Element 29 Resources (ECU.V) announced last week the company has received environmental certification under a Declaracion de Impacto Ambiental from the relevant authorities, which will now allow the company to apply for a new PIA (‘Programa de Inicio de Actividades’). The current PIA permit was approved under a different certification which is set to expire in the second quarter of this year and has to be renewed (this time related to the DIA application process).
This has additional advantages: the company will be permitted for up to 40 drilling platforms, and this will enable Element 29 Resources to continue its exploration efforts beyond the current pit-constrained mineral resource by drill-testing the large alteration footprint. In order to work towards a new PIA drill permit, Element 29 has also executed a new five year access agreement with the host community, while it continues to work on a Collective Impacts Report.
We are of course anxiously awaiting the first drill results from the ongoing 7,000 meter diamond drill program. The company has already completed five holes for a total of 4,600 meters, while two drill rigs remain active on site. We hope to see assay results in the near future and it would of course be great if some of the holes could replicate the 1040 meters of 0.54% CuEq and 404.5 meters of 0.60% CuEq. We will be looking for grade consistency and the expansion of the known mineralized envelope.
As all three main elements encountered in the Elida mineralization (copper, silver, molybdenum) are benefiting from renewed interest in the commodity space, the timing to release assay results couldn’t be any better. We will provide a more detailed update after the drill results have been released.
Disclosure: The author has a long position in Element 29 Resources. Element 29 Resources is a sponsor of the website. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
