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Element 29 Resources Inc. reports news tied to mineral exploration and project advancement in Perú, led by the Elida Porphyry Copper-Molybdenum-Silver Deposit in central Perú. Recurring updates cover diamond drilling results, mineralized intercepts, resource modelling, metallurgical test work, environmental certification and exploration permitting for the Elida porphyry Cu-Mo-Ag system.
The company also reports corporate and capital-structure developments, including incentive grants, investor relations appointments, operating and financial results, and updates on its broader Peruvian copper portfolio, which includes Flor de Cobre and the Paka and Pahuay porphyry Cu-skarn prospects.
Element 29 Resources has completed the first two drill holes (2,249.8 metres) of its Phase-III diamond drill program at the Elida Porphyry Copper-Molybdenum-Silver Deposit in central Perú. Both holes intersected strong porphyry-related hydrothermal alteration from bedrock surface to depths exceeding 950 meters, indicating potential for copper-molybdenum-silver mineralization.
The program aims to expand the existing pit-constrained initial Inferred Mineral Resource of 321.7 million tonnes at 0.39% Cu, 0.03% Mo, and 2.61 g/t Ag. The company plans to restart drilling in early Q2 2025 following the rainy season. Geochemical assay results are expected in the coming weeks.
Element 29 Resources has received exemption from the Prior Consultation process from Peru's Ministry of Energy and Mines for exploration drilling at its Atravesado porphyry copper-molybdenum target. This follows the previously obtained DIA environmental approval to drill from up to 40 platforms. The company plans to conduct initial drilling in 2025 after completing the surface access agreement.
The Atravesado target, part of the Flor de Cobre project, spans approximately 1.5km x 2.0km and shows promising indicators including Cu-oxide mineralization, anomalous surface rock Cu-Mo geochemistry, and geophysical anomalies. The company has also retained German Mining Networks for investor relations services in Europe for C$6,800 per month.
Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) has commenced a resource expansion drill program at its Elida Porphyry Copper-Molybdenum-Silver Deposit in central Peru. The program includes up to 4,000 meters of diamond drilling, aiming to expand the existing pit-constrained inferred mineral resource and increase overall grades.
The first drill hole, ELID033, is designed to test the continuation of mineralization intersected in ELID032, which returned 404.5 m of 0.55% CuEq. The program will target higher-grade porphyry copper mineralization and explore depths of up to 1,000 m from bedrock surface.
Element 29 has also granted 5,250,000 stock options to directors, officers, employees, and consultants, exercisable at $0.255 per share for 5 years. Additionally, the company granted 275,000 deferred share units to directors and 265,000 restricted share units to employees and consultants.
Element 29 Resources announced the results of its 2024 Annual General Meeting on June 27. Shareholders approved all proposals, including setting the number of directors at five. The elected board members are Patrick Elliott, Chet Idziszek, Brad Mercer, Richard Osmond, and Mary-Carmen Vera. Brad Mercer was appointed the independent Chair of the Board. Davidson & Company LLP was re-appointed as auditors, and the renewal of the company's Stock Option Plan was also approved. Detailed voting results are available on SEDAR+.
Element 29 Resources announces the retirement of board member Robert Willis and nominates Brad Mercer, Chet Idziszek, and Mary-Carmen Vera as new independent directors.
The elections will occur at the Annual General Meeting on June 27, 2024.
Mr. Mercer, a retired COO of Capstone Copper Corp., has extensive geoscientific experience. Mr. Idziszek, an exploration geologist with over 40 years in the field, is known for significant mineral discoveries. Ms. Vera, a Peruvian geological engineer, specializes in ESG and sustainability practices.
Additionally, the company has granted 50,000 deferred share units to a director under the effective RSU/DSU Plan as of May 31, 2024.
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Cerrado Gold announced record Q3 results from its Minera Don Nicolás mine in Argentina. CEO Mark Brennan discussed these results, emphasizing production achievements. In a separate update, Element 29 Resources shared initial drilling outcomes from its Elida Copper Project. Chairman Richard Osmond provided insights into the first two drill holes of a six-hole program, highlighting the project's potential. The Power Play by The Market Herald delivers timely information to investors through exclusive executive interviews.