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Element 29 Reports Final Three Holes from the Elida Phase 1 Drilling and Reports 908.75 Metres of 0.55 % CuEq
Vancouver, British Columbia--(Newsfile Corp. - January 19, 2022) - Element 29 Resources Inc. (...
About this update from Element 29 Resources, Inc.
[{"type":"text","content":"Element 29 Reports Final Three Holes from the Elida Phase 1 Drilling and Reports 908.75 Metres of 0.55 % CuEqVancouver, British Columbia--(Newsfile Corp. - January 19, 2022) - Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) (\"Element 29\" or the \"Company\") is pleased to announce results from the last three drill holes of the seven-hole, 4,500 metre (\"m\") drilling program completed in December 2021 at its 100% owned Elida Copper Project (\"Elida\" or \"the Project\") located in central Perú (Figure 1).Richard Osmond, Chairman and Interim CEO, comments, \"The Phase 1 drill program at Elida was a complete success and exceeded expectations with several long intercepts of strong copper mineralization starting at the bedrock surface and, in the case of drill hole ELID025, mineralization extended to depths greater than 900 m. The program was successful in defining the limits of copper mineralization at Target 1 with the appropriate drill spacing needed to complete an initial resource estimate, which we expect to publish later this year. We are excited about our plans to move forward with a Phase 2 program intended to expand on potential resources at Target 1 and drill test Targets 2 and 3.\" Click HERE to listen to Richard Osmond discuss the highlights of today's press release.Elida Drilling HighlightsDrill hole ELID025 intersected 908.75 m of 0.39% copper (\"Cu\"), 0.035% molybdenum (\"Mo\"), and 2.9 g/t silver (\"Ag\") for 0.55% copper equivalent1 (\"CuEq\", see footnote 1 in Table 1), including 339.6 m of 0.50% Cu, 0.036% Mo and 4.3 g/t Ag for 0.67% CuEq1 starting from the bedrock surface at 38.45 m depth (Figure 2). The hole confirmed the vertical extent of mineralization to 933 m below surface and remains open at depth. Drill hole ELID024 intersected 451.75 m of 0.38% Cu, 0.034% Mo, and 3.1 g/t Ag for 0.53% CuEq1 (Figure 3). The hole confirmed an apparent western limit of Target 1 mineralization and demonstrated good continuity of mineralization between holes ELID019, ELID020, and ELID025. Drill hole ELID023 encountered a much wider than anticipated zone of mineralization on the south side of the low-grade central quartz monzonite porphyry stock and confirmed the westward continuity of mineralization south of the stock. The strongest of two mineralized intervals was 91.1 m of 0.41% Cu, 0.032% Mo, 4.1 g/t A...