Element 29 Receives Prior Consultation Process Exemption for the Atravesado Porphyry Cu-Mo Target Drill Permit
Element 29 Receives Prior Consultation
Process Exemption for the Atravesado
Porphyry Cu-Mo Target Drill Permit
Vancouver, British Columbia--(Newsfile Corp. - October 31, 2024) - Element 29 Resources Inc.
(TSXV:
ECU) (OTCQB: EMTRF) (BVL: ECU)
("
Element 29
" or the "
Company
") is pleased to announce that
it has received exemption from the Consulta Previa ("
Prior Consultation
") process from the Peruvian
Ministerio de Energía y Minas - Oficina General de Gestion Social ("
MINEM
") for exploration drilling at
its wholly-owned Atravesado porphyry copper-molybdenum
("
Cu-Mo
") target ("
Atravesado
") as part of
the Flor de Cobre project, located in the Southern Perú Copper Belt (Figure 1).
After receiving the Declaración de Impacto Ambiental ("
DIA
") environmental approval to drill from a
maximum of 40 platforms as part of the Atravesado drill permit application (refer to March 1, 2024
press
release
), the Company submitted a Collective Impacts Report to MINEM in March 2024. This report
assessed the collective impacts of drilling activities on the host indigenous community lands. On October
21
st
, 2024, MINEM notified the Company that it had been exempted from the Prior Consultation
process. Upon completing the surface access agreement with the host community, all requirements for
MINEM to issue the Authorization to Initiate Exploration Activities will be met, with plans to conduct an
initial drill program in 2025.
Atravesado is a large porphyry Cu-Mo target located within the Company's 100% owned Flor de Cobre
concessions. The target is defined by anomalous surface rock Cu-Mo geochemistry, surface IP
resistivity and chargeability geophysical anomalies, and corresponding geological indicators within an
area of approximately 1.5 kilometer ("
km
") x 2.0 km (Figure 2).
Atravesado showcases widespread Cu-oxide mineralization associated with a leached capping zone
atop phyllic-overprinted potassic-altered Cretaceous-aged Yura Group sediments. Increased densities
of A-type veins within the potassic alteration zone correlate with enhanced Cu-oxide mineralization and
elevated surface rock Cu-Mo geochemistry, resulting from the remobilization of Cu from weathered
primary sulphide mineralization. The intense potassic alteration footprint and associated Cu
mineralization, along with the identification of several narrow potassic-altered quartz-monzonite porphyry
dikes at surface, suggest the potential for a deeper, untested early-mineral porphyry intrusion as part of a
larger multi-phase porphyry intrusive complex. This is further supported by the 3D inversion model of the
ground IP geophysics.
Appointment of German Mining Network
Subject to regulatory approval, the Company has retained the services of German Mining Networks
GmbH ("
GMN
"), an investor relations firm, located at Hauptstrasse 82, 98593 Floh-Seligenthal,
Germany to provide investor relations services specifically the arrangement of investor meetings and
investor roadshows to European investors.
Peter Krah is the managing director of GMN and will be responsible for all services to be performed to
the Company. The Agreement will be for an initial term of three (3) months, with the opportunity to extend
by mutual agreement, for a fee of C$6,800 per month. No bonus fees or stock options will be paid to the
Consultant. Neither GMN, nor Peter Krah currently have a direct or indirect interest in the securities of the
Company, or any right or intent to acquire such an interest. GMN and Peter Krah are arm's length to the
Company.
About Flor de Cobre
Flor de Cobre is located 35 km southeast of Arequipa and straddles the border between the
Departments of Arequipa and Moquegua, the Provinces of Arequipa and General Sanchez Cerro, and
the Districts of Polobaya and La Capilla.
The property is comprised of eleven mining concessions for a total of 2735.355 hectares ("
ha
") and one
mining claim for an additional 400 ha which are 100% owned by the Company's Peruvian subsidiary
Candelaria Resources S.A.C. The project is in the Southern Perú Copper Belt, which is host to
numerous porphyry Cu-Mo deposits, including the Cerro Verde Cu-Mo mine operated by Freeport-
McMoRan; the Cuajone and Toquepala Cu-Mo mines operated by Southern Copper; and the Quellaveco
Cu-Mo mine operated by Anglo American. Flor de Cobre is 5 km northwest of the Chapi Mine and 26
km southeast of the Cerro Verde Mine.
Flor de Cobre hosts the Atravesado porphyry Cu-Mo target, a classic Andean porphyry system with Cu-
Mo mineralization potentially associated with a multi-phase quartz monzonite porphyry complex.
