DLP Resources Announces Exploration and Corporate Update
Cranbrook, British Columbia--(Newsfile Corp. - November 30, 2021) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) ("DLP" or the "Company") is pleased to announce an exploration and corporate update.
Moby Dick and NZOU Projects (Sullivan-type Zn-Pb-Ag Targets)
Extreme weather conditions over the past two weeks in Southern BC have delayed the preparation of trails to all proposed drill sites on the Moby Dick and Nzou properties. Drilling equipment has been demobilized until such time it is safe to access the drill sites and start the program. Very wet ground conditions in the field coupled with eminent snowfall is expected to delay the program until the new year.
Aurora Project (Porphyry Cu-Mo Target)
The definitive agreement on the Aurora porphyry copper-molybdenum project in Peru has been signed. Terms of the deal were reported in the Company's news release dated May 18, 2021.
With DLP Resources Peru SAC now incorporated and the Aurora agreement finalized, the next step is to initiate permitting for drilling in 2022.
Hungry Creek Project (Sediment Hosted - Stratiform Copper-Silver-Cobalt Targets)
The initial follow-up of the copper mineralization in the middle Creston Formation was reported in the news release of the Company dated September 16, 2021. Seven grab samples and two float samples taken during the initial follow-up have reported very encouraging copper (115.3 to 11480ppm), silver (0.04 to 3,51ppm) and cobalt (0.9 to 117.6ppm) results at both the HC and 711 prospects, approximately 11km along strike. In addition to the copper, silver and cobalt values returned, anomalous gold of 0.1077 g/t was reported in one of the nine field samples taken (see Table 1 and Figures 2 and 3).
Barium (Ba) is also highly anomalous with concentrations up to 4,274 ppm which is proposed to indicate a source of Ba related to organic matter breakdown within a basin which could be an important element controlling sulphide deposition and concentration of metals such as copper, cobalt and silver in this sediment hosted copper-silver-cobalt system.
Copper mineralization is both disseminated and veined within the quartzite to silty quartzite units of the middle Creston Formation and occurs principally as chalcopyrite with minor malachite on fractures. Specks of limonite reported in the sections were reported to be after sulphides.
Ian Gendall, President of DLP, commented: "These initial nine reconnaissance rock samples taken during the prospecting along the 11 km trend of copper, silver and cobalt mineralization on the Hungry Creek extension have indicated very encouraging results for further, more detailed sampling as soon as the snow melts. The very anomalous Ba values within the mineralized quartzites, around the 711 showing is extremely encouraging for focusing our exploration effort. Detailed mapping and additional systematic sampling will commence as soon as we can access the showings again in the spring of 2022."
Table 1: Summarized geochemical results for the nine samples taken during initial prospecting at Hungry Creek.
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All samples were placed in numbered and sealed bags and sent via secure transport to MSA Laboratory in Langley, BC for sample preparation and analyses. Samples were crushed down to 2 mm and a 250g split was pulverized to better than 85% passing 75µm. Samples were subjected to a 4-acid digestion and analyzed for silver, gold and an additional 50 elements using inductively coupled plasma mass spectrometry (ICP-MS). MSALabs is an ISO 9001 registered laboratory and has a quality control program in place which includes the insertion of standard, blank, and duplicate samples, as well as conducting repeat analyses.
Figure 1: Petrographic slices of the nine field samples and polished thin sections for three of the samples showing copper mineralization in the form of chalcopyrite within the matrix.
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Figure 2: Location of samples and geopoints on geology at the HC copper showing (see Legend - Figure 4)
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Figure 3: Location of samples and geopoints on geology at the 711 copper showing (see Legend - Figure 4)
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Figure 4: Legend for Figures 2 and 3.
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Investor Relations Agreement
The Company also announces that it has entered into an investor relations agreement dated November 29, 2021 (the "Investor Relations Agreement") with Max Reinhart (the "Consultant"), an arm's length party to the Company, pursuant to which the Consultant will provide advertising, marketing and shareholder and investor relations services to the Company for a term of 12 months.
The Consultant has been engaged to heighten market awareness for the Company and to broaden the Company's reach within the investment community. In conducting his marketing and advertising program, the Consultant will employ a number of different communication methods, including phone calls and emails.
Pursuant to the Investor Relations Agreement and subject to the approval of the TSX Venture Exchange (the "Exchange"), the Company will issue the Consultant 150,000 stock options at an exercise price of $0.20 for a term of 3 years. The options will vest one quarter upon the date of grant, one quarter after 6 months, one quarter after 12 months and the remainder after 24 months. The Company will also pay the Consultant a monthly cash fee of $6,000 which the Company intends to pay out of its general working capital account.
The Company and the Consultant act at arm's length, and the Consultant has no present interest, directly or indirectly, in the Company or its securities, or any right or present intent to acquire such an interest.
The Investor Relations Agreement is subject to the approval of the Exchange. The Consultant has agreed to comply with all applicable securities laws and the policies of the Exchange in providing the services to the Company.
Grant of Stock Options
The Company also announces that it has issued a total of 650,000 stock options to certain of its directors and officers. All of the stock options will be exercisable for a period of 5 years at an exercise price of $0.20.
David L. Pighin, consulting geologist and co-founder of DLP Resources, is the qualified person of the Company as defined by National Instrument 43-101. Mr. Pighin has reviewed and approved the technical contents of this news release.
About DLP Resources Inc.
DLP Resources Inc. is a mineral exploration company operating in Southeastern British Columbia, exploring for Base Metals and Cobalt. DLP is listed on the TSX-V, trading symbol DLP and on the OTCQB, trading symbol DLPRF. Please refer to our web site www.dlpresourcesinc.com for additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
DLP RESOURCES INC.
Ian Gendall, President
Jim Stypula, Chief Executive Officer
Robin Sudo, Chief Financial Officer and Corporate Secretary
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, acquiring permits for drilling on the Aurora property.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: delays in obtaining or failure to obtain required permits on the Aurora property and delays in obtaining or failure to obtain required regulatory approvals for the Investor Relations Agreement.
In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: the Company will obtain the required regulatory approvals for permitting on the Aurora project and for the Investor Relations Agreement.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105714