Element 29 Reports Longest and Highest- Grade Intercepts to Date at Elida with 1,489 m of 0.58% CuEq2 Including 1,152 m of 0.64% CuEq 2 (0.49% Cu, 0.04% Mo and 4.65 g/t Ag) with 401.0 m of 0.71% CuEq 2 (0.60% Cu, 0.03% Mo, and 7.67 g/t Ag)
Element 29 Reports Longest and Highest-
Grade Intercepts to Date at Elida with 1,489 m
of 0.58% CuEq2
Including 1,152 m of 0.64% CuEq
2
(0.49% Cu, 0.04% Mo and 4.65 g/t Ag) with 401.0 m of
0.71% CuEq
2
(0.60% Cu, 0.03% Mo, and 7.67 g/t Ag)
Watch the short video of Richard Osmond, CEO, providing highlights -
HERE
Vancouver, British Columbia--(Newsfile Corp. - January 26, 2026) - Element 29 Resources Inc.
(TSXV:
ECU) (OTCQB: EMTRF) (BVL: ECU)
("
Element 29
" or the "
Company
") announces results from our
ongoing diamond drilling program at its Elida Porphyry Copper ("
Cu
") - Molybdenum ("
Mo
") - Silver
("
Ag
") Deposit ("
Elida
" or the "
Property
") in central Perú (Figure 1).
The Company continues to intersect long high-grade intervals of Cu-Mo-Ag mineralization at Elida
beginning near surface and extending to vertical depths exceeding 1,400 meters ("
m
"), highlighting the
potential for significant resource expansion beyond the existing pit-constrained Mineral Resource¹. Drill
intercepts are reported as down-hole lengths, and the true thicknesses are unknown at this time.
Elida Drilling Highlights
Drill hole ELID037 intersected
0.58% CuEq
2
(0.44% Cu, 0.04% Mo, 4.09 g/t Ag) over 1,489.0
m
, from bedrock surface to the end of the hole ("
EOH
") at 1,552.0 m.
Including
1,152.0 m grading 0.64% CuEq
2
(0.49% Cu, 0.04% Mo, 4.65 g/t Ag)
, from a
depth of 400.0 m to the EOH.
Several higher-grade Cu-Mo-Ag sub-intervals were intersected in ELID037 including:
401.0 m grading 0.71% CuEq
2
(0.60% Cu, 0.03% Mo, 7.67 g/t Ag)
, starting at a depth of
401.0 m; and
283.8 m grading 0.76% CuEq
2
(0.58% Cu, 0.06% Mo, 3.68 g/t Ag)
, starting at a depth of
1268.2 m.
The Cu grades in ELID037 are increasing at depth with the last
93.8 m grading 0.87% CuEq
2
(0.71% Cu, 0.06% Mo, 3.99 g/t Ag),
which correlates with the upper part of a large, low resistivity
MT geophysical anomaly potentially outlining a large high-grade copper core.
Richard Osmond, President and CEO of Element 29 Resources, states, "The Elida porphyry system
continues to impress returning long intercepts of higher-grade copper mineralization extending vertically
to a depth of more than 1,400 m, reinforcing our view of Elida as a large, well mineralized porphyry
system. We look forward to continuing the current drilling program to advance Elida toward a major
copper discovery in a premier mining jurisdiction and delivering significant value for our shareholders in
one of the best copper, molybdenum, and silver metals markets in decades. An updated mineral
resource is planned upon completion of the 2026 program."
Mr. Osmond continues, "Elida is strategically well located in Perú, situated at low elevation
approximately 1,500 metres above sea level and about 75 kilometres from the coast, with access to the
national electrical grid, water, a skilled workforce, and multiple deep-water ports. Combined with its low
strip ratio and low levels of deleterious elements, all these attributes could position Elida as a future
strategic low-cost, low-risk operation."
The 2025 drilling program has met its objectives of advancing exploration at the Elida porphyry Cu-Mo-
Ag deposit through step-out drilling to test the potential for resource expansion beyond the current pit
shell to depths exceeding 1,000 m, as well as infill drilling within the existing pit shell to increase
confidence in the existing Mineral Resource¹ and potentially improve overall Cu-Mo-Ag grades.
Drilling outside the current resource footprint is supported by a 3D resistivity model derived from a
recent magnetotellurics ("
MT
") geophysical survey, which identified several high-priority, untested targets
(see news release dated
June 26, 2025
).
Next Steps
Drilling at Elida continues with two diamond drill rigs still operating. To date, five drill holes have been
completed and reported, totaling more than 4,700 m of the planned 7,000 m drilling program. Results
from the current drilling will be released as they become available.
