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Element 29 Announces Results from Elida Phase 2 Drill Program Including 404.5 metres of 0.60% CuEq(1)
Vancouver, British Columbia--(Newsfile Corp. - March 6, 2023) - Element 29 Resources Inc. ( TSXV:...
About this update from Element 29 Resources, Inc.
[{"type":"text","content":"Element 29 Announces Results from Elida Phase 2 Drill Program Including 404.5 metres of 0.60% CuEq(1)Vancouver, British Columbia--(Newsfile Corp. - March 6, 2023) - Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) (BVL: ECU) (\"Element 29\" or the \"Company\") announces results from the 2,043-metre (\"m\") Phase 2 drill program at its 100% owned Elida Copper Project (\"Elida\" or \"the Project\") located in central Peru (Figure 1). Elida Drilling HighlightsDrill hole ELID032 intersected 404.5 m of 0.45% copper (\"Cu\"), 0.032% molybdenum (\"Mo\"), and 3.6 g/t silver (\"Ag\") for 0.60% copper equivalent1 (\"CuEq\", see footnote 1 in Table 1), including 123.0 m of 0.52% Cu, 0.036% Mo and 4.0 g/t Ag for 0.68% CuEq1 starting from the bedrock surface at 45.5 m depth (Figure 2).Drill hole ELID031 returned a longer than expected intersection of 366.9 m of 0.27% Cu, 0.027% Mo, and 2.2 g/t Ag for 0.38% CuEq1 (Figure 3), including a 119.1 m interval of 0.38% Cu, 0.025% Mo, and 2.5 g/t Ag for 0.49% CuEq1.Steve Stakiw, President and CEO, comments, \"The Phase 2 drill results from Elida have further boosted our understanding and confidence in the Zone 1 porphyry copper deposit that hosts our initial mineral resource estimate. The program also further confirmed the consistency and continuity of copper mineralization within the Zone 1 resource shell, specifically with hole ELID032 delivering a long, continually mineralized interval of copper averaging above our resource grade as well as ending in mineralization grading 0.75% Cu, 0.032% Mo, 7.2 g/t Ag (0.93% CuEq1).\" The Elida Phase 2 drilling program was designed to evaluate the continuity of Zone 1 mineralization along strike and between widely spaced drill holes completed in Phase 1, and to provide better resolution on the position of the porphyry complex occupying the centre of Zone 1. A secondary objective was to complete initial drill testing of Zone 2 (Figure 1). Table 1: Length-weighted assay intervals for holes ELID030, ELID031, and ELID032.HoleFromToLength2Cu(%)Mo(%)Ag(g/t)As(g/t)CuEq1(%)ELID03245.50450.00404.500.450.0323.6230.60includes45.5093.5048.000.380.0293.3140.51includes93.50216.50123.000.520.0364.0100.68includes216.50271.0054.500.360.0292.890.49includes271.00361.6090.600.500.0343.9560.66includes361.60450.0088.400.410.0293.4220.54and includes436.60450.0013.400.750.0327.226...