Element 29 Resources Inc. announced results from the last three drill holes of the seven-hole, 4,500 metre ("m") drilling program completed in December 2021
at its 100% owned Elida Copper Project ("Elida" or "the Project") located in central Perú. Phase 1 drilling at Elida successfully achieved the program objectives of: (1) investigating the vertical continuity and zonation of Target 1 mineralization, (2) improving the confidence in the interpreted mineralization boundaries, and (3) attaining a drill hole spacing that is appropriate for estimating a potential mineral resource for a portion of Target 1. Information returned from the Phase 1 program was used to revise the interpretation of mineralization boundaries. Drilling tested the mineral system to a depth of 933 m below surface and indicated mineralization is open at depth. The existence of coherent, higher grade internal zones that extend up to the bedrock surface is an important outcome of the recently completed program. ELID025 intersected a continuous interval of mineralization from the bedrock surface to the final hole depth of 947.2 m and returned 908.75 m at 0.39% Cu, 0.035% Mo, and 2.9 g/t Ag for 0.55% CuEq. The hole was designed to test the vertical continuity of mineralization to depths of greater than 500 m while trying to avoid intersecting the low-grade central quartz monzonite porphyry ("QMP") intrusion. The hole ended in mineralization and was discontinued for operational reasons. Chalcopyrite remained the copper-bearing sulfide mineral for the entire length of the drill hole and indicates a vertically protracted mineral system. Notably, arsenic ("As") was low at 42 ppm and did not correlate with Cugrade.