Elida is a newly discovered porphyry copper-molybdenum exploration project within a property composed of 28 mining concessions totaling 19,210 hectares that are 100% owned by Element 29 Resources. The property contains a large, 2 x 2 kilometre alteration system enclosing a cluster of porphyry centres that represent five distinct exploration targets. The Project is located in central Perú, approximately 85 kilometres inland from the Pacific coast at moderate elevations between 1,500 metres and 2,000 metres and close to transportation and power infrastructure, including a 45 mega-watt hydroelectric generation facility situated 15 kilometres from the project.
In 2021, Element 29 completed seven drill holes in Target 1 totalling 4,481 metres that intersected multiple, long intervals of Cu-Mo-Ag mineralization and traced mineralization to a depth greater than 900 metres. Mineralization remains open at depth. The remaining four large targets are untested. Under the current drill permit, the Company can elect to drill-test all identified targets.
The Company plans to use drilling results from the 2021 program to prepare a potential initial resource estimate. In parallel, preliminary metallurgical studies have been initiated to examine recovery and comminution characteristics of mineralization for use in preliminary economic studies. Exploration planned in 2022 will be designed to test the unexplored segments of the Target 1 mineralized zone and further constrain limits of mineralization where drill holes are lacking. Initial drill testing of Targets 2 and 3 will also be planned.
On August 4, 2021, Element 29 commenced a 4,000 meter, six-hole drill program at Elida.
On October 18, 2021, the Company published results from the first two drill holes at Elida.
On November 15, 2021, the Company published results from holes 21 and 22 at Elida.
On November 15, 2021, the Company published results from holes 21 and 22 at Elida.
On January 19, 2022, the Company published drill results from the final three holes of the Phase I drill program.
Project - Elida
