Element 29 Resources Inc (TSXV: ECU) (OTCQB: EMTRF) Stock Soars On Latest News: What Next

There were some stocks which emerged as notable winners on Tuesday and one of those was Element 29 Resources Inc (TSXV: ECU) (OTCQB: EMTRF). The company’s stock soared and ended up with gains of 17% for the day after it announced that drilling activities had commenced at the Elida Porphyry Copper – Molybdenum- Silver  Deposit in Peru.

Element 29 Commences Resource Expansion Drill Program at its Elida Porphyry Cu-Mo-Ag Deposit in Central Peru

In the news release, it was noted that the drilling program was going to comprise of a maximum of 4000 meters of diamond drilling and would continued up until December this year. The drilling programs had been commenced with the aim of expanding the initial inferred mineral resource estimate and boost the overall grades of Copper, Silver and Molybdenum at the property.

The President and Chief Executive Officer of Element 29 Resources Richard Osmond spoke about the latest development as well. He noted that there was considerable confidence in the prowess of the team in Peru led by Manuel Montoya, the Chief Technical Officer, to grow the Elida deposit considerably.

The estimates made by the company had been based on the diamond drilling of more than 14000 meters and would be open to all possible directions. It remains to be seen if the Element 29 Resources stock could add to its gains through the rest of the week.

CEO Comment

Richard Osmond, President and CEO, comments, “We are confident that our Peruvian team led by our Chief Technical Officer, Manuel Montoya, can grow the Elida deposit substantially beyond the current pit-constained initial mineral resource estimate. This estimate is based on just over 14,000 metres of diamond drilling and is open in all directions. The team has recognized some key controls on the higher grade porphyry copper mineralization that we will also be targeting during this round of drilling.”