(The Elida Porphyry cluster showing five exploration targets enclosed within a 2 x 2 km footprint marked by sericite-pyrite alteration. Target 1 is the focus of the current drilling program. Map via Element 29 Resources Inc. Click to enlarge.)
An advanced copper explorer operating in South America has just finalized the permitting process with Peru’s Ministry of Energy and Mines.
Element 29 Resources Inc. (TSX-V: ECU, Forum) is now authorized to start exploration activities at its wholly-owned
Elida
porphyry copper-molybdenum-silver project.
Located in central Peru, Elida will see roughly 4,000 metres of diamond drilling during the Phase 1 program. The project is close to transportation and power infrastructure, including a 45 MW hydroelectric generation facility roughly 15 km away.
The Elida project is located within a property composed of 28 mining concessions totaling 19,210 hectares that are 100% owned by the Company (pictured above). The property contains a large, 2 x 2 km alteration system that encloses a cluster of porphyry centres representing five distinct exploration targets.
Significant copper, molybdenum, and silver mineralization associated with a quartz monzonite porphyry stock at Elida Target 1 were identified during a first-pass drill program consisting of 18 diamond drill holes totaling 9,880 metres completed in 2014/15. The remaining four large targets are untested. Under the current drill permit, the Company can elect to drill test all identified targets.
The Company is pursuing an exploration target at Target 1 of 200 million to 500 million tonnes, with grades ranging between 0.35%-0.45% Cu, 0.03%-0.05% Mo and 3.5 g/t to 4.5 g/t Ag. This exploration target is based on the high-quality data from the initial 18 diamond drilling program (9,880 m) completed by
Lundin Mining Corporation (TSX: LUN), and the surficial mapping and detailed interpretations undertaken by Lundin along with
Globetrotters Resources Peru SAC.
Of note is drill hole ELID012, which returned the highest assay results from Target 1with an intercept of 503 m of 0.42% Cu, 0.046% Mo, 3.23 g/t Ag, for 0.58% copper equivalent (CuEq) grade*, including 393 m of 0.46% Cu, 0.048% Mo, 3.58 g/t Ag, for 0.62% CuEq*.
* Copper Equivalent (CuEq %) grade = Cu% + (Mo% x 2.667) + (Au ppm x 0.6320) + (Ag ppm x 0.0097). No metallurgy has been completed at Elida; therefore, no metallurgical recovery was applied in the copper equivalent formula. Cu price=$3.00 USD/lb, Mo price=$8.00 USD/lb, Au Price=$1,300 USD/oz, Ag price=$20.00 USD/oz.
(Planned drill hole locations for the 2021 drilling program. Map via Element 29 Resources Inc. Click to enlarge.)
In
a May 2021 media release highlighting this news for investors, ECU’s President and Chief Executive Officer, Brian Booth explained that receiving the permits to start the drill program at this highly prospective copper project is an important milestone for the Company.
“Our intention is to complete drilling and prepare a mineral resource estimate in late 2021 in accordance with National Instrument 43-101.”
The advanced copper-focussed explorer is leading the charge in South America, advancing a portfolio of Peruvian projects – including the Elida project and its flagship copper porphyry
Flor de Cobre project located in southern Peru.
Currently sitting at around $4.50 (USD) per pound, copper prices have been shooting upward in value since March of last year and there is no sign that this trend will cool off any time soon.
(Copper prices – May 2020 to May 2021. Click to enlarge.)
A new study by Global Industry Analysts Inc. published earlier this month reported that the global market for copper pipes and tubes alone is forecast to reach 4.6 million tonnes within the next five years. Another report also published this month, by ResearchandMarkets.com estimates that the global market for copper cables is projected to reach $9.7 Billion (USD) in that time.
The post COVID-19 marketplace presents new challenges but also new opportunities for commodity investors and Element 29 Resources Inc. is presenting a solid case that its offering is one of the best for those looking to get in to copper before the surge really takes off.
For more details on this Company, visit
e29copper.com.
FULL DISCLOSURE: Element 29 Resources Inc. is a client of Stockhouse Publishing.