TSX-V: ECU
Last: 0.17
OTCQB: EMTRF
Last: 0.13
Element 29 Resources (“E29” or “Element 29”) is an emerging copper exploration and development company focused on advancing its portfolio of Peruvian projects towards development in one of the world's more established mining jurisdictions.
The Company's principal objective is to explore and develop its Elida Porphyry Copper Deposit in west-central Perú and its Flor de Cobre Porphyry Copper Project located in the Southern Perú Copper Belt, 26 km southeast from Freeport-McMoRan's Cerro Verde copper mine. Both projects are well located for potential mine development and will benefit from nearby infrastructure including roads, powerlines, ports, water, and a skilled workforce.
Flor de Cobre project is a porphyry copper property located 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. Flor de Cobre project has significant exploration potential as we advance our large, untested Atravesado porphyry zone (over 1.5 by 2.5 km).
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.
