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The management will host a webcast at 2:00 pm EST on October 19, 2021 to review the project
Vancouver, British Columbia--(Newsfile Corp.-October 18, 2021)- Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) ("Element 29" or "Company") is pleased to announce that the results are located in Peru The 100% owned Elida copper mine project ("Elida" or "Project") in the central region is currently conducting the first two holes of the six-hole 4,000-meter drilling program. See Figure 1.
Richard Osmond, Chairman and Interim Chief Executive Officer, commented: "Elida’s preliminary drilling results are very encouraging. The long, well-mineralized spacing of the first two drill holes indicates that the attractive copper grade extends down from the bedrock surface. , Has good vertical continuity. The higher grade part of this mineralized zone is still open at depth, and further drilling is needed to determine its vertical and lateral extent. The copper grade is supplemented by the molybdenum grade, which is significantly higher than many famous spots Rock copper deposit. We are also very fortunate that our copper mineralization has a low arsenic concentration, which is essential for the production of marketable copper concentrates. The attractive drilling results so far strengthen our belief that Elida can Become an important power and transportation infrastructure for a large copper project that benefits from low altitude and proximity."
Click here to listen to Richard Osmond discussing the highlights of today's press release.
Webcast Details Management will host a webcast on October 19, 2021 at 2:00 pm Eastern Time to discuss the Elida Drilling Program-register here.
Table 1: Length weighted measurement interval of ELID019 and ELID020 holes.
1 Copper equivalent grade (CuEq) is for comparison purposes only. Since metallurgical data is not sufficient to estimate the metal recovery rate, the calculation has not been omitted and the recovery rate is assumed to be 100%. The calculation formula of copper equivalent (CuEq %) is: CuEq (%) = Cu (%) + [3.55 × Mo (%)] + [0.0095 × Ag (g/t)], the metal price of copper-3.34 USD/ Pound, molybdenum-11.86 US dollars / pound, silver-21.87 US dollars / ounce. Metal prices are based on a 2-year average of monthly LME metal prices. 2 The interval is the length of the core drilled downhole. The drilling data to date is insufficient to determine the true breadth of mineralization. The detection value is not deleted.
The project’s ongoing 4,000-meter diamond drilling plan (announced on August 4, 2021) focuses on test objective 1. Its objectives are: (1) investigating objective 1, vertical continuity and zoning of mineralization, and (2) improvement Confidence in the interpretation of the mineralization boundary, and (3) obtain a borehole spacing suitable for estimating the potential mineral resources of the target 1 part.
ELID019 returned to a continuous range of strong mineralization (383.75 meters, 0.54% copper, 0.035% molybdenum, 4.2 g/ton silver, 0.71% copper equivalent) down to a depth of 426.9 meters, here is the central weakly mineralized quartz monzonite porphyry (Encountered "QMP"). The hole intersects with ELID012, showing strong copper-molybdenum mineralization, extending to the surface of the bedrock, 43.15 m below the loose colluvial gravel. The ELID019 interval is characterized by potassium alteration and multiple pulsation events, with the introduction of copper and molybdenum, and chalcopyrite as the main copper-bearing mineral. Further drilling is needed to trace deeper and strong copper mineralization zones and determine their overall horizontal width. The mineralized interval contains low concentrations of arsenic (for example, As
ELID020 is located in the mineralized zone of Target 1, sloping to the south, towards the central low-grade QMP. The hole is designed to test the mineralized zone between QMP and ELID015, which intersects the outer edge of the mineralized zone in the area (see Figure 1). The mineralization zone is located on the surface of the bedrock directly below the colluvial gravel at 92.7 m, and continues to extend south to the northern contact surface of the QMP. The types of mineralization and alteration reported in ELID020 are similar to other holes that intersect the target 1 copper-molybdenum mineralization. In general, ELID015 and ELID020 indicate that the mineralization zone is about 280 m wide in the north-south direction at this location. Like ELID019, copper mineralization is related to a strong molybdenum grade of the order of 0.030% Mo, and contains low concentrations of arsenic (for example, As
Both boreholes indicate that the mineralized zone remains open deep. The 400 m vertical separation from the bedrock surface to the survey depth of ELID019 and ELID020 shows that there are no identifiable vertical zones of alteration or mineralization, supporting the exploration hypothesis of mineralized zones extending in the vertical dimension. The follow-up drilling plan for the target 1 area will be designed to test the vertical extent of mineralization and the horizontal and vertical copper grade distribution.
