ECU.V · 2024-12-23 12:00:00

Element 29 Completes the First Two Holes from the Phase-III Drill Program at its Elida Porphyry Cu-Mo-Ag Deposit in Central Perú

Exploration Programs

Element 29 Completes the First Two Holes

from the Phase-III Drill Program at its Elida

Porphyry Cu-Mo-Ag Deposit in Central Perú

Vancouver, British Columbia--(Newsfile Corp. - December 23, 2024) - Element 29 Resources Inc.

(TSXV: ECU) (OTCQB: EMTRF) (BVL: ECU)

Element 29

" or the "

Company

") announces the

Company has completed the first two drill holes, for 2,249.8 metre ("

"), from the Phase-III diamond drill

program at its Elida Porphyry Copper ("

") - Molybdenum ("

") - Silver ("

") Deposit ("

Elida

" or the

Property

") in central Perú (Figure 1).

Richard Osmond, President and CEO of Element 29 Resources, states,

"We are pleased to announce

the successful completion of the two deepest drill holes at Elida. Both holes intersected strong

porphyry-related hydrothermal alteration from the bedrock surface to depths exceeding 950 meters,

indicating the potential to carry copper-molybdenum-silver mineralization. Both drill holes were

terminated in strong porphyry alteration and remain open for future drilling campaigns."

Mr. Osmond continues, "

We anxiously await geochemical assay results, which are expected in the

coming weeks.

The Phase-III drill program is also scheduled to restart in early Q2, 2025 following the

end of the rainy season in Perú."

The Elida diamond drill program was designed to potentially expand the existing pit-constrained initial

Inferred Mineral Resource Estimate

of 321.7 million tonnes of 0.39% Cu, 0.03% Mo, and 2.61 g/t Ag at

a 0.2% Cu cutoff and a 0.74:1 strip ratio ("

Mineral Resource

"). These drill holes were also planned to

infill gaps within the exiting pit-shell to potentially increase the higher-grade 59.7 million tonne resource

of 0.49% Cu, 0.036% Mo, and 3.99 g/t Ag at a 0.40% Cu cut-off ("

Higher-Grade Resource

") and

continue drilling to depths of up to 1000 m while in porphyry-related alteration and mineralization.

To date, there has been insufficient exploration to expand the existing pit-constrained initial Inferred

Mineral Resource Estimate

or to improve the overall Cu-Mo-Ag grades and it is uncertain if further

exploration will result in an increase in the overall mineral resources. However, several previous drill

holes have extended the porphyry Cu-Mo-Ag mineralization outside the existing pit shell including drill

hole ELID025, collared just north of the pit center, which intersected 908.75 metres ("

") of 0.39% Cu,

0.035% Mo, 2.9 g/t Ag (0.51% CuEq

) from bedrock surface at 38.4 m depth. This suggests that the Cu-

Mo-Ag mineralization extends to depths of more than 900 m from bedrock surface within the porphyry-

related hydrothermal footprint.

ELID033

Drill hole ELID033 is located 200 m to the west of ELID032 (Figure 2), which previously returned 404.5

m of 0.45% Cu, 0.032% Mo, and 3.6 g/t Ag (0.55% CuEq

) from bedrock surface at 45.5 m and ended

in 13.4 m of 0.75% Cu, 0.032% Mo, and 7.2 g/t Ag (0.83% CuEq

) at 450.0 m depth. ELID033 was

designed to extend the porphyry Cu-Mo-Ag mineralization found at the bottom of ELID032 beyond the

existing pit-shell to a depth of 1,000 m. The hole also aims to infill withing the existing pit-shell, potentially

expanding the Higher-Grade Resource.

ELID033 was drilled to a depth of 1109.6 m at -80

dip towards a 270

azimuth. The hole collared in

69.9 m of colluvium followed by a 77.55 m thick intermediate volcano-sedimentary unit that is intensely

potassic-altered with secondary biotite and cut by a stockwork of porphyry-related quartz-pyrite-

chalcopyrite-molybdenite veins ("

A veins

") and locally early biotite veins ("

EB veins

") which are

sometimes overprinted by chlorite alteration. Starting at 147.45 m, the hole encountered 379.75 m of

calc-silicate altered calcareous siltstone showing intense porphyry-related skarn alteration with patches

of brown and green garnet and pyroxene ("

Skarn

"), both cut by abundant A veins. This is followed by a

60.8 m intercept calc-silicate altered siltstone unit starting at 527.2 m that is strongly potassic-altered

with pervasive secondary biotite alteration cut by abundant A veins and local EB veins. Both sedimentary

units are later cut by retrograde alteration as chlorite-epidote-pyrite-chalcopyrite-magnetite as patches

and veins ("

Retrograde

") and minor sulphide veins with sericite halos ("

D veins

") as a late phyllic

alteration overprint. These units are also cut locally by narrow fingers of late-mineral quartz monzonite

porphyry dykes that are potassic-altered with secondary biotite replacement cut by A veins.

