Element 29 Receives Prior Consultation Process Exemption for the Atravesado Porphyry Cu-Mo Target Drill Permit

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Vancouver, British Columbia--(Newsfile Corp. - October 31, 2024) - Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) (BVL: ECU) ("Element 29" or the "Company") is pleased to announce that it has received exemption from the Consulta Previa ("Prior Consultation") process from the Peruvian Ministerio de Energía y Minas - Oficina General de Gestion Social ("MINEM") for exploration drilling at its wholly-owned Atravesado porphyry copper-molybdenum ("Cu-Mo") target ("Atravesado") as part of the Flor de Cobre project, located in the Southern Perú Copper Belt (Figure 1).

After receiving the Declaración de Impacto Ambiental ("DIA") environmental approval to drill from a maximum of 40 platforms as part of the Atravesado drill permit application (refer to March 1, 2024 press release), the Company submitted a Collective Impacts Report to MINEM in March 2024. This report assessed the collective impacts of drilling activities on the host indigenous community lands. On October 21st, 2024, MINEM notified the Company that it had been exempted from the Prior Consultation process. Upon completing the surface access agreement with the host community, all requirements for MINEM to issue the Authorization to Initiate Exploration Activities will be met, with plans to conduct an initial drill program in 2025.

Atravesado is a large porphyry Cu-Mo target located within the Company's 100% owned Flor de Cobre concessions. The target is defined by anomalous surface rock Cu-Mo geochemistry, surface IP resistivity and chargeability geophysical anomalies, and corresponding geological indicators within an area of approximately 1.5 kilometer ("km") x 2.0 km (Figure 2).

Atravesado showcases widespread Cu-oxide mineralization associated with a leached capping zone atop phyllic-overprinted potassic-altered Cretaceous-aged Yura Group sediments. Increased densities of A-type veins within the potassic alteration zone correlate with enhanced Cu-oxide mineralization and elevated surface rock Cu-Mo geochemistry, resulting from the remobilization of Cu from weathered primary sulphide mineralization. The intense potassic alteration footprint and associated Cu mineralization, along with the identification of several narrow potassic-altered quartz-monzonite porphyry dikes at surface, suggest the potential for a deeper, untested early-mineral porphyry intrusion as part of a larger multi-phase porphyry intrusive complex. This is further supported by the 3D inversion model of the ground IP geophysics.