There is nothing wrong with your code except that the if (($array1[$i] eq 0)&&($array2[$i] eq 0)) {... code could be replaced by:

$result[$i] = $array1[$i] | $array2[$i];
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and your for loop is better written:

for my $i (0 .. $#array1)
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Note that for and foreach are identical aside from the spelling so personally I never use foreach just because that way I type less.