Elida is a newly discovered copper-molybdenum porphyry cluster within a large, 19,210 hectare property located 170 km northwest of Lima at a low elevation and near the coast of central Peru.
The Elida property is interpreted as a porphyry copper-molybdenum-silver system, with characteristics resembling those of other porphyry deposits worldwide.
First pass drilling at Elida by Lundin Mining in 2014-2015 consisted of 18 core holes (9,880 meters) which outlined part of a copper-molybdenum mineralized zone associated with one of the five identified porphyry centres in the cluster. Element 29’s drill program in 2021 will be the first drilling done on Elida since 2015.
The remaining four high-confidence porphyry center targets are untested.
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.