International Metals Symposium JV: Element 29 targets higher resources in Peru

Element 29 Resources (TSX-V: ECU) is hoping that ongoing drilling at its Elida copper project in Peru will lead to an increase the size of the deposit, CEO Richard Osmond said.

After raising about $10 million in the third quarter, Element 29 has begun work on a 7,000-metre drilling program at Elida, Osmond said. A September 2022 resource estimated that the deposit held 321.7 million inferred tonnes of 0.32% copper, 0.029% molybdenum and 2.61 grams silver per tonne for contained metal of 2.24 billion lb. copper, 205.7 million lb. molybdenum and 27 million oz. silver.

“We are internally doing the math and we think that we can potentially get that resource estimate up well above where it is now,” Osmond told The Northern Miner’s Editor-in-Chief, Colin McClelland, during the International Metals Symposium in London earlier this month. “Also, I think we can increase the grade.”

Element 29 is also working to secure drill permits for two other Peruvian projects - Flor de Cobre and Paka – “to get them into the pipeline,” Osmond said. “We’re trying to get all this done before the election cycle starts in Peru, which is probably in mid-2026,” he said.

The preceding Joint Venture Article is PROMOTED CONTENT sponsored by Element 29 Resources and produced in cooperation with The Northern Miner.