Element 29 Obtains Environmental Permit For Drilling At Flor de Cobre Copper Project

FULL DISCLOSURE: This is sponsored content for Element 29 Resources.

Element 29 Resources (TSXV: ECU) is focusing on advancing its Flor de Cobre Copper Project in Peru. After the close of markets last night, the company revealed that it has taken meaningful steps towards conducting a maiden drill program at the property.

An environmental permit for drilling, referred to as a Declaración de Impacto Ambiental, has been granted to the company, which allows for a drill program that uses up to 40 different drilling platforms at the Flor de Cobre project. Before drilling can occur however, the company is required to obtained an Authorization to Initiate Exploration Activities from the Peruvian government, which has been requested.

Surface rights agreements are also underway with the local community, which when completed, will pave the way for a drill program to take place.

Drill permits are currently estimated to be received by the third quarter.

The 1,800-hectare Flor de Cobre copper project contains the Atravesado porphyry target, which is outlined as being at least 1.5 kilometres by 2.0 kilometres in size. The target to date has been defined by outcrop samples which have been shown to be anomalous in copper and molybdenum, as well as by resistivity and chargeability anomalies. The target is believed to be a part of of a larger porphyry complex that extends towards the southeast.

READ: Element 29 Sees Manuel Montoya Appointed To Leadership Team

As part of its efforts to advance exploration at Flor de Cobre, Element 29 has also indicated that it intends to partner with GlobeTrotters Resource Group. Technical expertise from GlobeTrotters is expected to be utilized to advance all of the firms current assets in the region, following the appointment of Manuel Montoya as Chief Technical Officer earlier this week.

GlobeTrotters notably is credited with the discovery of the Elida copper-molybdenum-silver porphyry deposit, Element 29’s flagship asset, and is currently the largest shareholder of the company.

Element 29 Resources last traded at $0.135 on the TSX Venture.


FULL DISCLOSURE: Element 29 Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Element 29 Resources. The author has been compensated to cover Element 29 Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.

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