Element 29 Resources Inc. (OTC:EMTRF) Stock In Focus After Latest News
New developments about the drilling projects of mining firms are almost always watched closely by investors, and this past Friday it was Element 29 Resources Inc. (OTC:EMTRF) that made such an announcement. The company announced at the time that it had been awarded the environmental drilling permit for its 100% owned Atravesado poryphyry target. The target question is located at the Flor de Cobre copper project in the southern region of Peru.
The permit, which is known as a DIA, or Declaración de Impacto Ambiental, would give Element 29 resources to drill up to 40 drilling platforms. In the news release, it was announced that after the environmental permit, the company had also requested an AIEA (Authorization to Initiate Exploration Activities) from the DGM (Peruvian General Mining Bureau). That is regarded as a normal course of action for mining companies, so it can necessitate the authorities in Peru working out the effects of exploration activities on the local communities.
The evaluation process undertaken by the Peruvian authorities would determine if there would be a need for a consultation process or not. Concurrently, Element 29 Resources also revealed that it had been working on the negotiations for a surface rights agreement with the local community. The company stated that it believed that it would be provided with the AIEA by the authorities in Peru once the processes were completed.
The company also announced at the time that it would partner with the privately owned exploration firm GlobeTrotters Resource Group on project generation activities in South America. It was further noted that GlobeTrotters had worked for more than a decade in Peru, and Element 29 Resources would use its technical expertise to take forward its portfolio in the country. It may be a good time to add the stock to your watch lists.
