Element 29 Resources Inc. announced results from its two initial drill holes of the 4,000 metre ("m"), eleven-hole drill program at the Flor de Cobre Copper Project ("Flor de Cobre" or "the Project") located in southern Perú. Drill hole FDC001 intersected 349.0 m of 0.77% copper ("Cu") including 123.0 m of 1.42% Cu in the enriched sulphide zone followed by 226.0 m of 0.42% Cu in the primary sulphide zone below. Drill hole FDC002 intersected 378.55 m of 0.50% Cu including 130.7 m of 0.90% Cu in an enriched sulphide zone followed by 247.85 m of 0.30% Cu in the primary sulphide zone below.

The above holes showed excellent correlation with their respective legacy drill holes. The Cu grades and lengths in the enrichment zone were very similar to the intervals previously reported for the historical holes they twinned. Mineralization extended past the depths of the historical drill holes and indicate exploration potential for primary Cu sulphide resources below the enrichment zone.

The objectives of the current drill program are to verify the historical resource estimate of 57.4 million tonnes of 0.67% Cu associated with a supergene enrichment blanket formed on the Candelaria porphyry ("Candelaria") and to explore for primary Cu sulphide mineralization underneath the enrichment blanket to depths of over 500 m. The source of the historical resource estimate is a release issued by Rio Amarillo Mining Ltd. dated November 15, 1996 (Rio Amarillo Mining Ltd., November 15th, 1996: Aija Property Drill Results). This historical resource is relevant to Flor de Cobre as it suggests supergene-enriched mineralization of interest may be present at Candelaria. However, the Company cautions that the parameters, assumptions, and methods used to calculate the historical estimate are unknown.

Additionally, the historical estimate does not use resource categories described in CIM Definition Standards for Mineral Resources and Mineral Reserves (2014). It is also unclear what portion of this historical resource estimate is within the current Flor de Cobre property configuration. A Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource, and it is unclear if the current work plan will confirm the resource.

For these reasons, the historical resource has not been verified by the Company and the Company is not treating the historical estimate as a current mineral resource.