-grade zones within the deposit. Similarly, drill hole ELID035 intersected 922.4 m of 0.54% CuEq (0.33% Cu, 0.045% Mo, 2.76 g/t Ag) from bedrock surface to the EOH at 979.0 m.
Richard Osmond, President and CEO of Element 29, highlighted the significance of these results, noting that they demonstrate the continuity of porphyry mineralization beyond the existing pit-constrained mineral resource estimate. The mineralization in ELID033 occurs within calc-silicate hornfels-altered calcareous siltstones and garnet-pyroxene skarn-altered lenticular limestones, cut by potassic-altered porphyry dykes.
2025 Exploration Program
Building on these promising drill results, Element 29 has outlined an active exploration program for 2025, including:
- Elida Phase III Drill Program Restart: The company plans to complete the remaining 5,000 meters of the Phase III drill program in Q2, aiming to expand Cu-Mo-Ag mineralization beyond the current inferred mineral resource estimate.
- AMT Geophysical Survey: An audio-magnetotellurics (AMT) geophysical survey is scheduled for late Q1 at Elida to further delineate Cu-sulphide mineralization within the large porphyry hydrothermal alteration footprint, to depths exceeding 1,000 meters.
- Environmental Approval: Completion of a DIA environmental approval at Elida to expand the drill permit from 20 platforms to 40 platforms.
- Flor de Cobre Drilling: Securing final drill permit approval for the Flor de Cobre drilling campaign in Q2 to test the Atravesado porphyry Cu-Mo target.
- Paka Project Advancement: Submitting a drill permit application for the Paka project in Q1, along with magnetometer and IP-resistivity geophysical surveys in Q3.
The Elida Porphyry Copper Deposit currently has an initial inferred Mineral Resource Estimate of 321.7 million tonnes grading 0.32% Cu, 0.03% Mo and 2.61 g/t Ag at a 0.2% Cu cutoff grade and a low 0.74:1 modeled strip ratio.
Company Strategy
Element 29 Resources is focused on exploring and potentially developing Tier-1 copper deposits in Peru. In addition to Elida, the company holds three early-stage porphyry Cu projects: Flor de Cobre, Paka, and Pahuay. These projects are strategically located near existing infrastructure, including roads, powerlines, and ports.
With a revitalized leadership team and a strong financial position following a $3.26 million raise, Element 29 is well-positioned to execute its exploration strategy and advance its copper projects in Peru.