The Company plans to complete the remaining 2,300 m of drilling during Q1 2026 under the existing
Ficha Técnica Ambiental ("
FTA
") environmental certification, authorizing up to 20 drilling platforms.
Results from the current drilling program are expected to support future drilling, with an additional 5,000
m planned for the first half of 2026.
The Company will continue to follow up on the long, higher-grade Cu-Mo-Ag intercepts from ELID037,
ELID033, ELID035, and ELID025, which were drilled along the northern side of the deposit, to evaluate
opportunities for resource expansion and further investigate the presence of a deeper high-grade
copper core. Drilling will also continue along the southern side of the deposit to assess the potential to
increase resources without materially increasing the overall strip ratio. The successful test of the large,
low-resistivity MT geophysical anomaly in hole ELID037 has materially increased the interpreted
mineralized footprint of the Elida porphyry system, shifting exploration focus on the further evaluation of
this exploration target beyond the previously constraining pit shell.
The Company is in the process of applying for a new Programa de Inicio de Actividades ("
PIA
") drill
permit under an upgraded Declaración de Impacto Ambiental ("
DIA
") environmental certificate, which
would authorize up to 40 drilling platform for an additional 5-year term. Approval of the upgraded PIA
would represent an important milestone, allowing the Company to significantly expand the permitted
drilling footprint, continue exploration beyond the existing mineral resources, and evaluate the broader
hydrothermal alteration footprint of the Elida porphyry Cu-Mo-Ag system.
Preliminary metallurgical test work is also planned for Q2 2026 to better understand overall Cu-Mo-Ag
concentrate recoveries and potential presence of deleterious elements across key ore types within the
Elida deposit.
ELID037 (Figure 2)
ELID037 was drilled to a depth of 1,552.0 m at a dip of -75
o
towards an azimuth of 270
o
, corresponding
to a vertical depth of approximately 1,479 m, making it the deepest hole drilled at Elida to date. The hole
was designed to follow up higher-grade Cu-Mo-Ag mineralization previously intersected at the bottom of
ELID033 (refer to news release dated
January 22, 2025
) and to test a large, low-resistivity MT
geophysical anomaly at depth interpreted to represent a deeper, high-grade copper core, a
mineralization event commonly associated with economic porphyry copper systems.
The hole intersected approximately 63 m of overburden, followed by
1,489 m grading 0.58% CuEq
2
(0.44% Cu, 0.04% Mo, and 4.09 g/t Ag)
, and was terminated at a depth of 1,552.0 m due to
operational constraints.
The entire mineralized interval is strongly potassic altered and comprised predominately of thick
sequences of skarn and calcsilicate hornfels, with minor interbedded biotitic hornfels. Local limestone
units are partially to completely replaced by semi-massive to massive pyrrhotite-chalcopyrite, interpreted
as carbonate replacement deposit ("
CRD
")-style mineralization.
The interval is crosscut by multiple generations of porphyry-related A- and B-type vein forming
stockworks, which are subsequently cut by C-type veins and patches associated with retrograde chlorite-
epidote-amphibole alteration.
ELID037 also intersected
1,152 m grading 0.64% CuEq
2
(0.49% Cu, 0.04% Mo, 4.65 g/t Ag),
starting at a depth of 400 m near the edge of the current pit shell and continuing to EOH at 1,552.0 m,
extending the Cu-Mo-Ag mineralization well beyond the existing pit shell.
This interval includes several higher-grade sub-intervals, notably
401.0 m grading 0.71% CuEq
2
(0.60% Cu, 0.03% Mo, and 7,67 g/t Ag)
starting at 400 m depth, and
283.8 m grading 0.76% CuEq
2
(0.58% Cu, 0.06% Mo and 3.68 g/t Ag)
from 1,268.2 m to the EOH.
The hole terminated in
93 m grading 0.87% CuEq
2
(0.71% Cu, 0.06% Mo, and 3.99 g/t Ag)
at
1,552.0 m depth due operational constraints. This deeper, higher-grade Cu-Mo-Ag mineralization
remains open at depth and correlates well with the upper portion of the large, low-resistivity MT
geophysical anomaly and is interpreted to represent the western edge of a high-grade copper core
(Figure 3). Core samples have been sent for petrographic analysis to determine Cu-sulphide mineralogy
and the potential presence of bornite in the lower part of this hole with results still pending.
ELID036 (Figure 4)
ELID036 was drilled to a depth of 831.4 m at a dip of -55
o
towards a 180
o
azimuth.
