Element 29 Resources - Reviewing 2024 and a Look Ahead to 2025
Element 29 Resources - Reviewing 2024 and a
Look Ahead to 2025
Vancouver, British Columbia--(Newsfile Corp. - January 14, 2025) - Element 29 Resources Inc.
(TSXV:
ECU) (OTCQB: EMTRF) (BVL: ECU)
("
Element 29
" or the "
Company
") is pleased to provide the
following letter to shareholders.
Fellow Shareholders,
In 2024, Element 29 Resources celebrated several significant milestones, highlighted by a major
leadership transition. As the company's founder and former Chair, I, Richard Osmond, stepped into the
President and CEO role. We also welcomed Manuel Montoya as Chief Technical Officer, who brings
extensive experience in exploring porphyry copper deposits in Perú. Additionally, our Board of Directors
was revitalized with experienced professionals tasked with guiding the Company in a new direction.
With a strong belief in our strategy, we raised $3.26 million from our supportive shareholders. These
funds were used to complete two deep diamond drill holes at our flagship Elida Porphyry Cu-Mo-Ag
Deposit, aiming to demonstrate the continuity of porphyry Cu-Mo-Ag mineralization beyond the existing
pit-constrained mineral resource estimate. Both drill holes intersected greater than 950 metres of
porphyry alteration starting from bedrock surface, with drill hole ELID033 still in strong alteration at a
depth of 1,109.6 metres. These holes remain open for future drilling as the program was paused in late
December 2024 for the holiday season, with assay results expected in the coming weeks.
Looking ahead to 2025, beyond the anticipated drill results, we have an active exploration program lined
up in Perú, including:
Restarting the Elida Phase III drill program in Q2 to complete the remaining 5,000 metre diamond
drill program, aimed at expanding Cu-Mo-Ag mineralization beyond the current pit-constrained
inferred mineral resource estimate.
Conducting an audio-magnetotellurics (AMT) geophysical survey in late Q1 at Elida to further
delineate Cu-sulphide mineralization within the large porphyry hydrothermal alteration footprint, to
depths exceeding 1,000 metres.
Completion of a DIA environmental approval at Elida to expand the drill permit from 20 platforms to
40 platforms.
Securing final drill permit approval for the Flor de Cobre drilling campaign in Q2 to test the
Atravesado porphyry Cu-Mo target.
Submitting a drill permit application for the Paka project in Q1, along with magnetometer and IP-
resistivity geophysical surveys in Q3.
With so many upcoming catalysts, feel free to stop by the AMEBC Roundup 2025 where Manuel and I
will be happy to discuss our exciting near-term opportunities. We can be found in the Exhibition Hall and
Core Shack on January 22 and 23. If you can't meet us there, we'll also be at PDAC 2025 from March 2
to 5.
For any questions or to stay updated, we're always available at 1 888 246 7881, by email
(
), or visit our
website
.
We wish you all a safe and prosperous 2025.
Sincerely,
Richard Osmond
President, CEO & Director
Element 29 Resources Inc.
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.
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/237069