Element 29 Resources Inc. (TSX-V: ECU; FRA: 2IK) may begin exploration on its second highly prospective copper project, Flor de Cobre, in southern Peru (Figure 1). The Company announced today that the Ministry of Energy and Mines of Peru ("MINEM") has granted the appropriate permit. This will allow Element 29 to commence a drilling program at Flor de Cobre similar to its Elida copper project which will complete its current drill program in a few weeks.
Flor de Corbre, like Elida, has already been explored by predecessor companies. The historical copper resource estimate is 57.4 million tonnes at 0.67% Cu. Element 29 is expects to be diamond drilling over 3,700 meters starting in early 2022. This is intended to verify and, at best, expand the resource. In particular, Element 29 wants to test the potential for copper sulfide mineralization at depth. The best historical drilling returned 272 meters of 0.92% Cu starting at 78 meters, including 116 meters of 1.4% Cu as secondary enrichment, followed by another 156 meters of 0.58% Cu as primary sulphides from hole K-008.2. Flor de Cobre is strategically located within the southern PerU copper belt at a moderate elevation of less than 2,700 meters and has excellent infrastructure to develop and operate a mine.
Figure 1. The Flor de Cobre project is located in the southern Peru copper belt between the Cerro Verde and Chapi mines.
Richard Osmond, Chairman and Interim CEO of Element 29, said, "Flor de Cobre encompasses the two highly prospective porphyry centers - Candeleria and Atravezado. Candelaria was drilled in the 1990s and provided a historical resource estimate associated with a supergene enrichment layer. The upcoming drill program will enable Element 29 to complete a potential mineral resource estimate in accordance with NI 43-101 disclosure requirements while continuing to explore the system at depth."
Element 29 has added personnel in the form of Bruce Turner. Bruce is a professional engineer with over 40 years of international mining experience and is an expert in open pit copper mining.
Details of Flor de Cobre Drilling Program
The Company is planning a drill program consisting of approximately 3,700 m of diamond drilling in the Candeleria target area ("Candeleria") - see Figure 2. A total of 2,180 m has been earmarked for twin drilling of nine older drill holes to verify the accuracy of existing historical geochemical surveys and drill logs.
Figure 2. Candelaria target area showing historical drill hole locations and drill holes planned for the 2021 exploration program.
The remaining 1,520 meters planned for the drill program will be used to test the potential of primary copper sulphide mineralization below the supergene enrichment blanket to depths greater than 500 meters (see Figure 2).
At the same time, Element 29 is working to obtain drilling permits for the nearby Atravezado target. Located approximately 2.7 kilometers northwest of the Candelaria target, Atravezado is a 1.5 km x 1.6 km circular zone characterized by prominent copper oxide mineralization associated with quartz vein stockworks and potassium alteration.
CONCLUSION: Element 29 is expected to come up with an initial 43-101 standard resource estimate for its Elida project sometime early next year. Only two drill results are missing from this year's successful Elida drill program. The same procedure as for Elida will now be applied to the Flor de Cobre project. The new drilling is intended to confirm and expand the resource. In particular, the sulphide potential is to be systematically explored. In the best case, Element 29 will be a company with two major resource projects in Peru in 2022.
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