Element 29 Resources Inc. announced results of the final four twinned holes from the recently completed 4,500 metre ("m"), twelve-hole drill program at the Flor de Cobre Copper Project located in southern Peru. The Company is awaiting results from the last three angled drill holes of the program that tested the primary copper sulphide mineralization potential below the supergene enrichment blanket to depths of more than 500 m. The twin drill hole program recently completed by Element 29 has demonstrated the reliability of the historical drill hole results such that this historical information can be considered sufficiently accurate to be reliable. Mineralization intersected in the Element 29 core holes verifies the mineralization that was intersected in the historical Rio Amarillo and Phelps Dodge drill holes.

Historical information can be incorporated into a drill hole database used for a mineral resource estimate that meets the current CIM best practice guidelines. The Company's drill program consists of approximately 4,500 m of diamond drilling centred on the Candelaria porphyry complex (Figure 2). A total of 2,180 m was allocated to twin nine historical drill holes to verify the accuracy of existing historical geochemical assays and drill logs (Table 2).

The first five drill holes of the 2022 Flor de Cobre drill program included 349 m of 0.77% Cu, including 123 m of 1.42% Cu (refer to April 19, 2022 and June 1, 2022 press releases). The remaining 2,320 m in three drill holes was allocated to test the primary copper sulphide mineralization potential below the supergene enrichment blanket to depths of more than 500 m. Results for these three holes are pending.