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Overview of Element 29 Resources Inc. (EMTRF)
Element 29 Resources Inc. (OTCQB: EMTRF, TSXV: ECU, BVL: ECU) is a junior resource company specializing in the exploration and potential development of copper deposits in Peru, one of the world's most established and low-risk mining jurisdictions. The company focuses on advancing its portfolio of high-quality copper projects, including the Elida Porphyry Copper Deposit and the Flor de Cobre Porphyry Copper Project, with the goal of becoming a key player in the global copper supply chain. Both projects are strategically located near essential infrastructure such as roads, powerlines, ports, water, and a skilled workforce, making them well-positioned for future mine development.
Core Projects
- Elida Porphyry Copper Deposit: Situated in west-central Peru, the Elida project spans 19,749 hectares and features a large, multiphase porphyry system with a 2.5 x 2.5 km hydrothermal alteration footprint. The project has an inferred mineral resource estimate of 321.7 million tonnes grading 0.32% Cu, 0.03% Mo, and 2.61 g/t Ag with a low strip ratio of 0.74:1. Drilling has confirmed mineralization to depths exceeding 900 meters, and the deposit remains open in all directions, offering significant expansion potential.
- Flor de Cobre Porphyry Copper Project: Located in the Southern Peru Copper Belt, just 26 km southeast of Freeport-McMoRan's Cerro Verde mine, Flor de Cobre comprises 2,735 hectares. The project includes the Atravesado target, which exhibits widespread copper-oxide mineralization and strong geochemical and geophysical anomalies indicative of a large porphyry system. This project's proximity to major mining operations underscores its potential for development.
Business Model and Revenue Potential
Element 29 generates value by exploring and advancing copper projects to attract potential partnerships, joint ventures, or acquisitions by larger mining companies. The company's strategy focuses on defining and expanding mineral resources through systematic drilling and technical studies, thereby increasing the economic viability of its projects. By targeting tier-1 copper deposits in established mining regions, Element 29 aims to capitalize on the growing global demand for copper, driven by electrification, renewable energy, and infrastructure development.
Industry Context
The copper mining industry plays a crucial role in the global transition to clean energy, as copper is a key component in electric vehicles, renewable energy systems, and power infrastructure. Peru is the world's second-largest copper producer, offering a favorable regulatory environment, skilled labor, and established mining infrastructure. Element 29's focus on Peruvian projects aligns with these industry dynamics, positioning the company to benefit from long-term copper demand trends.
Competitive Landscape
Element 29 operates in a competitive market alongside major mining companies and other junior explorers. Its differentiation lies in its focus on high-quality, scalable copper projects in Peru, supported by a management team with a proven track record of discovery and value creation. The company's ability to secure strategic locations with access to infrastructure further strengthens its competitive position.
Management Expertise
Element 29 is led by a seasoned management team with extensive experience in mineral exploration, project development, and corporate governance. This expertise is critical for navigating the technical and regulatory complexities of advancing large-scale copper projects in Peru.
Conclusion
Element 29 Resources Inc. is an emerging player in the copper exploration sector, strategically positioned to contribute to the global copper supply chain. Through its focus on advancing the Elida and Flor de Cobre projects, the company aims to unlock significant value in Peru's prolific mining regions, leveraging its technical expertise and access to infrastructure to drive long-term growth.
Element 29 Resources (TSXV: ECU) (OTCQB: EMTRF) (BVL: ECU) has announced the engagement of Torrey Hills Capital to enhance company awareness among investment professionals, advisors, and money managers in the United States. The agreement, pending regulatory approval, sets a monthly rate of US$8,000 for a three-month term. Torrey Hills, led by principal Cliff Mastricola, operates at arm's length from Element 29 and currently holds no interest in the company.
Element 29 Resources has announced significant results from its Phase-III diamond drill program at the Elida Porphyry Copper-Molybdenum-Silver Deposit in Peru. The program's first two drill holes revealed substantial mineralization:
ELID033 intersected 0.54% CuEq (0.39% Cu, 0.036% Mo, 2.96 g/t Ag) over 1039.6 meters from surface to end of hole. Notably, the last 310.1 meters showed increased grades of 0.71% CuEq, suggesting improving mineralization at depth.
