Element 29 Resources Inc. reported positive results from sequential copper leach analysis of samples from the Phase 1 drilling program at its Flor de Cobre Copper Project in southern Peru. Preliminary results indicate positive copper leach extraction characteristics from the chalcocite-dominated enrichment zone at Candelaria on Flor de Cobre. Flor de Cobre is a near-surface, porphyry copper-molybdenum mineralized system located in the Southern Peru Copper Belt approximately 26 kilometres ("km") southeast of the Cerro Verde copper mine.

Sequential leach analysis was recently undertaken on 1,233 metres ("m") of drill core (674 samples) representing a significant sample set of the secondary copper enrichment intervals from the 12 drill holes completed by the Company at Flor de Cobre in 2022. Sequential leach analysis is an established geochemical technique used to examine the solubility of copper minerals in a series of different solutions to indicate proportions of soluble oxide minerals, soluble secondary sulphide minerals, and primary copper minerals. Results can be used to identify mineral zones for metallurgical sampling and testing, indicate types of technologies and reagents to use, contribute to evaluation of process route options, and eventually inform geometallurgical modelling, and a prediction of recoveries as the company advances toward a potential development path.

The sequential analysis indicates the main enrichment zone at Flor de Cobre is dominated by soluble secondary sulphide with a minor copper oxide component, which is consistent with visual observations of chalcocite, malachite, and chrysocolla in drill core. The ternary diagram displays the sequential copper assays and estimates the proportions of leachable oxide, leachable sulphide, and primary sulphide copper minerals. Minor amounts of refractory minerals are present in oxide zones perched above the main enrichment zone.

Chalcopyrite is the dominant primary copper mineral observed in mineralization beneath the enrichment zone. Results successfully confirmed the position of the enrichment zone as recognized from visual observations of mineralogy in each drill hole. The contact between enrichment mineralization and the overlying leached zone is relatively abrupt and marked by the appearance of chalcocite.

The lower enrichment contact is transitional over 10-50 m into the underlying primary, chalcopyrite-dominant zone.