Element 29 Resources begins drilling at Elida

Executive Summary

• Element 29 has launched a up‑to‑7,000 m diamond drilling campaign at the Elida porphyry Cu‑Mo‑Ag deposit in central Peru to expand its pit‑constrained inferred resource.
• Initial holes (ELID033 and ELID036) have already intersected extensive copper‑equivalent mineralization beyond the current pit shell, with ELID033 showing 1,039.6 m @ 0.54% CuEq and a higher‑grade interval of 310.1 m @ 0.71% CuEq.
• The program will test deeper high‑grade copper core potential (target depths >1,000 m, up to ~1,500 m) and infill targets guided by recent MT geophysical models, aiming to increase tonnage and grades while maintaining a low strip ratio.

Key Details

• Drilling Scope: Up to 7,000 m of diamond drilling; includes both expansion (beyond pit shell) and infill work.
• Hole ELID033:
• Collared NW side of pit shell; currently at ~1,500 m depth target.
• Intersections: 1,039.6 m @ 0.54% CuEq (0.39% Cu, 0.036% Mo, 2.96 g/t Ag) from 69.9 m; within this, 310.1 m @ 0.71% CuEq (0.56% Cu, 0.040% Mo, 3.49 g/t Ag) from 799.5‑1,109.6 m.
• Core shows increasing chalcopyrite‑to‑pyrite ratio and copper/sulphur ratios, suggesting a high‑grade copper core at depth.
• Hole ELID036:
• Collared SW side of pit, ~100 m west of ELID023.
• Prior intersect (ELID023): 523.5 m @ 0.35% CuEq (0.24% Cu, 0.024% Mo, 2.9 g/t Ag) with 91 m @ 0.56% CuEq (0.41% Cu, 0.032% Mo, 4.1 g/t Ag).
• Planned depth: ~850 m targeting low‑resistivity MT anomaly and higher‑grade mineralization.
• Geophysical Support: Recent magnetotelluric survey identified several high‑priority untested resistivity anomalies guiding drill target selection.
• Resource Context: Existing pit‑constrained inferred resource (14,361.4 m drilled) = 321.7 Mt @ 0.32% Cu, 0.029% Mo, 2.61 g/t Ag; strip ratio 0.74:1.
• Objective: Expand tonnage and improve grades, potentially uncover a deeper high‑grade copper core typical of economic porphyry systems.

Notable Quotes

“Results from ELID033 confirmed the high‑grade mineralization extends well beyond the current pit shell and highlighted the potential for a high‑grade copper core at depth… The 2025 drill program offers a clear opportunity to grow the resource footprint and advance Elida toward a major copper discovery…” – Richard Osmond, President & CEO, Element 29.