Elim Mining Reports Additional Results from Cactus West Drilling

Elim Mining Incorporated (“Elim” or the “Company”), a private copper exploration and development company, is pleased to report results from five (5) diamond drill holes as part of the 2020 mineral resource definition drilling program at its Cactus West porphyry copper project located in Pinal County, Arizona (see FIGURES 1-2 and TABLE 1 below).

Together with the previously released 8 diamond drill holes (November 17, 2020), Elim has now released the results for 13 of the total 17-hole drilling program, with results for the remaining four holes pending. An 18th hole (1,697 ft, 517 m) was completed to support column leach test work as part of metallurgical studies to determine leach parameters for Cactus West and East and the Stockpile Project. This completes the planned 2020 Cactus drilling program of 17 diamond drill holes totaling 6,974 ft (2,125.7 m).

One drill rig has moved to Parks/Salyer to begin a two-hole, 6,000 ft (1,829 m) diamond drilling program to follow up on a historic discovery in the same porphyry copper system as Cactus. Parks/Salyer, located 2 km SW of Cactus, is analogous to the Cactus deposits as the repetition of a horst block containing similar oxide and enriched mineralization overlying thick primary copper mineralization. These horst blocks are the result of NW-oriented normal faults accommodating movement of the host bedrocks along a large-scale NE-trending basal low angle fault. Following the completion of these drill holes and based on the results, step-out and infill drilling will continue at both Cactus and Parks/Salyer in 2021.

Significance of the results

• All five drill holes confirm that oxide and enriched copper mineralization extends 500 ft (about 150 m) west of the pit and deepens below the West Fault
• Grades and thicknesses continue to be consistent with historic ASARCO drill assay results (November 30, 2020), further verifying the 174-hole ASARCO database that will contribute to the resource estimates, expected in Q1 2021
• Increased confidence in the structural model will assist in refining a pit model to be applied for the resource estimate and subsequent PEA, expected in 2021

John Antwi, Chief Executive Officer commented, “With this next set of drill results, we are confirming our hypothesis that significant potentially-economic copper mineralization extends well-beyond the Cactus pit. We are now eager to advance and report the technical studies on the Cactus West and East deposits.”

Geological description

Results to date from this new round of step-out drilling demonstrate that oxide and enriched mineralization is laterally continuous away from the known mineralized drillholes in the Cactus West Pit for about 500 ft (about 150 m), with copper grades similar to expectations. It also extends copper mineralization to the west and north (up to 800 ft, 245 m) from known high grade mineralization in the Cactus East resource area. Mineralization to the west extends beneath the east high wall of the Cactus West Pit (FIGURE 2). Verification of the overall interpretations is encouraging as we continue to step out around the west perimeter of the Pit into areas that were historically poorly defined.

Figure 2. Cactus West Drill Holes (Section A-A’)

Drill hole ECW-005, drilled earlier this year, began to deviate significantly when it encountered a fault zone and was terminated before reaching target depth; it has been redrilled successfully as ECW-014 with assays pending.

Table 1 below, contains significant assay results from the ongoing step-out drilling campaign. These assays include composite values over selected intervals as well as inclusive higher-grade portions of those intervals identified as (incl).

Table 1. Cactus West Significant Intercepts

1. Intervals are presented in core length; are drilled with dip angles between 55 degrees and 75 degrees to target zones for expansion of mineralization.
2. Drill assays assume a mineralized cut-off grade of 0.1% CuT reflecting the potential for heap leaching in the case of Oxide and Enriched material, or to provide typical average grades in the case of Primary material. Most holes were terminated in Primary mineralization.
3. Assay results are not capped. Intercepts are aggregated within geological confines of major mineral zones.

For Figures 1-2: https://cactusmine.com/2020-12-10_pr-images/

Quality assurance / quality control

Drilling completed on the project in 2020 was supervised by on-site Elim personnel who prepared core samples for assay and implemented a full QA/QC program using blanks, standards and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to Skyline Laboratories in Tucson AZ for analysis. Skyline’s quality control system complies with global certifications for Quality ISO9001:2008.

Technical aspects of this news release have been reviewed and verified by Allan Schappert – CPG, who is a qualified person as defined by National Instrument 43-101– Standards of Disclosure for Mineral Projects.