Element 29 Commences Drilling at Its Flor De Cobre Copper Project, Perú Today at 12:00pm ET, Element 29 hosts a webinar to review the Flor De Cobre project - click HERE
Element 29 Commences Drilling at Its Flor De
Cobre Copper Project, Perú
Today at 12:00pm ET, Element 29 hosts a webinar to review the Flor De Cobre project - click
HERE
Vancouver, British Columbia--(Newsfile Corp. - February 3, 2022) - Element 29 Resources Inc. (
TSXV:
ECU) (OTCQB: EMTRF)
("
Element 29
" or the "
Company
") announces today that the Company has
commenced a 3,700 metre ("
m
") drill program at its Flor de Cobre Copper Project ("
Flor de Cobre
" or
"
Project
") in southern Perú (
Figure 1
).
Flor de Cobre is strategically located within the Southern Perú Copper Belt at a moderate elevation of
less than 2,700 m and is road accessible with excellent infrastructure for mine development and
operation.
Paul Johnston, Element 29's Vice President of Exploration comments,
"This drill program is an
important milestone for the Company. The historical resource estimate at Candelaria was delineated
in the early 1990s and has not seen modern exploration for almost 30 years. We are excited to begin
drilling as it provides us with the opportunity to potentially validate this historical resource estimate
and explore for primary copper sulphide mineralization below the supergene enrichment blanket to
depths of over 500 metres."
The objectives of the drill program are to validate the historical copper ("
Cu
") resource estimate of 57.4
million tonnes of 0.67% Cu associated with a supergene enrichment blanket formed on the Candelaria
porphyry ("
Candelaria
") and to explore for primary Cu sulphide mineralization under the enrichment
blanket to depths of over 500 m. Historical drilling intersected 272 m of 0.92% Cu starting at 78 m depth,
including 116 m of 1.4% Cu as secondary enrichment followed by 156 m of 0.58% Cu as primary
sulfides from drill hole K-008.
The source of the historical resource estimate is a press release issued by Rio Amarillo Mining Ltd.
dated November 15, 1996 (Rio Amarillo Mining Ltd., November 15th, 1996: Aija Property Drill Results).
This historical resource is relevant to Flor de Cobre as it suggests supergene-enriched mineralization of
interest may be present at Candelaria. However, the Company cautions that the parameters,
assumptions, and methods used to calculate the historical estimate are unknown. Additionally, the
historical estimate does not use resource categories described in CIM Definition Standards for Mineral
Resources and Mineral Reserves (2014). It is also unclear what portion of this historical resource
estimate is within the current Flor de Cobre property configuration. A Qualified Person has not done
sufficient work to classify the historical estimate as a current mineral resource, and it is unclear what
work might be required to confirm the resource. For these reasons, the historical resource has not been
verified by the Company and the Company is not treating the historical estimate as a current mineral
resource.
The original source of the historical mineralized intervals in diamond drill hole K-008 is a press release
issued by Rio Amarillo Mining Ltd. dated March 1, 1994 (Rio Amarillo Mining Ltd., March 1st, 1994:
Drilling Results from Candelaria Project; Cominco's Option to Lapse on Guabisay Project). They
suggest hypogene (primary) sulfide mineralization may be present beneath supergene mineralization.
The diamond drill core from K-008 and sample reject material is no longer available for geochemical
analysis, which prevents a Qualified Person from verifying these copper geochemical results. For these
reasons, the historical copper geochemical assay results from diamond drill hole K-008 have not been
verified by the Company.
The Company's drill program consists of approximately 3,700 m of diamond drilling centred on the
Candelaria porphyry
(Figure 2)
. A total of 2,180 m has been allocated to twin nine legacy drill holes to
verify the accuracy of existing historical geochemical assay and drill logs (
Table 2
). These nine drill
holes are interpreted to represent 74% of the copper contained in the historical copper resource
estimate and potentially verify the assay results and provide the level of confidence needed for
completion of a possible resource estimate that meets CIM best practice guidelines. The remaining
1,520 m allocated to the drill program will test the primary copper sulfide mineralization potential below
the supergene enrichment blanket to depths of more than 500 m as shown in
Figure 2.
The Company continues to progress drill permitting on the Atravezado porphyry target ("
Atravezado
") in
preparation for initial drill-testing of a priority porphyry target supported by coincident outcrop geology,
surface geochemistry, and geophysical response. Atravezado is located approximately 1.5 kilometres
("
km
") northwest of Candelaria and is a 1.5 km x 1.6 km circular zone characterized by outcropping
copper oxide mineralization in association with quartz vein stockworks and potassic alteration (
Figure
3
). Late-mineral porphyry dikes are also mapped within the target area.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
Technical information contained in this news release has been reviewed and approved by Dr. Paul
Johnston, the Company's Vice President of Exploration, who is Element 29's qualified person under
National Instrument 43-101 and responsible for technical matters of this press release.
Table 1
: List of nine historical drill holes and their coordinates all of which are located on the Company's
property that have been selected for twinning in the upcoming 2022 drilling campaign at the Candelaria
target of the Flor de Cobre project. Hole depths are the depths of the historical holes.
