Element 29 Resources Inc. announced it has commenced an approximately 2,000 metre Phase 2 drill program at its Elida Copper Deposit in west-central Peru. Elida is a porphyry copper-molybdenum system located 85 kilometres inland from the coast at a moderate elevation of 1,600 m and is road accessible with excellent infrastructure for potential mine development and operation. The objectives of the Phase 2 drill program are to: Test for extensions of identified higher-grade mineralization internal to the Zone 1 deposit, specifically where a near surface, higher-grade subset of the Mineral Resource consisting of 34.1 million inferred tonnes at 0.55% copper, 0.037% molybdenum, and 4.4 g/t silver (at a cut-off grade of 0.45% copper) was highlighted and has potential to be mined with minimal stripping in the initial years of mining; and Undertake an initial test of Zone 2 where veined and leached porphyry is exposed.