ELEMENT 29 RESOURCES INC. Elida Drilling Highlights
Drill 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 , 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.
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 , including a 119.1 m interval of 0.38% Cu, 0.025% Mo, and 2.5 g/t Ag for 0.49% 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.
ELID032 was drilled to examine the west and depth continuity of an internal higher-grade zone intersected by drill holes ELID014, ELID020, and ELID024. Results from this hole show higher grade mineralization persists west and north of the higher-grade mineralization intersected by ELID020. The style of mineralization was similar to surrounding holes with chalcopyrite as the copper-bearing sulphide species (Images 1 and 2). Importantly, only minor intervals of late-mineral porphyry dikes were encountered, meaning there is minimal dilution from lower-grade porphyry units in the northern segment of Zone 1. The drill hole, which was terminated for operational reasons, ended in mineralization at a depth of 450.0 m in mineralization grading 0.75% Cu, 0.032% Mo, 7.2 g/t Ag (0.93% CuEq1).
ELID031 was positioned east of the higher-grade zones intersected by holes ELID012, ELID019, and ELID025 and on the same section as ELID021. The objective was to obtain an intersection above the mineralization in ELID021 and determine the position of the porphyry complex central to Zone 1. ELID021, drilled in Phase 1, was collared near the northern boundary of Zone 1 and extended south toward the porphyry complex, but was unable to intersect the contact due to drilling equipment limitations. ELID031 was intended to intersect the part of Zone 1 between the end of ELID021 and the porphyry. The hole successfully intersected lower grade mineralization characteristic of the porphyry complex and was terminated in mineralized porphyry phases. The porphyry complex was approximately 100 m further south than was predicted from previous sparse drilling information.
ELID030 was located on the west side of Zone 1 to determine if the higher-grade mineralization in ELID020 continued to the west. The drill hole penetrated thick, unconsolidated colluvial cover and intersected a short interval of weakly mineralized sedimentary host rock before entering the lower-grade porphyry complex at the centre of Zone 1. The hole demonstrated that the porphyry complex is not a simple elliptical shape as interpreted previously. Geologic evidence from the drilling shows that the porphyry complex was emplaced into well-mineralized sedimentary host rock. Current drilling information suggests the internal higher-grade mineralized zone is displaced to the south by intrusion of the porphyry complex, which is supported by hole ELID020 on the north side of the porphyry complex and hole ELID023 on the south side of the porphyry complex. Further drilling will be required in this area to constrain the position of the porphyry complex and the internal higher-grade zone.
Zone 2 was tested with three (3) drill holes (ELID027, ELID028, and ELID029) positioned near strongly leached exposures of intensely altered and veined porphyry and sedimentary wall rock. Note, the first hole (ELID026) was lost at a depth of 117.7 m and the second attempt was successful at reaching the target depth. All drill holes intersected variably altered sedimentary and volcanic host rocks. Potassic (hydrothermal k-feldspar and biotite) alteration in both porphyry and wall rock was overprinted by phyllic (quartz-sericite-pyrite) alteration. However, only traces of chalcopyrite were present, and the holes returned no significant copper values. Preliminary interpretation of results suggests the holes are located along the poorly mineralized upper boundary of the potassic zone. The initial drilling does not discount the existence of mineralization at depth. However, more work is necessary to develop a deeper drill target. Given that drilling shows Zone 1 copper mineralization ends abruptly with potassic alteration extending for 50-70 m past the mineralized boundary, it is permissive for a mineralized zone to exist at a reasonable depth.
Results from the Phase 2 drilling program improved our understanding of the continuity of mineralization within Zone 1 and increased confidence in the existence of a near-surface, higher-grade zone. Furthermore, results from Phases 1 and 2 show the northern segment of Zone 1 has a horizonal width of at least 250 m, which contributes to a low potential strip ratio. Drill holes from Zone 2 intersected alteration and veining consistent with outcrops in the area but did not intersect significant copper mineralization. This does not discount the possibility of the existence of mineralization at depth, but on-going interpretation of available exploration data needs to be completed to develop drill targets.
Future Work
The Company plans to use information from the Phase 1 and 2 programs coupled with more detailed surface mapping to design follow-up drilling programs to explore the internal structure of Zone 1 and develop drill targets on the other four zones. Drilling has provided samples of mineralization that can be used for preliminary metallurgical test work. A program involving preliminary metallurgical testing is planned.
Analytical Quality Control & Quality Assurance
Elida Resources S.A.C., a wholly owned subsidiary of
Element 29 employs an independent, internal quality assurance/quality control program that includes insertion of duplicate, blank, and certified reference samples at the field site. The Company is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data reported.
About Elida
Elida is a porphyry copper-molybdenum exploration project within a property composed of 28 mining concessions totaling 19,210 hectares that are 100% owned by Elida Resources S.A.C., a Peruvian subsidiary of Element 29. The property contains a large, 2.5 x 2.5 kilometre ('km') alteration system enclosing a cluster of porphyry centres that represent five distinct exploration targets. In 2022, Element 29 completed seven drill holes totalling 2043.1 m to supplement Phase 1 drilling, which intersected multiple, long intervals of Cu-Mo-Ag mineralization and traced mineralization to a depth greater than 900 m. Mineralization remains open at depth.
The Project is located in west-central
Elida has an inferred mineral resource estimate of 321.7 million tonnes grading 0.32% copper (for a total of 2.24 billion pounds of contained copper), plus 0.029% molybdenum and 2.6 g/t silver with a low modeled strip ratio of 0.74:1 (at 0.20% copper cut off grade) on the Zone 1 porphyry.
About
The Company's principal objective is to explore and develop its Elida Porphyry Copper Deposit in west-central
Contact:
Tel: 1-888-246-7881
Email: info@e29copper.com
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