Element 29 Resources Inc. announces results of the final three holes from the recently completed 4,532 metre, twelve-hole drill program at the Flor de Cobre Copper Project located in southern Peru. The Company has successfully completed the objectives of this latest drill program, namely confirming the reliability of historical drillholes completed by Rio Amarillo Mining and Phelps Dodge in 1994 and 1995, and to explore for primary copper sulphide mineralization underneath the enrichment blanket to depths of over 500 m on the Candelaria portion of the Flor de Cobre property. Nine historical drillholes were selected for twinning based on cumulative grade times thickness and representing approximately 70% of the total cumulative grade-thickness intersected on the property. This will allow Element 29 to use the historical information as part of a drill hole dataset for the estimation of mineral resources that meets the CIM best practice guidelines. The Company's drill program consisted of 4,532 m of diamond drilling centred on the Candelaria Porphyry Complex. A total of 3,055 m was allocated to twin nine historical drillholes to verify the accuracy of existing historical geochemical assays and drill logs. The first nine drillholes of the 2022 Flor de Cobre drill program included 349 m of 0.77% Cu, including 123 m of 1.42% Cu. The remaining 1,477 m in three drillholes noted in this news release was allocated to test the primary copper sulphide mineralization potential below the supergene enrichment blanket to depths of more than 500 m. All drillholes intersected a sub-horizontal, secondary copper sulphide enrichment zone dominated by chalcocite located at the base of strongly leached porphyry and siliciclastic host rocks. Enriched copper oxides represent a minor component of the enrichment zone and where present, are situated above the secondary copper sulphide enrichment zone. The best mineralization is centred on the Candelaria Porphyry Complex, which is characterized by strong potassium silicate alteration associated with chalcopyrite mineralization overprinted by quartz-sericite-pyrite (phyllic) alteration. All historical drillholes on the Flor de Cobre property were drilled vertically to test a sub-horizontal mineralized body. This made it difficult to interpret the orientation and position of porphyry contacts within the Candelaria Porphyry Complex. The last three drillholes were to remedy this while obtaining intersections of primary sulphide mineralization to depths up to 500 metres beneath the enrichment mineralization. These drillholes encountered broad zones of chalcopyrite mineralization with local intervals grading above 0.45% Cu. Furthermore, the northwest continuation of the Candelaria Porphyry Complex was demonstrated which remains untested at depth between Candelaria and Atravesado. The angled holes also support the continuity of supergene enrichment mineralization between vertical holes. This adds confidence to the geological interpretation and will improve resource estimation, which will be undertaken in the latter half of 2022. The Company continues to progress drill permitting on Atravesado in preparation for initial drill-testing of
a priority porphyry target supported by coincident outcrop geology, surface geochemistry, and geophysical responses. Atravesado is located approximately two kilometres northwest of Candelaria and is a 1.5 km x 1.6 km circular zone characterized by outcropping copper oxide mineralization in association with quartz vein stockworks and potassic alteration. Late- mineral porphyry dikes are also mapped within the target area.