Element 29 drills record 1.5-km Elida interval

Element 29 Resources (TSXV: ECU; US-OTC: EMTRF) drilled the longest mineralized interval yet at its Elida copper project in Peru, extending the porphyry system far below the current resource.

Hole ELID035 returned 1,534.6 metres grading 0.34% copper, 0.064% molybdenum and 2.56 grams silver per tonne, from 56.6 metres to 1,591.2-metres depth. Elida straddles the Lima-Ancash boundary about 170 km northwest of Lima.

“The latest drilling continues to demonstrate the grade, scale and continuity of the mineralized system, while refining our geological model and identifying opportunities to expand the resource both laterally and at depth,” CEO Richard Osmond said in a Thursday release.

The 2022 open-pit resource ends more than 1,000 metres above the end of the intercept and draws on only 14,361 metres of drilling. Confirming the deep zone could add substantial tonnage as Element 29 works toward a resource update by year-end and subsequent economic studies.

Deep extension

Element 29 had stopped ELID035 at 979 metres for operational reasons while it remained mineralized. It later re-entered the hole and drilled it to 1,591.2 metres.

From 520.2 metres, the hole returned 1,071.1 metres grading 0.34% copper, 0.073% molybdenum and 2.18 grams silver per tonne. The interval extended mineralization more than 1,000 metres beyond current resource limits.

The strongest deep section cut 186.8 metres grading 0.5% copper, 0.076% molybdenum and 3 grams silver per tonne, from 1,257.5 metres. Reported intervals are downhole lengths; true widths remain unknown.

The deeper grades coincide with a broad electrical anomaly that covers higher-grade mineralization in hole ELID037. Together, the two holes trace a deep zone beneath the resource and point west towards the Zone 4 target.

Hole ELID042 pushed porphyry mineralization more than 500 metres beyond the modelled pit. Hole ELID043 tested the deposit’s southern side and stopped at 1,296 metres in altered and mineralized rock, leaving the system open at depth and west towards Zone 4.

Resource base

Elida’s inferred resource totals 321.7 million tonnes grading 0.32% copper, 0.03% molybdenum and 2.61 grams silver per tonne at a 0.2% copper cut-off. The model used a 0.74:1 strip ratio.

The estimate remains entirely inferred, the lowest-confidence resource category, and Element 29 has not published an economic study showing Elida can be mined at a profit. Roads, grid power, water and ports near the project could lower development hurdles for a large, low-grade porphyry.

Element 29 has completed 4,885.5 metres of a planned 10,000-metre program, with two rigs drilling. The work targets near-surface material that could enlarge the open-pit resource and the deeper zone north and west of ELID035 and ELID037.

The company is seeking approval for as many as 60 drill platforms over another five years, which would let it test ground beyond the current resource. Metallurgical work is assessing metal recoveries, ore types and concentrate quality before later engineering and economic studies.