(ELID021, 538.4 m from a sample interval reporting 0.62% Cu, 0.005% Mo, 3.9 g/t Ag. A 25 millimetre ("mm") wide quartz vein (A vein) containing chalcopyrite, pyrite, magnetite, and molybdenite. Host rock is feldspathic arenite with pervasive secondary biotite alteration. Core is HQ diameter (63.5 mm). Image via Element 29 Resources Inc.)
An emerging Canadian copper exploration company just released more exciting results from its Elida copper project located in central Perú.
Headquartered in Vancouver, BC,
Element 29 Resources Inc. (TSX-V: ECU, OTCQB: EMTRF, Forum) released results from the next two drill holes of a seven-hole, 4,500 metre drilling program in progress at its 100% owned Elida Copper Project.
Drilling highlights:
- Drill hole ELID021 intersected 556.1 m of 0.36% copper, 0.024% molybdenum and 2.40 g/t silver for 0.47% copper equivalent
- Drill hole ELID022 intersected 388.0 m of 0.34% Cu, 0.026% Mo, 2.36 g/t Ag
- Target 1 mineralization is now traced by drilling to a depth of approximately 700 m below surface. Mineralization remains open at depth
- The latest drill hole results indicate strong lateral and vertical continuity of Cu and Mo mineralization
- With the encouraging results to date, the drill program has been extended by 500 m to complete a seventh hole to test the deeper extent of mineralization
In a
November 2021 media release, the company’s Chairman and Interim CEO, Richard Osmond commented that following the results of the first two drill holes at Elida, the team is very pleased with the results from these two holes.
“These holes have long, continuous mineralized intervals with attractive copper and molybdenum grades. ELID021 has traced the mineralization to a depth of over 700 m below surface and drilling has tested the lateral continuity over a strike-length of 300 m on the east side of Target 1. It is very encouraging to see the drilling confirm the geometry of the mineralized zone as previously inferred from sparse historical drilling and continue to show low levels of arsenic. The mineralized zone remains open at depth beneath these latest holes and continues to support our belief that Elida has the potential to be a large-scale copper project, which will be enhanced by its low elevation and proximity to infrastructure.”
The 4,500-metre diamond drilling program in progress at the project is focused on testing Target 1 with the objectives of investigating the vertical continuity and zonation of Target 1 mineralization, improving the confidence in the interpreted mineralization boundaries, and achieving a drill hole spacing that is appropriate for estimating a potential mineral resource for a portion of Target 1.
ELID021 was terminated in the mineralized zone at 770.7 metres, where a fault zone prevented further drilling. Cu-Mo mineralization associated with potassic alteration and multiple veining events has now been traced by drilling to a depth of approximately 700 metres below surface and remains open at depth. Shorter but still significant intervals with higher Cu grade mineralization are distributed across the mineralized zone.
ELID022 was collared a short distance outside of the mineralized zone to delimit the northern extent of Cu-Mo mineralization in this area. The hole was also designed to test the eastward continuation of mineralization from ELID021.
Both ELID021 and ELID022 returned long, intervals of Cu-Mo mineralization containing shorter intervals of coherent, higher Cu grades. Further drilling will be required to test the complete width and depth extent of mineralization in this area. Two drill rigs remain at the project and are completing the final two holes of the 2021 drilling campaign.
The company said it remains committed to publishing a maiden National Instrument 43-101 compliant mineral resource estimate early in 2022.
(Cross section at 260150 E showing the position of ELID021. The hole was designed to define the near-surface northern limit of mineralization. Weak Cu mineralization associated with potassic alteration was encountered at the bedrock surface beneath approximately 35 m of unconsolidated gravel (colluvium). Continuous Cu-Mo-Ag mineralization was intersected down to 770.7 m, where the hole entered a fault zone that prevented further drilling. Image via Element 29 Resources Inc.)
(Cross section 260250 E showing hole ELID022. The hole entered anomalous Cu mineralization associated with weak potassic alteration beneath approximately 35 m of unconsolidated colluvial gravel. The hole was designed to constrain the near-surface northern limit of mineralization, obtain information on the northern part of the mineralized zone, and confirm the eastward continuity of mineralization intersected by ELID021. Image via Element 29 Resources Inc.)
Elida is a porphyry copper-molybdenum exploration project totalling 19,210 hectares that are 100% owned by
Elida Resources SAC, a Peruvian subsidiary of Element 29. The project is located approximately 85 km inland from the Pacific coast at moderate elevations between 1,500 metres and 2,000 metres and close to transportation and power infrastructure, including a 45-megawatt hydroelectric generation facility situated 15 km from the project. In addition to being situated near infrastructure, the company noted there is also strong community support.
(Element 29 Resources Inc. stock chart – January 2021 to November 2021. Click to enlarge.)
Over the past three months, ECU stock has risen 13.2% and is up 33.3% year to date.
To find out more about the company, visit
www.e29copper.com.
FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.