Project update Based on the drilling completed so far, the company expects to achieve the goal of completing the plan in the middle of the fourth quarter of 2021. The two drilling rigs have started planning the last two holes of the six-hole plan. ELID023 is designed to test the southern arm of the Target 1 mineralization zone around QMP by drilling outwards towards the southern limit of the mineralization. This hole is important for understanding the degree and characteristics of mineralization on the south side of the QMP population. ELID024 is located on the west side of QMP, leaning eastward from the interpreted outer limit of the target 1 mineralization zone. The hole is located at the outer limit and mineralized volume of the mineralized zone on the northwest side of the test target 1. Sampling and analysis of the completed wells are progressing smoothly, and the results will be released when they are available.
Analytical quality control and quality assurance Elida Resources SAC is a wholly-owned subsidiary of Element 29 Resources Inc., responsible for overseeing drilling and sampling HQ cores. Recording and sampling were done at a security company facility located near the Elida project site. The nominal length of the sampling interval is 2 m. The drill core was cut in half using a rotating diamond saw blade, and the sample was sealed on site, and then transported by company vehicles and staff to the ALS Peru SAC laboratory in Lima. Aqua regia digestion and ICP-AES analysis (ME-ICP41) were used to analyze the 35 elements of the sample. Samples that reported exceeding the limit were analyzed by aqua regia digestion (ME-OG46) refined by ICP-AES. ALS complies with all the requirements of the international standards ISO/IEC 17025:2005 and ISO 9001:2015 for analysis procedures.
Element 29 uses independent internal quality assurance/quality control procedures, including the insertion of duplicates, blanks, and certified reference samples on site. The company is not aware of any drilling, sampling, recovery or other factors that may have a significant impact on the accuracy or reliability of the reported data.
Qualified Person The scientific and technical content of this press release has been reviewed and approved by Paul J. Johnston (Ph.D., PGeo), who is the vice president of exploration for Element 29 and a "qualified person" as defined in National Instrument 43-. 101 Disclosure standards for mineral projects.
About Elida Elida is a porphyry copper-molybdenum exploration project consisting of 28 mining concessions with a total area of 19,210 hectares and is 100% owned by Element 29’s Peruvian subsidiary Elida Resources SAC. The property contains a large 2 x 2 kilometer ("km") alteration system surrounding a group of porphyry centers representing five different exploration targets. The first drilling plan consisting of 18 diamond drill holes completed in 2014/15 identified important copper, molybdenum, and silver mineralizations related to the QMP reserves of Target 1. The remaining four large targets have not been tested. According to the current drilling permit, the company can choose to conduct drilling tests on all identified targets.
The project is located in central Peru, about 85 kilometers inland from the Pacific coast, at an altitude of between 1,500 and 2,000 meters, close to transportation and power infrastructure, including a 45 MW hydroelectric power generation facility 15 kilometers away from the project.
Neither TSX Venture Exchange nor its regulatory service provider (as the term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
About Element 29 Resources Inc. Element 29 Resources Inc. is an emerging copper exploration and development company focused on advancing its Peru project portfolio to develop in one of the world’s lowest risk mining jurisdictions. Element 29’s growth strategy is led by our strong board of directors and management, who have a proven track record in discovering and creating significant value for our shareholders.
The company’s main goal is to explore and develop its flagship Flor de Cobre porphyry copper-molybdenum project, located in southern Peru, 26 kilometers southeast of the Cerro Verde copper-molybdenum mine at Freeport-McMoRan. At the same time, the company intends to expand its potential copper inventory by continuing to explore its Flor de Cobre project and its remaining 22,000 hectares of mining concession in Peru, including the recently discovered one located in central Peru, 85 kilometers from the coast. The locations of these two projects are very suitable for future mine development and will benefit from the nearby infrastructure, including roads, power lines, ports, water and skilled labor. For more information, please visit www.e29copper.com.
