That Flor de Cobre is only now being tested with drilling is due to the fact that Element 29 had to wait longer than expected for the permits and had to put the project on the backburner during that time - lucky are those who have a second project like Elida... Now that the 3,700 meter drill program has started, the chances are good, though, that Element 29 will be able to develop Flor de Cobre quickly!
That's because the project, strategically located in the Southern Peru Copper Belt and with an excellent infrastructure for mine development, already has a historic copper resource of 57.4 million tonnes at 0.67% copper associated with a supergene enrichment blanket formed on the Candelaria porphyry at Flor de Cobre.
Drill holes totaling 2,180 meters are now planned, with which Element 29 intends to mirror nine historical drill holes and thus confirm the historical resource estimate. If successful, these drill holes are expected to provide sufficient data to then produce a resource estimate that meets current standards and requirements.
Also, one of the historical drill holes returned 272 meters of 0.92% copper from a depth of just 78 meters, including 116 meters of 1.4% copper as secondary enrichments followed by 156 meters of 0.58% copper as primary sulphides. To test this deeper primary sulphide mineralization - to depths of up to 500 metres - further drilling totaling 1,520 metres is planned, the company announced today.
In parallel, Element 29 will work to obtain drill permitting for the Atravezado porphyry target, also part of Flor de Cobre, in preparation for initial drill testing on this priority porphyry target supported by coincident outcrop geology, surface geochemistry and geophysical responses. Atravezado is located approximately 1.5 kilometers northwest of Candelaria. It is a 1.5 kilometer by 1.6 kilometer circular zone characterized by prominent copper oxide mineralization associated with quartz vein stockworks and potassic alteration. Late mineralized porphyry dykes were also mapped within the target area.
In summary: Following the success on Target 1 of the Elida project in 2021, Element 29 is now turning its attention to Flor de Cobre where, we believe, if all goes as planned, it could prove up an initial resource estimate in a comparatively short time - based on historical resources. In addition, there is the depth potential below the supergene enrichment zone, which could further extend the extent of the known mineralization of the Candelaria porphyry. If work at Flor de Cobre is successful - even leaving out developments at Elida as well as Atravezado - we believe Element 29 Resources could be at a very different level by the end of the year than it is currently. Of course, exploration is a risky business in and of itself, but the chances are good in our opinion based on the historical data already available. We will definitely stay tuned.
If interested in the Element 29 story and details on the company's plans for Flor de Cobre, we advise registering for the Element 29 Resources webinar taking place today at 6pm German time.
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