Hole ID
(historical)
East
North
Elevation
(m)
Length
(m)
Azimuth
(degrees)
Dip
(degrees)
Original
Hole Type
K-008
245888
8148409
2,776
350
0
-90
DDH
CAR-190
246004
8148314
2,791
230
0
-90
RC
CAR-188
245812
8148419
2,800
256
0
-90
RC
M-008
245894
8148213
2,786
294
0
-90
DDH
CAR-189
245911
8148317
2,793
208
0
-90
RC
I-008
245937
8148571
2,752
147
0
-90
DDH
CAR-186
246212
8148415
2,772
211
0
-90
RC
K-010
246086
8148405
2,801
257
0
-90
DDH
K-006
245719
8148358
2,825
231
0
-90
DDH
new 1
245610
8148517
2,743
30
-65
DDH
new 2
246104
8148478
2,789
210
-65
DDH
Coordinates are in WGS84 zone 18S UTM
About Flor de Cobre
Flor de Cobre is a porphyry copper exploration project that contains the Candelaria and the recently
outlined Atravezado porphyry copper targets. The property is located in the Southern Perú Copper Belt
and is 5 km northwest of Nexa Resources' Chapi mine and 26 km southeast of the Cerro Verde mine.
Candelaria is a classic Andean porphyry system with primary copper sulfide mineralization associated
with a multi-phase quartz monzonite porphyry complex. Weathering redistributed primary mineralization
into a sub-horizontal enrichment blanket containing secondary copper oxide and sulfide minerals at the
base of a hematitic leached cap. Remnants of the upper jarositic component of the leached cap
overlying the hematitic cap are preserved on the higher hill tops around the Candelaria prospect.
Atravezado is a porphyry copper exploration target located about 1.5 km northwest of Candelaria. An IP
survey completed in 2020 outlined a core of moderate resistivity measuring 1.5 x 1.6 km that coincides
with widespread copper oxide mineralization, strong copper geochemistry, and late-stage quartz
monzonite porphyry dikes. The resistive core is surrounded by a high-chargeability halo corresponding
with weathered quartz-sericite-pyrite alteration.
About Element 29 Resources Inc.
Element 29 Resources Inc. is an emerging copper exploration and development company focused on
advancing its portfolio of Peruvian projects towards development in one of the world's lowest-risk mining
jurisdictions. Element 29's growth strategy is led by our strong board and management, who have a
proven track record of discovery and delivering significant value to our shareholders.
The Company's principal objective is to explore and develop its flagship Flor de Cobre porphyry Cu-Mo
project located in southern Perú, 26 km southeast from Freeport-McMoRan's Cerro Verde Cu-Mo mine.
At the same time, the Company intends to build on its potential copper inventory with continued
exploration of its Flor de Cobre project as well as its remaining 22,000 hectares of mining concessions
in Perú, including the recently discovered Elida porphyry copper-molybdenum-silver system located 85
km from the coast in central Perú. Both projects are well located for future mine development and will
benefit from nearby infrastructure including roads, powerlines, ports, water, and a skilled workforce.
More information is available at
www.e29copper.com
.
For more information:
David Jan
Investor Relations
1-888-246-7881
Forward Looking Statements
This press release contains certain forward-looking information and forward-looking statements within
the meaning of applicable Canadian securities legislation (collectively, "
Forward-looking
Statements
"). All statements, other than statements of historical fact, constitute Forward-looking
Statements. Words such as "will", "intends", "proposed" and "expects" or similar expressions are
intended to identify Forward-looking Statements. Forward looking Statements in this press release
include statements related the Company's resource properties, and the Company's plans, focus and
objectives.
Forward-looking Statements involve various risks and uncertainties and are based on certain factors
and assumptions. There can be no assurance that such statements will prove to be accurate, and actual
results and future events could differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from the Company's expectations include
uncertainties related to fluctuations in copper and other commodity prices, uncertainties inherent in the
exploration of mineral properties, the impact and progression of the COVID-19 pandemic and other risk
factors set forth in the Company's prospectus under the heading "Risk Factors". The Company
undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new
information, future events or otherwise, except as may be required by law. New factors emerge from time
to time, and it is not possible for Element 29 to predict all of them or assess the impact of each such
factor or the extent to which any factor, or combination of factors, may cause results to differ materially
from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in
this press release are expressly qualified in their entirety by this cautionary statement.
Figure 1
. The Flor de Cobre Project is located in the Southern Perú Copper Belt, between the Cerro
Verde and Chapi mines.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7414/112660_668bc43df453d9d2_001full.jpg
Figure 2.
Historical drill hole locations selected for twinning by the 2022 drilling campaign. Details of
the twinned holes are given in table 1.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/7414/112660_668bc43df453d9d2_002full.jpg
Figure 3
. The Atravezado porphyry target characterized by a low resistivity low contrast, anomalous
copper geochemistry, potassic alteration and associated quartz vein stockworks. Phyllic alteration
correlates with zones of high chargeability. The Candelaria target area is located 2.7 km to the
southeast.
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/7414/112660_668bc43df453d9d2_003full.jpg
Image 1:
Diamond drill rig arriving on site for the start of the Flor de Cobre program.
To view an enhanced version of Image 1, please visit:
https://orders.newsfilecorp.com/files/7414/112660_668bc43df453d9d2_004full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/112660