More information: David Jan Investor Relations 1-888-246-7881 info@e29copper.com
Forward-looking Statements This press release contains certain forward-looking information and forward-looking statements (collectively referred to as "forward-looking statements") within the meaning of applicable Canadian securities legislation. Except for statements of historical facts, all statements constitute forward-looking statements. Words such as "will", "intend", "propose" and "anticipate" or similar expressions are intended to identify forward-looking statements. The forward-looking statements in this press release include statements related to the company's resource assets, company plans, priorities, and goals.
Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There is no guarantee that such statements will prove to be accurate, and actual results and future events may differ materially from the expectations in such statements. Important factors that may cause actual results to differ materially from the company’s expectations include the uncertainty associated with copper and other commodity price fluctuations, the uncertainty inherent in mineral exploration, the impact and progress of the COVID-19 pandemic, and other risk factors in the company. Under "Risk Factors" in the prospectus. Unless required by law, the company assumes no obligation to update or revise any forward-looking statements, whether due to new information, future events or other reasons. New factors appear from time to time, and element 29 cannot predict all of these factors or evaluate the impact of each of these factors or the extent to which any factor or combination of factors may cause the results to differ materially from these factors is included in any forward-looking statement. The entire contents of any forward-looking statements contained in this press release are expressly bound by this warning statement.
Figure 1. The floor plan of Target 1 in the Elida Porphyry Cu-Mo project. Lundin Mining completed ELID001-ELID018 holes in 2014/15. Drilling of ELID023 and ELID024 has begun, which are the last 2 holes planned in the first phase of the plan. The cross-sectional positions of Figures 2 and 3 are indicated by white dashed lines.
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/7414/99910_c12d828664331beb_001full.jpg
Figure 2. Cross section at 260050 E, showing the location of ELID019. The hole encountered strong mineralization below the 43.15 m loose gravel (collapsible layer). The continuous Cu-Mo-Ag mineralization intersects to 426.6 m, where weakly mineralized QMP contact occurs. Additional drilling is required to track deeper and strong mineralization areas.
To view an enhanced version of Figure 2, please visit: https://orders.newsfilecorp.com/files/7414/99910_c12d828664331beb_002full.jpg
Figure 3. 259900 E cross section showing hole ELID020. The hole enters the mineralized zone under the loose avalanche gravel of approximately 90 m.
To view an enhanced version of Figure 3, please visit: https://orders.newsfilecorp.com/files/7414/99910_c12d828664331beb_003full.jpg
Table 2: Report the position of the drill collar for the drilled hole.
Coordinates are in WGS84 zone 18S UTM
Image 1. ELID019, the sampling interval of 0.62% Cu, 0.032% Mo, and 4.4 g/t Ag for the distance report is 241.15m. Strong multi-generation A-type veins in the feldspar sandstone parent rock. Type A veins contain a combination of pyrite-chalcopyrite-molybdenite and a small amount of magnetite. Chalcopyrite is also introduced by green mica veinlets containing chlorite, epidote, chalcopyrite and pyrite. The core is HQ diameter (63.5 mm).
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/7414/99910_c12d828664331beb_004full.jpg
Figure 2. ELID019, distance report 2.62% Cu, 0.031% Mo, 21.8 g/t Ag sampling interval 246.2m. Semi-lumpy chalcopyrite-pyrite is associated with 5 cm wide A-type quartz veins. The core is HQ diameter (63.5 mm).
To view an enhanced version of Figure 2, please visit: https://orders.newsfilecorp.com/files/7414/99910_c12d828664331beb_005full.jpg
Image 3. ELID020, the interval is 438.2 m with a distance classification of 0.67% Cu, 0.029% Mo, and 5.0 g/t Ag. The early mineralized hydrothermal breccias were in place during the A-type veins, as evidenced by the debris containing the A-type veins and the A-type veins that cut the breccia. Chalcopyrite is accompanied by silica and secondary biotite as cement. The matrix is rock dust. The clastics are composed of surrounding rock units and QMP. The core is HQ diameter (63.5 mm).
To view an enhanced version of Figure 3, please visit: https://orders.newsfilecorp.com/files/7414/99910_c12d828664331beb_006full.jpg
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99910
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