Element 29 Resources (ECU.V) is accelerating the drill program on its flagship Elida copper-molybdenum-silver project in Peru. This third rig will start drilling Zone 4, which is a high-priority drill target located directly west of Zone 1. Zone 4 hosts a mineralized porphyry stock with visible copper-oxide staining and anomalous copper-molybdenum rock geochemistry, making this zone a highly prospective target for mineralization.
Adding this third rig means the company will now very likely surpass the 10,000 meters of drilling it had planned for 2026. Additionally, the total amount of drilling could now potentially exceed 30,000 meters as drilling will continue into 2027 (with the possibility to add a fourth rig to further speed up drilling).
The two drill rigs that were already on site are now focusing on drilling some step-out holes at Zone 1 towards the west to drill-test the mineralization beyond the current resource at Elida, which stands at 322 million tonnes at an average grade of 0.32% copper, 0.029% molybdenum and 2.61 g/t silver.
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.
