Element 29 Resources - Reviewing 2024 and a Look Ahead to 2025
Rhea-AI Summary
Element 29 Resources (TSXV: ECU) (OTCQB: EMTRF) has shared key developments from 2024 and plans for 2025. The company underwent significant leadership changes, with Richard Osmond transitioning to President and CEO, and Manuel Montoya joining as Chief Technical Officer. The company successfully raised $3.26 million from shareholders.
In 2024, Element 29 completed two deep diamond drill holes at the Elida Porphyry Cu-Mo-Ag Deposit, both intersecting over 950 metres of porphyry alteration. Drill hole ELID033 reached 1,109.6 metres depth, with assay results pending.
For 2025, the company plans to: restart the Elida Phase III drill program in Q2 with a 5,000-metre campaign; conduct an AMT geophysical survey in Q1; expand drill permits at Elida; secure permits for Flor de Cobre drilling; and initiate exploration activities at the Paka project, including permit applications and geophysical surveys.
Positive
- Successful fundraising of $3.26 million from shareholders
- Completion of two deep diamond drill holes with over 950 meters of porphyry alteration
- Planned expansion of drill permits from 20 to 40 platforms at Elida
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, EMTRF declined 6.96%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
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 (info@e29copper.com), 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
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
info@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.
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. 1This 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
FAQ
What were the key drilling results from Element 29's (EMTRF) Elida project in 2024?
How much capital did Element 29 (EMTRF) raise in 2024?
What are Element 29's (EMTRF) main exploration plans for 2025?
What leadership changes occurred at Element 29 (EMTRF) in 2024?
