Element 29 Receives Upgraded Five-Year Drill Permit Supporting Advancement of the Elida Porphyry Cu-Mo-Ag Project, Peru Authorizes up to 40 drill platforms over a five-year period to support resource growth and exploration.
Element 29 Receives Upgraded Five-Year Drill
Permit Supporting Advancement of the Elida
Porphyry Cu-Mo-Ag Project, Peru
Authorizes up to 40 drill platforms over a five-year period to support resource growth and
exploration.
Recent regulatory changes provide a pathway to increase the permitted drilling capacity
to up to 60 drill platforms through a DIA amendment.
Vancouver, British Columbia--(Newsfile Corp. - July 28, 2026) - Element 29 Resources Inc.
(TSXV:
ECU) (OTCQB: EMTRF) (BVL: ECU)
("
Element 29
" or the "
Company
") is pleased to announce that
it has received an upgraded Permiso de Inicio de Actividades ("
PIA
") drill permit from the Peruvian
Ministerio de Energía y Minas ("
MINEM
") for the ongoing diamond drilling program at its Elida Porphyry
Copper ("
Cu
") - Molybdenum ("
Mo
") - Silver ("
Ag
") Deposit ("
Elida
" or the "
Property
") in central Perú.
Richard Osmond, President and CEO of Element 29, states: "
Receipt of the upgraded PIA drill permit
marks an important milestone for Element 29 and builds on years of detailed environmental and
compliance work. This not only unlocks exploration, but also provides flexibility in how we
systematically advance our flagship Elida project. Together with our long-term community agreement
and ongoing drill program, the permit supports our objective of growing the Mineral Resource while
evaluating the broader potential of the Elida porphyry system.
"
Drilling Program Update
Mr. Osmond continues, "
Drilling at Elida continues to progress, with two drill rigs currently operating
and more than 4,885 metres completed as part of the planned 10,000-metre diamond drilling
program
."
The new PIA drill permit was approved under a Declaración de Impacto Ambiental ("
DIA
") environmental
certification, authorizing up to 40 drill platforms over a five-year period. Receipt of the new PIA drill
permit and the execution of a five-year community Access Agreement (refer to
June 4, 2025, news
release
) represent significant milestones for advancing the Elida project. For a detailed view of the area
covered under the expanded permit, see Figure 1.
Exploration Opportunity
Under the previous 20-platform PIA drill permit, exploration activities were largely focused on expanding
the Zone 1 Mineral Resource, with only limited drilling completed across the broader hydrothermal
alteration footprint of the Elida porphyry Cu-Mo-Ag system. The additional 20 authorized drill platforms
will allow the Company to expand its drilling footprint and systematically evaluate a cluster of five
porphyry targets, supporting continued Mineral Resource growth while advancing the district-scale
exploration potential of the Elida porphyry system.
New Permitting Regulations
Recent amendments to Peru's environmental permitting regulations under a Supreme Decree (Decreto
Supremo N.° 014-2026-EM, published July 18, 2026) now allow qualifying DIA-certified mineral
exploration projects to include up to 60 drill platforms, subject to regulatory approval. Element 29 intends
to promptly initiate the DIA amendment process to increase the number of authorized drill platforms,
further expanding the Company's permitted drilling footprint to the north towards Zones 5 and 6.
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 the discovery and advancement of copper projects in Perú, one of the lowest-cost,
lowest-risk mining jurisdictions globally. The Company's flagship project is the Elida Porphyry Cu-Mo-Ag
Deposit in west-central Perú which has an initial pit-constrained inferred Mineral Resource Estimate
1
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. Alongside
Elida, the Company has three (3) early stage, highly prospective porphyry Cu projects in Perú that
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
2
(Freeport-Buenaventura) as well as the Paka and Pahuay
porphyry Cu skarn prospects. All projects are well located for future mine development and will benefit
from nearby infrastructure including roads, power infrastructure, ports, water, and a skilled workforce.
On Behalf of the Board of Directors:
"
Richard Osmond, P.Geo."
CEO and Director
For media enquiries or more information on this press release, please contact:
Dylan Berg
VP Investor Relations & Marketing
+1 (888) 246-7881
Kevin Guichon
Investor Relations Consultant
+1 (888) 246-7881
More information is available at
www.e29copper.com
.
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.
Notes:
1
.
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.
2
.
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.
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.
Figure 1:
Outline of the new PIA drill permit (green) for the Elida Project expanding the drilling footprint
to cover four known porphyry targets as part of the broader hydrothermal alteration footprint of the Elida
porphyry system. The map also outlines the know porphyry stocks and dykes as well as the existing
drilling (black collars and traces) and the outline of the Mineral Resource Estimate
1
.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7414/306780_7647abdba47f28e2_001full.jpg
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/306780