The hole was
designed to (1) infill within the current pit shell to potentially improve overall Cu-Mo-Ag grades, (2) extend
mineralization south of the pit shell without materially increasing the strip ratio, and (3) test a large, low-
resistivity MT geophysical anomaly located south of the existing pit shell.
Starting at a depth of 122.5 m, the hole intersected
92.7 m grading 0.47% CuEq
2
(0.36% Cu, 0.03%
Mo and 3.11 g/t Ag)
, associated with biotitic hornfels interbedded with lesser calcsilicate hornfels. A
second intercept of
159.1 m of 0.33% CuEq
2
(0.24% Cu, 0.02% Mo and 3.05 g/t Ag)
was
encountered starting at a depth of 380.9 m, hosted by calcsilicate hornfels interbedded with biotitic
hornfels and minor skarn lenses.
In both intercepts, the Cu-Mo-Ag mineralization is associated with porphyry-style A- and B-type vein
stockworks, as well as C-type veins related to retrograde chlorite-epidote alteration. These results
highlight the potential to increase the overall grades within the pit shell and expand mineral resources to
the south. The hole was terminated at a depth of 831.4 m without fully testing the southern low-resistivity
MT geophysical anomaly due to a decrease in chalcopyrite mineralization at depth.
ELID038 (Figure 5)
ELID038 was drilled to a depth of 845.1 m at a dip of -70
o
towards an azimuth of 90
o
. The hole was
designed to test the Elida porphyry system on the eastern side of the current pit shell. The drill collar is
positioned immediately west of outcropping, strongly altered volcanoclastic rocks cut by phyllic-altered
quartz monzonite porphyry ("
QMP
") stocks and dykes hosting A-, B-, and D-type veins (intermineral
porphyries) that are leached and locally contain visible copper oxide mineralization. The hole was also
designed to test several strongly potassic-altered QMP dykes and fingers previously intersected in hole
ELID005. These intrusions are interpreted as potassic-altered early porphyries characterized by
pervasive secondary biotite replacement, EDM-type veins, and disseminated chalcopyrite.
The hole intersected
667.0 m grading 0.38% CuEq
2
(0.28% Cu, 0.03% Mo, and 2.26 g/t Ag)
from
48.0 m to 715.0 m depth.
In the upper part of the hole, a sub-interval of
83.0 m grading 0.55% CuEq
2
(0.43% Cu, 0.04% Mo
and 2.97 g/t Ag)
, starting at 61.7 m depth, is associated with a phreatic breccia containing heterolithic
fragments including mineralized biotitic hornfels, early-intermineral QMPs, and minor skarn, supported in
a fragmental rock flour matrix. The mineralization occurs both within breccia fragments and within the
matrix as disseminations, stringers, and locally as pockets of semi-massive to massive sulphide
replacement.
A second sub-interval of
116.4 m grading 0.49% CuEq
2
(0.29% Cu, 0.05% Mo and 1.92 g/t Ag)
starting at 447.9 m depth, is associated with C-type veins developed along the structural foliation, as well
as open-space-filling veins and local breccias hosted within interbedded biotitic hornfels and fine-
grained biotitic sandstones. The hole was terminated at a depth of 845.1 m due to a visible decrease in
chalcopyrite mineralization at depth.
ELID039 (Figure 6)
ELID039 was drilled to a depth of 695.1 m at a dip of -50
o
towards a 180
o
azimuth. Similar to ELID036,
this hole was designed to (1) infill within the current pit-shell to potentially improve the overall Cu-Mo-Ag
grades, (2) extend the mineralization outside the pit shell to the south without materially changing the
strip ratio, and (3) test a large, low resistivity MT geophysical anomaly observed to the south of the
existing pit shell.
The hole intersected
601.7 m grading 0.40% CuEq
2
(0.30% Cu, 0.03% Mo, and 4.10 g/t Ag),
starting at 13.3 m depth, associated with a sequence of calcsilicate hornfels interbedded with biotitic
hornfels and locally cut by phyllic-altered QMP dykes and phreatic breccias.
Within the pit shell, the hole intersected two sub-intervals, including
104.6 m grading 0.57% CuEq
2
(0.50% Cu, 0.03% Mo, and 4.66 g/t Ag),
starting at depth of 13.3 m and
89.5 m grading 0.42%
CuEq
2
(0.31% Cu, 0.03% Mo, and 3.31 g/t Ag),
starting at a depth 202.5 m. Both mineralized intervals
are associated with A- and B-type vein stockworks with later C-type veins developed as stringers along
the structural foliation, and as patches within interbedded biotitic hornfels and calcsilicate hornfels.
These results highlight the potential to increase the overall grades within the pit shell.
