Element 29 Resources Inc., (E29), is a mineral exploration company engaged in the acquisition, exploration and evaluation of resource properties with a focus on its two copper properties located in Peru. The Company’s principal objective is to explore and develop the Flor de Cobre and Elida copper projects, and to identify other properties worthy of investment and exploration.
Flor de Cobre project is a porphyry copper property containing a small, past-producing high-grade copper mine 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 has a historical resource and significant exploration potential. In 2022, the Company completed a ~4,500 metre, 12-hole drill program. Three of the holes explored for primary copper sulphide mineralization underneath the enrichment blanket. Nine of the holes twinned historical holes confirming the reliability of the historical drillhole dataset, thereby allowing Element 29 to use the historical information for an updated mineral resource estimate, which is expected to be released late in 2022.
The Elida project is a newly discovered, large copper molybdenum porphyry cluster in central Peru, located close to transport and power infrastructure. A previous, single drilling at Elida returned multiple, long and continuous intervals of copper-moly mineralization from one of five identified porphyry centers in the cluster. In 2021, the Company completed a Phase I drill program consisting of seven drill holes of 4,500 meters. In 2022, Element 29 released the initial mineral resource estimate on Elida with inferred mineral resource of 321.7 Mt grading 0.32% copper, 0.03% molybdenum and 2.6 g/t silver with a low 0.74:1 strip ratio.