EQS-News Element 29 reports copper resource of over 2 billion pounds!
Issuer: Goldinvest Consulting GmbH / Key word(s): Drilling Result/Study results
This is really something: Copper explorer Element 29 Resources (TSXV ECU / WKN A2QKKG) presents the first resource estimate for its Elida porphyry project in Peru. And this relates to only a small portion of the known mineralization of the first of five (!) copper prophyry targets on the project - and yet already comes to more than 2 billion pounds of the red metal!
To be precise, Element 29 with this maiden Resource demonstrates inferred resources of 321.7 million tonnes averaging 0.32% copper, which equates to 2.24 billion pounds of contained copper. In addition, there is 0.029% molybdenum and 2.6 g/t silver per tonne at a low expected strip ratio (ratio of waste to ore) of 0.74:1. The latter is very important, being a significant factor in potentially low-cost production.
It is also promising that a higher-grade portion of the estimated resource - 34.1 million inferred tonnes at an average of 0.55% copper, 0.037% molybdenum and 4.4 g/t silver - is located near surface and could potentially be mined in the early years of a mine operation without the need for large waste removal operations. And as Element 29 also explained, the reported significant molybdenum and silver grades, assuming positive metallurgical tests, could further improve the economics of the deposit.
Huge Exploration Potential
For the initial mineral resource estimate, Element 29 used widely spaced drill holes that tested only a portion of the interpreted Zone 1 mineralization surrounding a low-grade porphyry core. Further drilling will be required in the southwest and northwest sectors to fully delineate the resource potential of Zone 1. The Company has nevertheless decided to have a resource estimate prepared at this stage to show the size of the drilled portion of Zone 1.