VANCOUVER – Element 29 Resources Inc. [ECU-TSXV; EMTRF-OTC] reported results from its two initial drill holes of the 4,000-metre, 11-hole drill program at the 100%-owned Flor de Cobre Copper Project in southern Peru.
Steve Stakiw, President and CEO, commented, “We are very encouraged by how similar the results of these first two drill holes are to the copper grades in the historical data. The downhole position of mineralized zones in the twinned holes very closely correlate to the historical records. Primary mineralization also extends beyond the depths of the historical holes and enhances the primary sulphide exploration potential below the enrichment zone.”
Flor de Cobre drilling highlights included hole FDC001 that intersected 349.0 metres of 0.77% copper, including 123.0 metres of 1.42% copper in the enriched sulphide zone followed by 226.0 metres of 0.42% copper in the primary sulphide zone below.
Drill hole FDC002 intersected 378.55 etres of 0.50% copper including 130.7 metres of 0.90% copper in an enriched sulphide zone followed by 247.85 metres of 0.30% copper in the primary sulphide zone below.
The holes showed excellent correlation with their respective legacy drill holes. The Cu grades and lengths in the enrichment zone were very similar to the intervals previously reported for the historical holes they twinned. Mineralization extended past the depths of the historical drill holes and indicate exploration potential for primary copper sulphide resources below the enrichment zone.
The objectives of the current drill program are to verify the historical resource estimate of 57.4 million tonnes of 0.67% copper associated with a supergene enrichment blanket formed on the Candelaria porphyry and to explore for primary copper sulphide.
The company’s drill program consists of approximately 4,000 metres of diamond drilling centred on the Candelaria porphyry. A total of 2,180 metres has been allocated to twin nine legacy drill holes to verify the accuracy of existing historical geochemical assay and drill logs. These nine drill holes are interpreted to represent 70% of the copper contained in the historical copper resource estimate and potentially verify the assay results and provide the level of confidence needed for completion of a possible resource estimate that meets CIM best practice guidelines. The remaining 1,820 metres in two drill holes were allocated to the drill program will test the primary copper sulphide mineralization potential below the supergene enrichment blanket to depths of more than 500 metres.The objectives of the current drill program are to verify the historical resource estimate of 57.4 million tonnes of 0.67% copper associated with a supergene enrichment blanket formed on the Candelaria porphyry and to explore for primary copper sulphide.
The company continues to progress drill permitting on the Atravezado porphyry target in preparation for initial drill-testing of a priority porphyry target supported by coincident outcrop geology, surface geochemistry, and geophysical responses. Atravezado is located approximately 1.5 km 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.
Flor de Cobre is a porphyry copper exploration project that contains the Candelaria and the recently outlined Atravezado porphyry copper targets. The property is in the Southern Peru Copper Belt 5 km northwest of Nexa Resources’ Chapi mine and 26 km southeast of the Cerro Verde mine owned by Freeport-McMoran, Sumitomo Metal Mining, and Compania de Minas Buenaventura.