Element 29 Resources Inc. (TSXV: ECU; FRA: 2IK) has begun a 4,000-metre drill program to further explore known copper mineralization at its Elida copper project in central Peru (see Figure 1). The program kicks off with a 1,000-meter vertical drill hole in the heart of the deposit. The Company also announces the retirement of Brian Booth, President and CEO. Booth is stepping down for personal reasons. The search for a suitable successor has begun.
The planned six drill holes, ranging in depth from 450 to 1,000 meters, have three main objectives: First, to reduce drill hole spacing such that an estimate of a mineral resource can be made in a portion of Target 1; second, to test the vertical continuity and zonation of mineralization in Target 1; and third, to better understand the limits of mineralization known from previous drilling and outcrop.
Paul Johnston, Vice President of Exploration for Element 29, stated, "This drill program is an important milestone for the Company as it will provide us with information critical to understanding the mineral system at Target 1 and allow us to potentially complete an initial mineral resource estimate for a portion of the target. The drill results will inform decisions on further exploration of Target 1. I am very proud of our newly assembled Peruvian exploration team who have done an exemplary job of ensuring everyone remains healthy and safe while preparing for this drill program under difficult pandemic conditions."
First hole extends to a target depth of 1000 meters
The first hole of the current drill program is being drilled vertically to a depth of 1,000 meters to test the depth extent of mineralization below one of the stronger copper mineralized intercepts in ELID012 (393 meters at 0. 455% Cu, 0.048% Mo, 3.58 g/t Ag, for 0.623% CuEq1 within 503 m at 0.42% Cu, 0.046% Mo, 3.23 g/t Ag, for 0.579% CuEq1, see January 5, 2021 news release). The copper-molybdenum mineralization has been intersected to a maximum depth of 400m in previous drill holes and remains open at depth. The remaining holes are expected to intersect the mineralization at a spacing suitable for potential estimation of a NI 43-101Mineral Resource and to delineate the location and geometry of the mineralization boundaries. The Company will add an additional drill unit in the following days. The drilling program is expected to be completed in the second half of 2021, with results announced in the fourth quarter of 2021.
Figure 1: The first hole of this campaign is also the deepest ever drilled at the Elida Project. It is expected to reach a target depth of 1,000 meters. Previous exploration has only been to depths of 400 meters.
CEO Brian Booth retires
Brian Booth, President and CEO, has decided to retire from the Company. The search for a new CEO has begun, with Brian Booth continuing in his role until a successor is found.
Richard Osmond, Chairman, commented, "On behalf of the Board of Directors, I would like to thank Brian Booth for his dedication in leading the Company through its listing on the various exchanges and the launch of the 2021 drilling campaign."
Brian Booth commented, "It is with mixed emotions that I announce my retirement to spend more time with my family as Element 29 begins to flourish. We have built a diverse and strong leadership team that I know will continue to drive the Company forward with continued success."
Disclaimer: GOLDINVEST Consulting GmbH offers editors, agencies and companies the possibility to publish comments, analyses and news on http://www.goldinvest.de. These contents serve exclusively the information of the readers and do not represent any kind of call to action, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. Furthermore, they are in no way a substitute for individual expert investment advice and do not constitute an offer to sell the stock(s) discussed or a solicitation to buy or sell securities. This is expressly not a financial analysis, but an advertising / journalistic text. Readers who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. There is no contractual relationship between the GOLDINVEST Consulting GmbH and its readers or the users of its offers, because our information refers only to the company, but not to the investment decision of the reader.