Element 29 Resources (TSXV:ECU) has announced the completion of the first two drill holes in its Phase-III drilling program at the Elida Porphyry Cu-Mo-Ag deposit in central Peru. This program was designed to expand on the existing inferred mineral resource and improve the understanding of higher-grade zones within the deposit.

Richard Osmond, President and CEO of Element 29 Resources, commented in a press release: “We are pleased to announce the successful completion of the two deepest drill holes at Elida. Both holes intersected strong porphyry-related hydrothermal alteration from the bedrock surface to depths exceeding 950 meters, indicating the potential to carry copper-molybdenum-silver mineralization. Both drill holes were terminated in strong porphyry alteration and remain open for future drilling campaigns. We anxiously await geochemical assay results, which are expected in the coming weeks. The Phase-III drill program is also scheduled to restart in early Q2, 2025 following the end of the rainy season in Perú.”

Drilling Program Goals

The ongoing drilling aims to build on the initial inferred mineral resource estimate, which totals 321.7 million tonnes at grades of 0.39% copper (Cu), 0.03% molybdenum (Mo), and 2.61 grams per tonne (g/t) silver (Ag) at a cutoff grade of 0.2% Cu. Within this, a higher-grade resource of 59.7 million tonnes grading 0.49% Cu, 0.036% Mo, and 3.99 g/t Ag at a 0.4% Cu cutoff has been identified.

Phase-III drilling includes infill and step-out drill holes, targeting deeper mineralization within and beyond the pit shell. To date, previous exploration results indicate potential for extending the mineralization to depths exceeding 900 meters.

Drill Results

ELID033

Drill hole ELID033 reached a depth of 1,109.6 meters, surpassing the targeted depth of 1,000 meters. Located 200 meters west of a previously drilled hole, ELID032, this hole intersected multiple mineralized zones. From a depth of 147.45 meters, the drill encountered a sequence of calcareous siltstones with skarn alteration and pervasive potassic alteration. Key intercepts included:

•A 233.25-meter interval of quartz monzonite porphyry intrusion showing potassic and retrograde alterations, with secondary biotite and chlorite alterations.

•154.55 meters of calc-silicate altered siltstones containing skarn alteration and overprinted by retrograde alteration.

•The hole terminated in a quartz monzonite porphyry dyke at 1,109.6 meters.

The findings suggest the continuity of porphyry mineralization well below the existing pit shell, potentially contributing to resource expansion.

ELID034

Drill hole ELID034, located 120 meters northwest of ELID025, was intended to further explore mineralization identified in prior drilling. ELID025 had intersected 908.75 meters of 0.39% Cu, 0.035% Mo, and 2.9 g/t Ag from bedrock surface, with higher-grade intervals at various depths. However, ELID034 was prematurely halted at 161.2 meters due to technical difficulties, limiting its contribution to the current program.

ELID035

Drilled adjacent to ELID034, ELID035 reached a depth of 979.0 meters. The hole intersected multiple sedimentary units with varying degrees of skarn and potassic alteration:

•The first 356.85 meters consisted of calc-silicate altered siltstones with skarn alteration, cut by porphyry-related veins.

•A 179.6-meter interval of potassic-altered siltstones followed, with pervasive secondary biotite and abundant A veins.

•The hole ended within potassic-altered feldspathic arenites and siltstones, continuing to show signs of mineralization at the time of termination.

Project Overview

The Elida Porphyry Cu-Mo-Ag deposit is located in west-central Peru within a 19,749-hectare concession area fully owned by Element 29 Resources. The deposit is part of a multiphase porphyry system associated with Eocene-aged quartz monzonite stocks, making it one of the first discoveries of its kind in the region.

The project’s location, near existing infrastructure such as roads, power lines, and shipping ports, enhances its potential for future development. Additionally, the site benefits from access to a hydroelectric facility just 15 kilometers away, ensuring a reliable power supply for operations.

To date, 14,361 meters of drilling have been completed at Elida, leading to a pit-constrained inferred resource of 321.7 million tonnes. Element 29 has highlighted the deposit’s potential to host deeper, higher-grade mineralization based on results from earlier drill holes, such as ELID025, which intersected nearly 909 meters of mineralized material.

The mineralization at Elida consists predominantly of porphyry-related copper, molybdenum, and silver, hosted in A veins and C veins formed during potassic alteration. Late-stage veins also contribute to the overall grade.

Future Exploration Plans

Element 29 remains focused on expanding the resource at Elida through ongoing drilling and geological modeling. Future plans include:

•Continuing to define the higher-grade zones within the pit shell.

•Exploring beyond the existing resource boundaries to identify new areas of mineralization.

•Improving the overall understanding of the deposit’s geological framework.

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