Atravesado is characterized by widespread Cu-oxide mineralization and strong surface rock Cu
geochemistry associated with lower Cretaceous-aged quartzite and sandstone sedimentary rocks which
form the upper part of the Yura Group. These rocks are also cut by several narrow potassic altered
quartz monzonite porphyry dykes.
The property is situated at a modest elevation of 2,700 metres with excellent infrastructure for future mine
development and is accessible along paved and maintained unpaved roads from the hub-city of
Arequipa.
Qualified Person
The scientific and technical content of this news release has been reviewed and approved by Richard
Osmond (P.Geo.), Element 29's President and CEO, who is the "Qualified Person" as defined by
National Instrument 43-101 Standards for Disclosure for Mineral Projects.
About Element 29 Resources Inc.
Element 29 is an emerging junior resource company with a highly experienced management team and
board focused on exploring and potentially developing Tier-1 copper deposits in Perú, one of the lowest-
cost, lowest-risk mining jurisdictions globally.
The Company's principal objective is to explore and potentially develop its Elida Porphyry Copper
Deposit in west-central Perú which has an initial inferred Mineral Resource Estimate of 321.7 million
tonnes grading 0.32% Cu, 0.03% Mo and 2.61 g/t Ag at a 0.2% Cu cutoff grade and a low 0.74:1
modeled strip ratio. The Mineral Resource Estimate information is available in "NI 43-101 Technical
Report, Mineral Resource Estimation of the Elida Porphyry Copper Project in Perú" dated September
20, 2022, and prepared in accordance with Form 43-101F1 by Marc Jutras, P.Eng., M.A.Sc., Ginto
Consulting Inc.
Alongside Elida, the Company has three (3) early stage, highly prospective porphyry Cu projects in Perú
for more than 25,000 ha of titled concession. These include the Flor de Cobre porphyry Cu-Mo prospect
situated in the Southern Perú Copper Belt, just 26 km from the Cerro Verde copper mine (Freeport-
Buenaventura) as well as the Paka and Pahuay porphyry Cu skarn prospects related to potential tertiary-
aged, mineralized porphyry complexes intruding along the eastern margin of the Peruvian Coastal
Batholith.
All 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:
Richard Osmond, CEO and Director
1-888-246-7881
Neither the TSX Venture Exchange (the "
TSX-V
") nor its Regulation Service Provider (as that term is
defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this press
release.
Figure 1:
Flor de Cobre Porphyry Cu-Mo project location. The light grey tone is the approximate
position of the highly prolific Southern Perú Copper Belt, which hosts several large porphyry Cu
mines.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/7414/228426_be01fdaa84840ae6_001full.jpg
Figure 2. The Flor de Cobre project showing the locations of the Atravesado target area. The
continuous colour overlay shows the IP chargeability geophysical inversion model response at 250 m
depth. The black dashed line delimits a moderate IP resistivity geophysical inversion model response
at the same depth.
Anomalous outcrop geochemistry, quartz veinlet development, and minor late
porphyry dikes also coincide with the modeled moderate IP resistivity zone.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/7414/228426_be01fdaa84840ae6_002full.jpg
Note:
1
.
The source of the Candelaria 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).
Cautionary Note Regarding 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
"). Any statements that are contained in this press release that are not statements of
historical fact may be deemed to be Forward-looking Statements. Forward-looking Statements are
frequently, but not always, identified by words such as "may", "will", "intends", "proposed", "believes",
"continues", "plans", "expects" or similar expressions (or the negative and grammatical variations of
any of these terms). Forward-looking Statements in this press release include, but are not limited to,
statements with respect to:; the Company's resource properties and future capital requirements; and
the Company's plans, focus and objectives.
Forward-looking Statements involve various risks and uncertainties and are based on certain factors
and assumptions. Although Element 29's management considers these beliefs and assumptions
reasonable based on currently available information, 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. Forward-looking Statements necessarily involve known and unknown
risks, and important factors, among others, that could cause actual results to differ materially from the
Company's expectations include: uncertainties related to the Company's ability to access investors
for the Financing; the timeliness and success of regulatory approvals; fluctuations in copper and other
commodity prices; uncertainties inherent in the exploration of mineral properties; risks associated with
general economic conditions; changes in legislation, income tax and regulatory matters; currency and
interest rate fluctuations; inability to access sufficient capital from internal and external sources; and
other risk factors set forth in the Company's prospectus under the heading "Risk Factors".
Readers are further cautioned not to place undue reliance on Forward-looking Statements as there
can be no assurances that the plans, intentions or expectations upon which they are placed will occur.
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.
1
This news release contains information about adjacent properties on which
Element 29 has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on the Company's properties.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/228426