- Element 29 Resources (ECU) commenced a 2,000-metre Phase 2 drill program at its Elida Copper Deposit in west-central Peru
- The drill program will test for extensions of identified higher-grade mineralization internal to the Zone 1 deposit
- A near-surface, higher-grade subset of the mineral resource consists of 34.1 million inferred tonnes at 0.55 per cent copper, 0.037 per cent molybdenum, and 4.4 g/t silver (at a cut-off grade of 0.45 per cent copper) and has potential to be mined with minimal stripping in the initial years of mining
- Element 29 Resources Inc. (ECU) opened trading at $0.27 per share
Element 29 Resources (ECU) commenced a 2,000-metre Phase 2 drill program at its Elida Copper Deposit in west-central Peru.
The drill program will 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 per cent copper, 0.037 per cent molybdenum and 4.4 g/t silver (at a cut-off grade of 0.45 per cent copper) was highlighted and has potential to be mined with minimal stripping in the initial years of mining. The program will also test Zone 2, where veined and leached porphyry is exposed.
Elida is a porphyry copper-molybdenum deposit within a property composed of 28 mining concessions totalling 192 sq. km., wholly owned by Elida Resources S.A.C., a Peruvian subsidiary of Element 29. The property contains a large, 2.5 by 2.4 km phyllic alteration system enclosing a cluster of porphyry centres that represent five distinct exploration targets.
Element 29’s President and CEO, Steve Stakiw, commented, “This Phase 2 drill program will allow us to further test our Elida copper project and assess additional near-surface, higher-grade mineralization potential within our Zone 1 deposit where we per cent recently announced an initial Inferred Mineral Resource Estimate of 321.7 million tonnes grading 0.32 copper, 0.03 per cent molybdenum and 2.6 grams per tonne (g/t) silver along with a low modelled strip ratio of 0.74:1.”
Element 29 Resources Inc. (ECU) is an emerging copper exploration and development company focused on advancing its portfolio of Peruvian projects toward development in one of the world’s lowest-risk mining jurisdictions.
Element 29 Resources Inc. (ECU) opened trading at $0.27 per share.