At a depth of 588.0 m, the hole intersected a 233.25 m wide quartz monzonite porphyry intrusion that

does not extend vertically to bedrock surface. This intrusion is pervasively potassic-altered with

secondary biotite replacement, cut by A veins and locally by anhydrite veins and patches. The intrusion

also exhibits moderate phyllic alteration locally with supergene clay alteration occurring along structures

where the core is more heavily fractured and broken. Near the lower contact, xenoliths of host rock

sediments have been recognised that are also intensely potassic-altered with secondary biotite cut by A

veins.

At a depth of 821.25 m, the hole intersected 154.55 m of strongly calc-silicate altered calcareous

siltstone with Skarn alteration, both cut by abundant A veins and Retrograde alteration. This unit is cut by

a 71.5 m intercept of moderate to strong potassic-altered quartz monzonite porphyry intrusion with

secondary biotite locally overprinted by chlorite alteration and magnetite veinlets. This was followed by a

53.0 m sequence of calc-silicate altered siltstones with pervasive secondary biotite and EB veins, cut by

more abundant A veins. The drill hole ended at 1109.6 m depth for operational purposes upon

intersecting a 9.3 m wide heavily fractured quartz monzonite porphyry dyke.

ELID034

Drill hole ELID034 was shutdown in calc-silicate altered calcareous siltstones at 161.2 m after three

days trying to recover the drill rods. The hole is located roughly 120 m to the northwest of ELID025

(Figure 3) which intersected 908.75 m of 0.39% Cu, 0.035% Mo, 2.9 g/t Ag (0.51% CuEq

) from

bedrock surface at 38.45 m. This included 339.4 m of 0.50% Cu, 0.036% Mo, 4.3 g/t Ag (0.67% CuEq

)

starting at bedrock surface, and 126 m of 0.42% Cu, 0.035% Mo, 2.51 g/t Ag (0.57% CuEq

) starting at

821.2 m and continued to the bottom of the hole at 942.7 m depth. ELID034 was designed to follow-up

on the porphyry-related Cu-Mo-Ag mineralization intersected in ELID025 to potentially expand the

Higher-Grade Resource and to continue drilling outside the existing pit-shell to a depth 1000 m while in

porphyry Cu-Mo-Ag mineralization.

ELID034 was drilled to a depth of 161.2 m at -85

dip towards a 270

azimuth before the hole was

accidentally lost during a routine drill bit change. The hole collared in 57.65 m of colluvium followed by

103.55 m of calc-silicate altered calcareous siltstones with patchy and lenticular zones of Skarn

alteration becoming more secondary biotite altered within less calcareous units. Both units were cut by

abundant A veins and local EB veins as well as later Retrograde alteration and minor D veins.

ELID035

Drill hole ELID035 is located just 5 m north of drill hole ELID034 (Figure 4). Like ELID034, this this hole

was designed to follow up on the porphyry-related Cu-Mo-Ag mineralization intersected in ELID025. The

objective of this hole is to potentially expand the existing Higher-Grade Resource and continue drilling

outside the existing pit-shell to a depth 1000 m while in porphyry Cu-Mo-Ag mineralization.

ELID035 was drilled to a depth of 979.0 m at -85

dip towards a 270

azimuth. The hole collared in 56.6

m of colluvium, followed by 356.85 m of calc-silicate altered calcareous siltstones with patchy and

lenticular zones of strong Skarn alteration, cut by A veins and overprinted by Retrograde alteration and D

veins. This transitions to a 179.6 m thick siltstone unit at a depth of 413.45 m, which is strongly potassic-

altered with pervasive secondary biotite replacement and EB veins locally overprinted by chlorite

alteration. In places, the intervals become more calcareous and strongly skarn-altered, cut by abundant A

veins as well Retrograde alteration and D veins.

At a depth of 593.8 m, the hole intersected a 385.95 m thick sedimentary sequence of potassic-altered

feldspathic arenites and siltstones. These units are strongly potassic-altered with pervasive secondary

biotite replacement, cut by A veins and local anhydrite patch and veins. Retrograde alteration was

recognized forming along a structural foliation that is widespread throughout the sequence. The dill hole

ended at 979.0 m depth for operational purposes while still in strongly potassic-altered feldspathic

arenite sediments.

Figure 1: Plan map showing the location of the completed drill holes from the Phase-III diamond drill

program at Elida with histograms of CuEq

grades.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7414/234984_76513d34143d1a39_001full.jpg

Figure 2: Geological section for diamond drill hole ELID033 also showing the pit-constrained Cu

Inferred Mineral Resource Estimate

and previous drill holes with geology and histograms of

CuEq

grades.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7414/234984_76513d34143d1a39_004full.jpg

Figure 3: Geological section for diamond drill hole ELID034 also showing the pit-constrained Cu

Inferred Mineral Resource Estimate

and previous drill holes with geology and histograms of

CuEq

grades.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/7414/234984_76513d34143d1a39_007full.jpg

Figure 4: Geological section for diamond drill hole ELID035 also showing the pit-constrained Cu

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