- Element 29 Resources Inc. (ECU) renews a five-year surface access agreement for its Elida project in Peru, securing operations until April 2025.
- The company has applied for a new drill permit that could double its drilling platforms from 20 to 40.
- Late 2024 drill results showed promising copper-molybdenum-silver mineralization intervals.
Element 29 Resources Inc. (ECU) has successfully renewed a critical five-year surface access agreement with the local community at its Elida Porphyry Copper-Molybdenum-Silver project in Peru. Valid until April 30, 2025, this agreement facilitates ongoing exploration while supporting the company's application for a new drill permit under the expanded DIA environmental approval. The permit could significantly increase the number of authorized drilling platforms from 20 to 40.
The Elida project, strategically located in central Peru, demonstrated promising results from its Phase-III drilling program, with broad intervals of copper (Cu), molybdenum (Mo), and silver (Ag) mineralization identified from bedrock surface to depths exceeding 1,000 meters. The company plans to sustain this momentum by leveraging the findings to potentially expand its inferred mineral resource estimate.
Element 29, committed to fostering robust relations with the local community, is actively engaging residents through employment opportunities in ongoing project activities. This includes participation in a comprehensive magnetotellurics survey, which involves over 100 stations across a 5x6 kilometer area to map mineralization at depths beyond 2,000 meters.
To further bolster its exploration capabilities, Element 29 is preparing documentation for exemption from the Consulta Previa process, a necessary step in the approval of its new drill permit. This move highlights the company's resolve to advance its objectives responsibly and sustainably while unlocking the Elida project's potential as a Tier-1 copper deposit.