Outside the pit shell, the hole intersected a third sub-interval of
169.5 m grading 0.45% CuEq
2
(0.28%
Cu, 0.04% Mo, and 6.31 g/t Ag),
starting at 445.5 m depth, associated with a thick sequence of
calcsilicate hornfels locally cut by phreatic breccias. Mineralization in this interval is also associated with
C-type veins developed along the structural foliation, as well as locally developed replacement patches
within both the calcsilicate hornfels and phreatic breccias. This sub-interval coincides closely with a low-
resistivity MT geophysical anomaly and highlights the potential to further expand mineral resources to the
south.
The hole was lost at a depth of 695.1 m before testing the deeper low-resistivity MT geophysical
anomaly.
ELID040 (Figure 7)
ELID040 was drilled to a depth of 531.9 m at a dip of -45
o
towards an azimuth of 175
o
. The hole was
drilled south of holes ELID036 and ELID039 and was designed to (1) infill within the current pit shell to
potentially improve overall Cu-Mo-Ag grades, (2) extend mineralization south of the pit shell without
materially increasing the strip ratio, and (3) test the margin of the large, low-resistivity MT geophysical
anomaly observed south of the current pit shell.
Starting at a depth of 39.6 m, the hole intersected
115.0 m grading 0.42%
CuEq
2
(0.37% Cu, 0.02%
Mo, and 3.53 g/t Ag)
, associated with a phreatic breccia composed of heterolithic fragments in a rock
flour matrix, with minor intervals of intrusive breccia and biotitic hornfels. This interval is followed by
calcsilicate hornfels interbedded with skarn and minor biotitic hornfels. Mineralization within the phreatic
breccia occurs both within the fragments and the matrix as disseminations, patches, and locally as
massive sulphide replacement. Within the calcsilicate hornfels and skarn, mineralization occurs as C-
type veins forming along the structural foliation, disseminations, and locally as replacement patches.
The hole also intersected
55.3 m grading 0.38%
CuEq
2
(0.29% Cu, 0.02% Mo, and 4.83 g/t Ag)
,
starting at 242.6 m depth associated with a second sequence of foliated calcsilicate hornfels
interbedded with biotitic hornfels. Mineralization in this interval is characterized by similar C-type veins
developed along the structural foliation, disseminations, and locally as replacement patches.
Analytical Quality Control & Quality Assurance
Elida Resources S.A.C., a wholly owned subsidiary of Element 29 Resources Inc., supervises drilling
and carries out sampling of HQ and NQ core. Logging and sampling are completed at a secured
Company facility situated near the Elida project site. Sample intervals are nominally 2 m long. Drill core
is cut in half using a rotary diamond blade saw and samples are sealed on site before transportation to
the ALS Peru S.A.C. independent laboratory in Lima by an independent transportation company.
Samples are analyzed for 35 elements using an Aqua Regia digestion and ICP-AES analysis (ME-
ICP41). Samples reporting over limits are analyzed by Aqua Regia digestion with ICP-AES finish (ME-
OG46). ALS meets all requirements of International Standards ISO/IEC 17025:2005 and ISO 9001:2015
for analytical procedures.
Element 29 employs an independent, internal quality assurance/quality control program that includes
insertion of duplicate, blank, and certified reference samples at the field site. The Company is not aware
of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of
the data reported.
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.
Table 1:
Diamond drill hole collar locations and orientations (WGS84/Zone 18S).
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Table 2:
Length-weighed assay intervals for holes ELID036, ELID037, ELID038, ELID039, and
ELID040.
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Figure 1:
Plan map showing the location of the historical, ongoing and completed drill holes from the
2025 diamond drilling program at Elida. The figure also showing the Mineral Resource Estimate¹ and
the -400 m depth slice of the MT 3D resistivity model.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7414/281526_89884a4ce423d867_003full.jpg
Figure 2:
An east-west oriented geological cross section along northing 8,835,325N containing drill
hole ELID037. The section shows the length-weighted assay intervals of CuEq
2
(%) geochemistry for
ELID037 as well as for the historical drill holes. The section also shows a 2D vertical slice along the
cross section through the existing pit-constrained Mineral Resource
1
.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7414/281526_89884a4ce423d867_004full.jpg
Figure 3:
An east-west oriented 2D cross section through the 3D MT resistivity model along northing
8,835,325N also containing drill hole ELID037. The section shows the length-weighted assay intervals of
CuEq
2
(%) geochemistry for ELID037 as well as for the historical drill holes. The section also shows a
2D vertical slice along the cross section through the existing pit-constrained Mineral Resource
1
.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7414/281526_89884a4ce423d867_005full.jpg