Copper explorer Element 29 Resources Inc. (TSXV: ECU; FRA: 2IK) has impressively underlined the potential of its Elida copper project in central Peru with two more successful drill holes. Drill holes ELID021 and ELID022 returned 418 metres at 0.51% Cu equivalent and 388 metres at 0.45% Cu equivalent, respectively. These results follow on seamlessly from the positive results of the two recently released drill holes ELID19 and ELID020. In total, four out of a total of seven drill holes of the 4,500 meters have now been published. Three further drill results are still pending. (see Figure 1).

 

 

 

 

 

Element 29 Resources Grn markiert sind die jetzt verffentlichten Bohrergebnisse

 Figure 1: Marked in green are the drill results that have now been published. Marked in red are the three drill holes still outstanding.

Richard Osmond, Chairman and Interim CEO, stated, "Following the results from the first two holes at Elida, we are very pleased with the results from holes ELID021 and ELID022. These holes have long, continuous mineralized intercepts with attractive copper and molybdenum grades. ELID021 traced mineralization to a depth of over 700 m below surface and the drill holes tested lateral continuity over a strike length of 300 m on the east side of Target 1. It is very encouraging to see that the drilling confirms the geometry of the mineralized zone previously inferred from sparse historical drilling. The mineralized zone remains open at depth below this recent drill hole and supports our belief that Elida has the potential for a large copper project."

The ongoing 4,500m diamond drilling program at the project has a number of objectives: First, to test the vertical continuity and zonation of mineralization; second, to identify interpreted mineralization boundaries; and third, to reduce drill hole spacing to allow estimation of a potential mineral resource.

Two drill rigs remain on the project to complete the final two drill holes of the 2021 drilling campaign (Figure 1). Given the encouraging results from ELID019 and ELID020 (see press release dated October 18, 2021), the Company has decided to add drill hole ELID025 to the program to test the deeper extent of mineralization.  Using the geological information from ELID019, hole ELID025 was steeply inclined to the north to avoid intersecting the QMP intrusion at depth as was the case in ELID019. The additional hole will extend the completion of the program to mid-December 2021.

In summary, with each additional drill hole at Elida, Element 29 is systematically working towards an initial resource estimate that meets the stringent requirements of National Instrument 43-101. The release of this resource should fundamentally change the status of the company, especially in the eyes of institutional investors. They need a reliable resource because, first, this reduces uncertainty, second, it provides comparability, and third, it is the basic prerequisite for further economic development. Investors are usually willing to pay a premium for this certainty. Element 29 will therefore very likely be more valuable with a 43-101 resource than without one. The company, with just CAD 43 million in market value today, could be revalued. In all of this, it is important to remember that there are four other prospective porphyry targets on Elida. The potential for future resource growth could be significant.

Element 29 Resources Vier weitere aussichtsreiche Ziele auf dem Elida Projekt warten noch darauf getestet zu werden

Figure 2: Four more prospective targets on the Elida project still waiting to be tested.

 

 

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.

The acquisition of securities involves high risks, which can lead to a total loss of the invested capital. The information published by GOLDINVEST Consulting GmbH and its authors is based on careful research. Nevertheless, any liability for financial losses or the content guarantee for topicality, correctness, adequacy and completeness of the articles offered here is expressly excluded. Please also note our terms of use.

According to §34b WpHG and § 48f Abs. 5 BörseG (Austria) we would like to point out that GOLDINVEST Consulting GmbH and/or partners, principals or employees of GOLDINVEST Consulting GmbH hold shares of Element 29 Resources and therefore a conflict of interest exists. GOLDINVEST Consulting GmbH also reserves the right to buy or sell shares of the company at any time. Furthermore, there is a contractual relationship between Element 29 Resources and GOLDINVEST Consulting GmbH, which includes that GOLDINVEST Consulting GmbH reports about Element 29 Resources. This is another clear conflict of interest.

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