Element 29 Resources Inc. announces that the Company has commenced a 3,700 metre ("m") drill program at its Flor de Cobre Copper Project ("Flor de Cobre" or "Project") in southern Perú. Flor de Cobre is strategically located within the Southern Perú Copper Belt at a moderate elevation of less than 2,700 m and is road accessible with excellent infrastructure for mine development and operation. The objectives of the drill program are to validate the historical copper ("Cu") resource estimate of 57.4 million tonnes of 0.67% Cu associated with a supergene enrichment blanket formed on the Candelaria porphyry ("Candelaria") and to explore for primary Cu sulphide mineralization under the enrichment blanket to depths of over 500 m. Historical drilling intersected 272 m of 0.92% Cu starting at 78 m depth, including 116 m of 1.4% Cu as secondary enrichment followed by 156 m of 0.58% Cu as primary sulfides from drill hole K-008.

The source of the historical resource estimate is a press release issued by Rio Amarillo Mining Ltd. dated November 15, 1996 (Rio Amarillo Mining Ltd., November 15th, 1996: Aija Property Drill Results). This historical resource is relevant to Flor de Cobre as it suggests supergene-enriched mineralization of interest may be present at Candelaria. However, the Company cautions that the parameters, assumptions, and methods used to calculate the historical estimate are unknown.

Additionally, the historical estimate does not use resource categories described in CIM Definition Standards for Mineral Resources and Mineral Reserves (2014). It is also unclear what portion of this historical resource estimate is within the current Flor de Cobre property configuration. A Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource, and it is unclear what work might be required to confirm the resource.

For these reasons, the historical resource has not been verified by the Company and the Company is not treating the historical estimate as a current mineral resource.