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Element 29 Engages Synectiq to Advance Resource Modelling and Metallurgical Test Work at its Elida Porphyry Cu-Mo-Ag Deposit, Peru

Element 29 Advances Elida Resource Modelling Following Major Financing and Drill Extension

By The Northwire Desk — AI Analysis May 07, 2026 · 07:31 ECU · 1.28 Element 29 Resources Inc.

Executive Summary

Element 29 Resources has engaged Synectiq Inc. to perform mineral resource modelling and manage a metallurgical test work program for the Elida Porphyry Copper-Molybdenum-Silver Deposit in Peru.
Recent Phase 3 drilling at Elida has successfully extended copper mineralization beyond the limits of the current pit shell.
The company targets completing an updated Mineral Resource Estimate (MRE) by year-end, incorporating recent drilling data.
Synectiq's scope includes representative sample selection, comminution testing, mineralogical characterization, and flotation investigations.
The initial pit-constrained inferred MRE (late 2022) consists of 321.7 million tonnes grading 0.32% Cu, 0.03% Mo, and 2.61 g/t Ag at a 0.2% Cu cutoff grade.
The program aims to refine the geological model and integrate Phase 3 drilling results into an updated resource model.

Material Impact

Incremental Progress: This announcement confirms the execution of the $35.47 million private placement closed in April 2026, specifically funding exploration activities at Elida.
Validation of Drilling: The news reiterates that Phase 3 drilling extended mineralization beyond the current pit shell, a fact previously highlighted in the April 1, 2026 drill results release (Hole ELID041).
Operational Step: Engaging Synectiq is a standard operational step required to process drilling data for an updated MRE; it does not represent a new discovery or financial event.
Market Expectation: Given the substantial financing in April and strong drill results in January/April, this progression toward an updated resource estimate was anticipated by the market.
No New Catalysts: There are no new strategic investors announced (Alpayana SAC joined in April), nor any M&A activity or takeover rumors.

ECU · Price

Company Overview

Company Name: Element 29 Resources Inc.
Flagship Project: Elida Porphyry Cu-Mo-Ag Deposit, Peru.
Project Status: Exploration / Development (Inferred Mineral Resource Estimate).
Jurisdiction: Southern Peru (approx. 1,600 m elevation), world-class mining jurisdiction with infrastructure access.
Resource Context: Existing pit-constrained inferred resource is 321.7 Mt @ 0.32% Cu, 0.029% Mo, 2.61 g/t Ag (0.2% Cu cut-off).
Other Assets: Flor de Cobre Project, Paka Project, Pahuay Project (all in exploration stages).
Management: Richard Osmond (President & CEO), Michael Au (CFO), Brad Mercer (Chair).

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