| Announcement Date: | 2022-11-14 |
|---|---|
| Announcement Type: | Deposit Estimation |
| Announcement Code: | NI43-101 |
| Company name: | Element 29 Resources Inc. |
| Project name: | Elida |
| Location: | Peru |
| Commodities: | Silver,Copper,Molybdenum |
| Highlight: | Initial Resource Estimate for Project |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Vancouver, Canada, September 27, 2022 – Element 29 Resources Inc. (“Element 29” or the “Company”) (TSX-V: ECU; OTCQB: EMTRF) announces the completion of an initial independent Inferred Mineral Resource estimate (“Mineral Resource”) at its Elida porphyry copper-molybdenum deposit (“Elida”) in west-central Peru. This Mineral Resource was completed on just one of five porphyry centres at Elida and provides a solid foundation for future engineering studies as well enhancement and expansion through ongoing exploration. The initial mineral resource estimate utilized widely spaced drill holes that tested a portion of the interpreted Zone 1 mineralization surrounding a low-grade porphyry core. More drilling will be required in the southwest and northwest sectors to completely evaluate mineral resource potential of Zone 1 (Figure 1). The Company elected to complete a mineral resource estimate at this stage to quantify the size of the drilled portion of Zone 1 and use the three-dimensional mineralization model for future drill hole planning to potentially expand the size of Zone 1 and upgrade Mineral Resources from Inferred to Indicated. Higher Grades Located Close to Surface Most of the higher-grade subset of the Mineral Resource noted in Table 1 with a 0.45% copper cut-off is centred on mineralization |
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