Element 29 Resources Inc. [ECU-TSXV; EMTRF-OTCQB] reported results from the next two drill holes of a seven-hole, 4,500-metre drilling program in progress at its 100%-owned Elida Copper Project in central Peru.
Richard Osmond, Chairman and Interim CEO, commented, “Following the results of the first two drill holes at Elida, we are very pleased with the results from holes ELID021 and ELID022. These holes have long, continuous mineralized intervals with attractive copper and molybdenum grades. ELID021 traced mineralization to a depth of over 700 metres below surface and drilling has tested the lateral continuity over a strike-length of 300 metres on the east side of Target 1. It is very encouraging to see the drilling confirm the geometry of the mineralized zone as previously inferred from sparse historical drilling and continue to show low levels of arsenic. The mineralized zone remains open at depth beneath these latest holes and continues to support our belief that Elida has the potential to be a large-scale copper project, which will be enhanced by its low elevation and proximity to infrastructure.”
Drill hole ELID021 intersected 556.1 metres of 47% copper equivalent (CuEq). The hole confirmed the northern limit and the eastward continuity of mineralization. Drill hole ELID022 intersected 388.0 etres of 0.34% copper, 0.026% molybdenum, 2.36 g/t silver (0.45% CuEq). This hole was drilled to obtain information from the east side of the mineralized zone and define the northern extent of mineralization.
Target 1 mineralization is now traced by drilling to a depth of approximately 700 metres below surface. Mineralization remains open at depth. The latest drill holes support the preliminary interpretation of the Target 1 mineralized zone, which was derived from sparse historical drilling. Results indicate strong lateral and vertical continuity of Cu and Mo mineralization;
With the encouraging results to date, the drill program has been extended by 500 m to complete a seventh hole to test the deeper extent of mineralization.
The 4,500-metres diamond drilling program in progress at the Project (as announced on August 4, 2021) is focused on testing Target 1 with the objectives of investigating the vertical continuity and zonation of Target 1 mineralization; improving the confidence in the interpreted mineralization boundaries; and achieving a drill hole spacing that is appropriate for estimating a potential mineral resource for a portion of Target 1.
ELID021 returned a continuous interval of Cu-Mo mineralization (556.1 m at 0.36% Cu, 0.024% Mo, 2.4 g/t Ag for 0.47% CuEq) to a down-hole depth of 764.0 m. The drill hole was terminated in the mineralized zone at 770.7 metres, where a fault zone prevented further drilling. Cu-Mo mineralization has now been traced by drilling to a depth of approximately 700 metres below surface and remains open at depth. Shorter but still significant intervals with higher Cu grade mineralization are distributed across the mineralized zone (e.g., 418.0 m at 0.40% Cu, 0.025% Mo, 2.55 g/t Ag for 0.51% CuEq).
The project is located in central Peru, approximately 85 km inland from the Pacific coast at moderate elevations between 1,500 and 2,000 metres and close to transportation and power infrastructure, including a 45 mega-watt hydroelectric generation facility 15 km from the project.