Element 29 Resources Inc. (E29) is advancing both its Elida copper deposit and Flor de Cobre project in Peru with a focus on growing its copper resources and expanding mineralization on multiple, untested targets. Both projects have returned well-mineralized copper intercepts from recent drilling and are strategically located at lower elevations and near major infrastructure including roads, powerlines, ports, water, and skilled workforces.
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 in the coming months.
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. Following on a successful 2021 drill program, in 2022, Element 29 commenced a 2,000 metre Phase II drill program to further expand the mineralization, and recently released an initial mineral resource estimate on Elida.