- Element 29 Resources Inc. (ECU) renews a crucial five-year surface access agreement for its Elida project in Peru.
- The company aims to expand drilling platforms from 20 to 40 under a new permit scheme.
- Strong community engagement, employing locals for ongoing exploration activities.
Element 29 Resources Inc. (ECU) has announced the renewal of a critical five-year surface access agreement for its Elida Porphyry Copper-Molybdenum-Silver project in Peru, extending the agreement through April 30, 2030. This agreement is pivotal for the company's ongoing and future exploration activities, ensuring continued access to its flagship project.
The company is actively pursuing a new drill permit under an expanded Declaración de Impacto Ambiental (DIA) environmental approval, which, if granted, would allow an increase in drilling platforms from the current 20 to 40. This expansion is part of Element 29's broader strategy to enhance exploration and potentially develop the site into a Tier-1 copper project.
President and CEO Richard Osmond emphasized the importance of local community engagement, stating, "The successful renewal of our community access agreement underscores the strength of our local relationships and our commitment to advancing Elida in close collaboration with our rightsholders." The company is employing local community members to assist with various project activities, including a comprehensive magnetotellurics geophysical survey designed to generate a high-resolution, three-dimensional resistivity model of the subsurface.
The Elida project, with its strategic location and access to existing infrastructure, promises significant potential. Previous drilling activities at Elida unveiled substantial copper-molybdenum-silver mineralization extending to depths beyond 1,000 meters. As part of its ongoing efforts, Element 29 is preparing a Collective Impacts Report to seek an exemption from the Prior Consultation process, a prerequisite for the new drill permit under the DIA environmental approval.
Element 29 continues to focus on its primary objective of exploring and potentially developing its Elida project, complemented by other promising projects in Peru.