ELID035 encountered 0.54% CuEq (0.33% Cu, 0.045% Mo, 2.76 g/t Ag) over 922.4 meters from surface. The company plans to complete the remaining Phase-III drill program in early Q2 2025, along with AMT geophysical survey in Q1 and preliminary metallurgical testing later in 2025.
Element 29 Resources (TSXV: ECU) (OTCQB: EMTRF) has shared key developments from 2024 and plans for 2025. The company underwent significant leadership changes, with Richard Osmond transitioning to President and CEO, and Manuel Montoya joining as Chief Technical Officer. The company successfully raised $3.26 million from shareholders.
In 2024, Element 29 completed two deep diamond drill holes at the Elida Porphyry Cu-Mo-Ag Deposit, both intersecting over 950 metres of porphyry alteration. Drill hole ELID033 reached 1,109.6 metres depth, with assay results pending.
For 2025, the company plans to: restart the Elida Phase III drill program in Q2 with a 5,000-metre campaign; conduct an AMT geophysical survey in Q1; expand drill permits at Elida; secure permits for Flor de Cobre drilling; and initiate exploration activities at the Paka project, including permit applications and geophysical surveys.
Element 29 Resources has completed the first two drill holes (2,249.8 metres) of its Phase-III diamond drill program at the Elida Porphyry Copper-Molybdenum-Silver Deposit in central Perú. Both holes intersected strong porphyry-related hydrothermal alteration from bedrock surface to depths exceeding 950 meters, indicating potential for copper-molybdenum-silver mineralization.
The program aims to expand the existing pit-constrained initial Inferred Mineral Resource of 321.7 million tonnes at 0.39% Cu, 0.03% Mo, and 2.61 g/t Ag. The company plans to restart drilling in early Q2 2025 following the rainy season. Geochemical assay results are expected in the coming weeks.
Element 29 Resources has received exemption from the Prior Consultation process from Peru's Ministry of Energy and Mines for exploration drilling at its Atravesado porphyry copper-molybdenum target. This follows the previously obtained DIA environmental approval to drill from up to 40 platforms. The company plans to conduct initial drilling in 2025 after completing the surface access agreement.
The Atravesado target, part of the Flor de Cobre project, spans approximately 1.5km x 2.0km and shows promising indicators including Cu-oxide mineralization, anomalous surface rock Cu-Mo geochemistry, and geophysical anomalies. The company has also retained German Mining Networks for investor relations services in Europe for C$6,800 per month.
Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) has commenced a resource expansion drill program at its Elida Porphyry Copper-Molybdenum-Silver Deposit in central Peru. The program includes up to 4,000 meters of diamond drilling, aiming to expand the existing pit-constrained inferred mineral resource and increase overall grades.
The first drill hole, ELID033, is designed to test the continuation of mineralization intersected in ELID032, which returned 404.5 m of 0.55% CuEq. The program will target higher-grade porphyry copper mineralization and explore depths of up to 1,000 m from bedrock surface.
Element 29 has also granted 5,250,000 stock options to directors, officers, employees, and consultants, exercisable at $0.255 per share for 5 years. Additionally, the company granted 275,000 deferred share units to directors and 265,000 restricted share units to employees and consultants.
Element 29 Resources announced the results of its 2024 Annual General Meeting on June 27. Shareholders approved all proposals, including setting the number of directors at five. The elected board members are Patrick Elliott, Chet Idziszek, Brad Mercer, Richard Osmond, and Mary-Carmen Vera. Brad Mercer was appointed the independent Chair of the Board. Davidson & Company LLP was re-appointed as auditors, and the renewal of the company's Stock Option Plan was also approved. Detailed voting results are available on SEDAR+.
Element 29 Resources announces the retirement of board member Robert Willis and nominates Brad Mercer, Chet Idziszek, and Mary-Carmen Vera as new independent directors.
The elections will occur at the Annual General Meeting on June 27, 2024.
Mr. Mercer, a retired COO of Capstone Copper Corp., has extensive geoscientific experience. Mr. Idziszek, an exploration geologist with over 40 years in the field, is known for significant mineral discoveries. Ms. Vera, a Peruvian geological engineer, specializes in ESG and sustainability practices.
Additionally, the company has granted 50,000 deferred share units to a director under the effective RSU/DSU Plan as of May 31, 2024.
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